Manitou Gold Intersects 70 Meters of Mineralized Shear Zone at its 100% Owned Goudreau Project in Northeastern Ontario

SUDBURY, Ontario, April 07, 2020 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased to announce initial results from its winter exploration program being conducted in the eastern Michipicoten gold belt, between the Island Gold mine and the past producing Renabie gold mine, north of Wawa, Ontario.  Ongoing work includes approximately 1,600 meters of diamond drilling as well as airborne and ground geophysics.

Highlights:

• Ongoing drilling intersects wide, mineralized shear zone in first two holes drilled to date at the Company’s Patents property. This 70 metre shear zone (estimated true width of 50 meters) containing quartz veins displays broad similarities with ore bearing veins at the Island Gold Mine (assays pending).
• Drill intercept of 2.6 g/t Au over 1.1 m in hole MTU-20-09 at the Reed Vein;
• Ongoing ground IP survey over portions of the Baltimore deformation zone along the faulted extension of the Goudreau-Localsh deformation zone delineates new IP trends in close proximity to historical drill intercepts of 0.7 g/t Au over 48.5 m, with indications that best IP responses remain untested; and
• Additional ground acquisition through staking adds 45 square kilometers and brings total land position of the project area in the Michipicoten Gold Belt to 290 square kilometers of contiguous mining lands.

Exploration Drilling

Manitou Gold has completed 810 m of drilling in 13 drill holes, testing three of its five intended target areas. Initial assay results have been received from the Reed Vein and the Stream showings, both of which are located in the eastern portion of the project area. Initial results reported in this release represent 590 m of the 810 m drilled to date. The first two holes drilled on the Patents property, which totaled 220 m, are currently being logged and sampled, with samples to be delivered to the lab in the coming days.

The Patents property is located in the Goudreau-Localsh deformation zone, immediately east of the Island Gold mine property and the past producing Edwards and Cline mines.  Drilling at the Patents is aimed at testing a coincident Soil Gas Hydrocarbon (SGH) and IP resistivity/chargeability anomaly (see news release dated May 9, 2018). (Link to Figure 1). Both holes have intersected a 50 m wide (true width) shear zone containing variable but significant sulfide mineralization including pyrrhotite, pyrite and lesser chalcopyrite over their entire lengths, in addition to strongly mineralized quartz veins near the center of the shear zone.  Vein mineralization and textures observed in the core are broadly similar to those at Island Gold and consist of laminated shear-type quartz veins with local internal brecciated textures and significant amounts of sulfide mineralization, generally exceeding ten percent by volume. The drilling to date, in conjunction with descriptions of veining and mineralization at the Island Gold mine, points towards a potentially significant discovery at the Patents property. The first two holes have been drilled from the same setup at angles of -45 and -65 degrees, respectively. Drilling at the Patents continues with a planned 550 m step out to the east, with the objective of confirming continuity of the mineralized shear zone across the southern half of the property. Assay results from the first two holes are expected within the coming weeks.