Manitou Gold Confirms Presence of Key Deformation Zone On its Newly Acquired Goudreau Property, Near Island Gold Mine
TORONTO, ONTARIO – November 21st, 2017 – Manitou Gold Inc. (TSXV: MTU) (the “Company” or “Manitou”) today provided an update on the previously announced newly acquired patented mining claims (the “ Goudreau Property”) (see press release dated Oct 30, 2017) located east of Richmont Mines’ Island Gold Mine, which is currently producing and subject to a takeover by Alamos Gold Inc. The Company is pleased to announce that it has performed an initial geological review, which confirmed the presence of the Goudreau–Lochalsh deformation zone crossing the Property.
Despite the onset of early winter conditions, Company geologists were able to conduct reconnaissance field work on the northern part of the Goudreau Property where they observed significant outcrop and made initial geological assessments and evaluations. The conditions observed are consistent with an increasing level of structural deformation, with the strongest deformation observed well into the Property. The major deformation becomes more intense as one traverses into the Property from the north. Areas with the most intensely sheared host rocks were accompanied by the presence of thin veinlets of quartz-carbonate. Structural deformation and associated development of veining is generally regarded as a favourable geological setting for the concentration of gold in known orogenic gold belts, such as the emergent Goudreau-Lochalsh gold belt.
There is no record of modern mineral exploration on these newly acquired lands. With the recent confirmation that the key deformation zone traverses the Property, Manitou Gold is now evaluating the opportunity of a winter program of geophysical surveys, in order to begin developing targets for drill testing in 2018.
"I was impressed and emboldened by the intensity of the deformation zone that I observed on our new Property" stated Richard Murphy, CEO of Manitou. “It was rewarding to confirm the presence of structural features with similar characteristics to those that host several nearby gold deposits, further west along the same deformation zone. I look forward to initiating a geophysical exploration program on the Property, in order to start defining priority target areas for drilling.”
Due to the winter conditions, the Company has given priority to exploring these recently acquired patented lands. Initial geological evaluation of the Company’s additional 100% owned mining claims in the area, which cover an additional 164 acres and are along the trend of the Goudreau–Lochalsh deformation zone, will be undertaken in the spring. The newly acquired Goudreau Property is located in an emerging northern Ontario mining camp that is underexplored within the context of Canada’s long mining history. The Property is also located on the same geologic structure and is just east of the Island Gold Mine, which is host to multi-million ounce gold resources and reserves and is currently being acquired by Alamos Gold Inc..
For further information on Manitou Gold Inc., contact:
Richard Murphy, CEO
Telephone: 1 (705) 698-1962
Pat Dubreuil, President
Telephone: 1 (705) 626-0666
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including without limitation, statements with respect to the prospective nature of any of Manitou’s property interests. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the timing and amount of future exploration, the availability of necessary financing, the progress of exploration activities, the receipt of necessary regulatory approvals, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including, but not limited to the receipt of applicable regulatory approvals, risks inherent in exploration and development activities, changes in project parameters as plans continue to be redefined, mineral prices, competition, access and supply risks, reliance on key personnel, operational risks, capitalization and financing risks, risks related to disputes concerning property titles and interest, and environmental risks. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.