Investorideas.com newswire, commentary for mining sector

Thursday, September 30, 2010

Gold Stocks ; Manitou Gold (TSX VENTURE:MTU) Samples 495 g/t Gold at Canamerica; Drilling at Sherridon to Resume

Gold Stocks ; Manitou Gold  (TSX VENTURE:MTU) Samples 495 g/t Gold at Canamerica; Drilling at Sherridon to Resume


SUDBURY, ONTARIO--(http://www.investorideas.com/ gold and mining stocks blog )   - Sept. 30, 2010) - Manitou Gold Inc. (TSX VENTURE:MTU) today reports the receipt of grab sample results from historical gold occurrences located on the Canamerica Property, within the Upper Manitou Lake Area. The samples were collected during a recently completed first pass prospecting program on Canamerica claims situated along the northeastern projection of the Manitou Straits Deformation Zone. The claims cover a number of historical pits, shafts and occurrences which have received minimal prior exploration attention.
The Peak Lake occurrences are located 7 km northeast of the Big Master Mine, proximal to the northeast trending Manitou Straits Fault. This summer's prospecting program located and sampled a number of poorly documented shafts and pits. One vein that was sampled returned a number of high grade assay results ranging from trace to 495 g/t Au, with other samples returning 125 g/t Au and 88 g/t Au. Previous exploration reported in this area was limited to prospecting and widely spaced drilling. The showing is amenable to backhoe trenching and will be further evaluated during the fall exploration program.
A summary of grab samples from the Peak Lake are detailed in the following Table 1:
Table 1: Peak Lake Grab Samples
Sample #Au g/t
H180454495.0
H180432125.5
H18043088.1
H18043147.1
H18044422.7
H18044317.2
H18045614.5
H1804551.6
Note: Grab samples are, by nature, selective and are unlikely to represent average grades on the property.
The Little Master Shaft is located 3.2 km northeast of the Big Master Mine and is also within the Manitou
Straits Deformation Zone. The history and details of the Little Master operation is unknown as records were not preserved by prior operators. This summer's field work located the shaft and estimated the depth of it to be greater than 20 metres. The shaft was sunk on a quartz vein system. Manitou Gold traced this vein system on surface for 50 metres until it continued under overburden. Assay samples returned values ranging from 2.6 g/t to 169 g/t Au with a number of highly anomalous samples (see Table 2 below). The Little Master gold bearing vein is located along the flanks of a 600 metre long Induced Polarization ("IP") chargeability anomaly. This prospective target will be evaluated during the upcoming fall exploration program.
A summary of grab sample assay results from the Little Master areas is included in the following table:
Table 2: Little Master Grab Samples
Sample #Au g/t
H180386168.5
H18038533.1
H18038128.0
H18037921.8
H18038910.5
H1803829.3
H1803847.5
H1803887.0
H1803806.9
H1803876.5
H1803834.7
H1803904.0
H1803923.4
H1803912.6
Note: Grab samples are, by nature, selective and are unlikely to represent average grades on the property.
A map showing the location of both the Peak Lake and Little Master occurrences can be found at the Company's web site at the following link: www.manitougold.com/properties.html
The Company will be commencing the next phase of diamond drilling on the Sherridon and Kenwest Projects within approximately 10 days. Drilling will begin at the Sherridon Project, where the recently completed first phase 10 hole drill program (1,308 m) tested a number of IP anomalies and surface gold showings. Visible gold was identified in a number of narrow shear zones intersected in the drilling. Assay results ranged between trace and 25.3 g/t Au over narrow intervals. Drilling will then proceed to the Kenwest project to follow up on the a significant drill intersection of 15.4 g/t Au over 6.5 metres in hole KW-10-13.
Manitou Gold also announces that it has retained Doug Kerr of CACS International Inc. to provide corporate communications services to the Company. The contract is for an initial 3 month term at the rate of $2,000 per month, which may be extended on a month to month basis, and also includes the grant of incentive stock options to purchase up to 50,000 shares in the capital of the Company at the price of $0.42 per share. The grant of stock options is for a term of three years and is subject to the terms and conditions of the Company's stock option plan and the policies of the TSX Venture Exchange. The Company has also granted a further 50,000 stock options to purchase shares of the Company, at a price of $0.42 per share for a period of 3 years, to an employee of the Company.


About Manitou Gold
Manitou Gold Inc. is a well-funded gold exploration company focused with a dominant land position in the Gold Rock Mining Camp, located in the Kenora Mining District, in Northwestern Ontario. The Company's largest individual shareholder is Goldcorp Inc, who holds a 15% interest in the Company.


The Qualified Person responsible for the technical content of this news release is Todd Keast, P. Geo., Vice President, Exploration of Manitou Gold Inc. Mr. Keast has verified all of the technical data contained in this release.
The Company has implemented a quality control program to ensure best practice in sampling and analysis. Assayed samples are transported in security sealed bags for preparation and analysis at ALS Chemex facilities. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. A prepared sample is digested with aqua regia. The resulting solution is analyzed by inductively coupled plasma-atomic emission spectrometry.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact
Manitou Gold Inc.
Richard Murphy
President and CEO
(705) 222-8800
(705) 222-8801 (FAX)
info@manitougold.com
www.manitougold.com
or
CACS International Inc.
Doug Kerr
(604) 315-4400
dougkerr@shaw.ca
 
 
More mining stocks info from Investorideas.com and our Gold and Mining Stocks Blog:
Visit Investorideas.com leading mining portals - www.gold-miningstocks.com and www.miningsectorstocks.com to get stock news, directories and showcase mining stocks to follow. Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1100 publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp

Mining stocks - become a showcase mining stock at www.investorideas.com and see your news and online traction grow immediately for as little as $500 month !
Post a Comment

Investorideas.com mining stocks newswire