Manitou Gold Provides Exploration Update on its 100% Owned Goudreau Project
SUDBURY, Ontario, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) today provided an update on its ongoing 10,000 m drill program along
the southeastern segment of the Baltimore deformation zone (the “BDZ”). Additionally, the Company has commenced a 300 line kilometer ground geophysical survey covering an additional 10 kilometers
of strike length along the BDZ, which will be the focus of continued drilling.
The BDZ is an emerging crustal scale structural corridor that is the extension of the prolific Goudreau-Localsh deformation zone (the “GLDZ”), which hosts the majority of gold deposits in the northeastern Michipicoten greenstone belt. The BDZ is centrally located in the eastern half of the Company’s land package, which covers nearly 350 square kilometers.
- The BDZ represents a crustal-scale fault system that is the key target for orogenic gold mineralization and the extension of the Goudreau-Localsh deformation zone, which hosts two multi-million ounce gold deposits.
- The GLDZ has been tested with more than 1,000,000 m of diamond drilling for gold, whereas the BDZ remains largely unexplored with only 4,400 m of historic drilling for gold:
○ The cumulative drilling along GLDZ resulted in the discovery of 6 orebodies to date;
○ Recent results with intercepts of up to 15 m grading 1.5 g/t Au, including 5.3 m at 2.7 g/t Au in hole MTU-20-56 demonstrate that the BDZ is a fertile corridor for orogenic gold deposits;
○ The BDZ on Manitou ground covers an equivalent length and area as the GLDZ and provides abundant opportunity for discovery of multiple gold deposits.
- The “Main Shear”, which dominates the central corridor of the BDZ and hosts the Stover zone, has been confirmed by drilling to be continuous for over 2 km:
○ Two step-out holes located approximately 600 m west and 1,200 m east along strike of hole MTU-20-49 (39.9 m at 0.5 g/t) display zones of deformation,
alteration and mineralization similar to that of the Stover zone (assay results pending);
○ The Stover zone remains open in all directions; additional drilling to test for higher grade shoots is ongoing. The target mineralized zone has been
intersected in three recent drill holes, for which assays are pending;
○ A second diamond drill is testing new targets along a 4 km portion of the BDZ.
- Manitou has commenced a large 300 line-km ground geophysical survey to cover an additional 10 km of strike length along the BDZ to advance regional-scale targets to a drill ready state.
Figure 1: Goudreau Project Map: