Manitou Gold drills 0.25% nickel over 252.1 metres at Goudreau, Ontario

Manitou Gold Inc. [MTU-TSXV] confirmed a significant nickel discovery at its 100%-owned Goudreau project in northeastern Ontario. Preliminary results are from the first two drill holes that tested an ultramafic intrusion measuring 850 metres long and 200-300 metres wide.

The maiden three-hole drill program now completed. All three drill holes intersected continuously serpentinized and mineralized intervals of ultramafic rocks in excess of 200 metres;

252.1 metres grading 0.25% nickel and 99 ppm cobalt intersected in hole MTU-22-19, drilled 500 metres west of discovery hole MTU-22-14; 208.2 metres grading 0.25% nickel and 119 ppm cobalt intersected in hole MTU-22-18, drilled 900 metres west of the discovery hole.

Broad intersections of nickel and cobalt provide confirmation of a significant nickel-cobalt discovery at the Goudreau Project. Four holes drilled to date (including the discovery hole) have tested just two of the thirty nickel intrusion targets identified on the Goudreau Project so far.

“These long drill intersections confirm the discovery of a large nickel mineralized system,” stated Richard Murphy P.Geo, President, CEO and Director. “I look forward to unlocking all the value of this Nickel-Cobalt Discovery with the spin-out of Western Nickel Corp. on behalf of all of Manitou Gold’s shareholders.”

Diamond drilling began at the end of the third week of August, following up on the prior results that indicated the untested potential for significant nickel mineralization comparable to Canada Nickel’s Crawford deposit in Timmins, Ontario.

Manitou will retain up to a 19.9% holding of Western Nickel Corp. Holders of unexercised Manitou warrants and/or options as of the record date (when set) will not receive any Western Nickel Corp shares, warrants or options.

The northeastern portion of the Goudreau project covers over 50 km of strike length of prospective fault corridors with over 30 discrete ultramafic nickel-cobalt targets. A total of 10 high quality targets were selected for immediate ground truthing. The priority targets were ground checked during the months of July and August 2022. Seven of these targets returned nickel values ranging from 0.18% to 0.31% nickel and from 70 ppm to 350 ppm cobalt. The average nickel grade of samples collected from serpentinized ultramafic rocks is 0.24%. In addition to nickel, one sample returned 1.84 g/t palladium and 0.24 g/t platinum. Results of the remaining targets are pending.

Manitou’s key strategic shareholders include Alamos Gold Inc. [AGI-TSX, NYSE] at 19.9% and O3 Mining Inc. [OIII-TSXV; OIIIF-OTCQX] at 9.9%, each individually calculated on a partially diluted basis.