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Message: Manitou Gold Samples 39.3g/t of High Grade Gold at its 100% Owned Goudreau Properties

 

2019-08-29 08:30:25 AM ET (GlobeNewswire)
   
   

Manitou Gold Inc. (TSX-V: MTU) (the "Company" or "Manitou") is pleased to announce further assay results from the Company's ongoing exploration program at its 100% owned Goudreau Area properties located north of Wawa, Ontario.

Manitou continues to have exploration success at the Rockstar property, where, a new gold bearing vein has been identified 400 metres to the West of the Rockstar vein. The initial grab sample over this new vein returned 39.3 g/t gold. (grab samples are selected samples and do not necessarily reflect the mineralization hosted on the Company's property)

This new vein structure, named RS2, is interpreted as a second, sub-parallel structure located on the South-side of the Rockstar vein structure. Outcrop stripping has exposed a small portion of the mineralized zone, which is covered by overburden but open along strike in both directions. The geophysical data indicates the potential continuity of the structure for several hundred metres of the strike length. Further work along this geophysical marker will be included under the current exploration work program.

As previously reported, systematic channel sampling along the Rockstar vein returned an average of 3.0 g/t Au over an average width of 1.5 m along the 100 metres of exposed strike length.

(see news release dated July 31, 2019).

Additional success continues at the Bankfield occurrence. The Bankfield which is located approximately 7 km to the East of the Rockstar vein, returned initial channel and grab samples up to 39.8 g/t Au (grades ranged from detection levels to 39.8 g/t). Gold mineralization at this occurrence is hosted in a well-defined shear zone that, in the vicinity of the stripped area reaches widths of up to 40 metres. Detailed trench mapping and sampling to date, indicate, that gold is contained in quartz-tourmaline veins that were created relatively late in the development of the shear zone. Channel sampling across the high-grade quartz tourmaline veins is currently underway. A map showing the location of the Rockstar Vein, the RS2 structure and the Bankfield Zone can be accessed on the Manitou Gold website.

Manitou also conducted preliminary examination and sampling of specific mineralized structures on the 100% owned Stover and Renabie East/Easy Lake properties. These recently acquired claims were consolidated by Manitou Gold in June 2019 following the optioning of both properties (see news release dated June 19,2019) . The project area covers multiple deformation zones, which hosts several gold showings as well as the past-producing Renabie Mine (1.1 Moz Au of historic production which is not necessarily indicative of the mineralization hosted on the Manitou property). Initial field work has shown that the western project area is dominated by an East to South East-trending structural regime. Individual structures range in width from 0.5 to more than 10 metres. Typically, at least two vein sets occur within these structures along with varying amounts of pyrite, chalcopyrite and pyrrhotite. Initial sampling on the properties consisted of a total of 73 samples. Results reported h erein ranged from below detection limit to 4.67 g/t Au gathered at the historical Kent occurrence. Additional detailed work is currently underway and further results will be released as they become available.

Manitou Gold's, Goudreau area, is comprised of a 22,500 hectare land package set between Alamos Gold's producing Island Gold mine to the West and the past producing Renabie mine to the East that traverses 37 km of contiguous lands along known deformation zones. Exploration of these properties will continue throughout the 2019-2020 field season. (Grab samples are selective in nature and should not be relied upon to represent actual grades of areas)

Richard Murphy, P.Geo is the qualified person responsible for the technical content contained in this release. He has reviewed and approved the content herein.

Channel samples reported herein were transported in sealed bags to Activation Laboratories assay lab in Thunder Bay, Ontario. Samples were then crushed to 75% passing 2mm, split, then pulverized to 85% passing 75 microns. Using a riffle splitter, a 50g sub-sample was created. Then, 50g fire assays were performed with an AA finish. Over limit analysis was performed on all primary assay results >3 g/t Au. All over limits were tested by fire assay with gravimetric finish.

Manitou Gold has a quality assurance and quality control program in place. For channel samples, a high or low grade standard sample is submitted one every 40 samples, and a blank sample is inserted every 40 samples (average 1 standard or blank sample in every 20 assays). Results are validated against known standard values.

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. 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 shareholder approvals. 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.

For further information on Manitou Gold Inc. contact:

Richard Murphy, CEO

Telephone: 1 (705) 698-1962

Pat Dubreuil, President

Telephone: 1 (705) 626-0666

Email: [email protected]

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