Manitou Gold set to ramp up drilling at Goudreau Project, Ontario
Manitou Gold Inc. [MTU-TSXV; MNTUF-OTC] on Thursday April 15 released additional assays results from an ongoing 10,000-metre drill program at its 100%-owned Goudreau Project, located along the eastern portion of the regional Baltimore deformation zone (BDZ) in northeastern Ontario about 50 km northeast of Wawa.
The Goudreau Project consist of 22,500 hectares of consolidated gold properties and is underlain by the Archean-aged rocks of the Michipicoten Greenstone belt. The assembled lands consist of 37 kilometres of strike length with at least seven under-explored large-scale deformation zones showing favourable lithology.
The entire set of properties is located between Alamos Gold Inc.’s [AGI-TSX, NYSE] Island Gold Mine and the past-producing Renabie Gold mine near the town of Missanabie.
Drilling highlights are from the Stover Zone, which is located within the Goudreau Project, where the company is reporting assay results from an additional three drill holes that significantly expand known gold mineralization along strike, to 400 metres, and down plunge to 500 metres.
The results include 5.5 metres, grading 2.5 g/t gold (starting at 525 metres down-hole), including 2.0 metres of grade 3.7 g/t gold in hold MTU-21-12, within a wider intersection of 24.5 metres, grading 1.0 g/t gold, expanding gold mineralization by 200 metres down plunge.
The company said gold mineralization along the Stover Zone main shear has now been confirmed by drilling over a strike length of 2.2 kilometres. Continued drilling will test mineralization further along strike.
All gold zones encountered along the BDZ to date remain open in all directions. Finalization and planning of new high priority drill targets along the 10 kilometre strike of the western part of the BDZ is scheduled for May, 2021, with drilling of he high priority targets expected to begin in June 2021.
Following the recent completion of a $5.0 million flow-through financing, the company said it is fully-funded for all planned and announced exploration activities.
“The continued intersection of significant gold values over tens of metres of thickness indicate that the regional BDZ, which hosts the Goudreau Property, is a gold-endowed, crustal sale deformation zone,” said Manitou President and CEO Richard Murphy.
“We are excited that we still have several exploration targets to test on the original Stover grid, which covers the eastern 4.5 kilometres of the BDZ,” he said.