Manitou’s Goudreau Project Situated Within A Producing Gold Camp
Supportred By Major Shareholders In Alamos and O3 Mining
(MTU: TSX-V) (MNTUF: OTC)
Why Manitou Gold?
- Alamos ( AGI ) 19.9% Owner of Manitou and the High Grade Island Gold Mines East of Goudreau
- O3 Mining ( OIII ) 9.9% Owner( an Osisko company )
- Chief Financial Officer of O3 Mining, Manitou Director
- Chief Operating Officer of Alamos Gold Inc, Manitou Director
- Increased Drill Program to 30,000m
- Testing new targets along the additional 10 kilometres of strike on the western part of the "Baltimore Deformation Zone"
- The BDZ represents the interpreted fault offset continuation of the Goudreau-Localsh Deformation Zone (the “GLDZ”)
- A highly prospective regional exploration area
- The GDLZ hosts Alamos Gold’s (TSX:AGI; NYSE:AGI) Island gold deposit and Argonaut Gold’s (TSX: AR)
- 18,000 metre drill program designed to test new high priority targets on "BDZ"
- Assisted by a comprehensive grassroots exploration program
- Spinning out Nickel Cobalt PGE assets into new Pubco" Western Nickel "
- Autumm 2021 Discovery Identified a new gold zone:
- the Bald Eagle Gold Zone
- Intersected with 6 holes over 150m strike
- 1 hole with visible gold under assay
- 3.3 g/t Au over 3.0 m , including 5.2 g/t Au over 1.5 m within a wider gold mineralized interval of 20.6 m at 0.8 g/t Au
- the Bald Eagle Gold Zone
4 Significant Mining Companies in Jurisdiction:
- Alamos Gold ( AGI ) – $4 Billion Producer
- O3 Mining ( OIII )
- Part of the Osisko Group of companies
- A consolidator of exploration properties in prospective gold camps
- Argonaut Gold’s ( AR ) $380m Magino open pit gold mine and processing mill green lighted for development East of Goudreau
- Wesdome ( WDO ) operates the Eagle River Mine in same greenstone Belt
Supported by 2 majors in Alamos and O3 Mining as shareholders and directors, Manitou has the land, management and partners to make a significant discovery and the relationships in place that can take MTU to the next level.
Areas of Discovery
Manitou is focused on the “Baltimore Deformation Zone” and “Goudreau-Localsh Deformation Zone” for gold discovery which contain the Stover Zone and Patents area in the GLDZ within the overall Goudreau project area.
- Bald Eagle Zone Discovery on Baltimore Deformation Zone
- 5 other Deformation Zones exist for future exploration and discovery potential within the same Greenstone belt
Prospectivity of the jurisdiction is very high; several companies have committed multi-million dollar exploration budgets to explore the area, making the Michipicoten Greenstone Belt one of the most interesting high grade gold jurisdictions in Ontario, containing the Baltimore Deformation Zone and Goudreau-Localsh deformation zone
Baltimore Deformation Zone
Current focus is on targeting high-grade gold mineralization along the Baltimore Deformation Zone, which possibly represents the fault offset extension of the Goudreau-Localsh deformation zone that hosts the majority of the more significant showings and deposits in the camp and Manitou’s Patents project.
- Offset means that the 2 “Deformation Zones” may be part of an original single zone separated due to faulting.
The Baltimore Zone is underexplored and highly prospective for discovery
- 29 high-priority geophysical and geochemical targets are located along a 5 km segment of the Baltimore deformation zone
- Manitou controls the entire BDF
- 22,500 hectares of consolidated prospective gold properties
- 37 kilometres of unexplored strike length
- Seven under-explored large-scale deformation zones ( areas believed to host discovery potential for gold)
- The entire set of properties are between Alamos Gold, Island Gold Mine and the past producing Renabie Mine (Barrick)
Stover Zone (located within the BDZ)
Completed six diamond drill holes totaling 847 metres at the Stover zone, (located within the BDZ), where drilling intersected wide sections of gold mineralization at shallow depths.
Intersections at the Stover zone clearly confirm the presence of a significant gold mineralized system in this underexplored deformation corridor that has seen very limited historical drilling.
- Winter drill program increased by at least 100% to 10,000 metres minimum, from 5,000 metres
- 2nd drill rig added29 high-priority geophysical and geochemical targets
29 high-priority geophysical and geochemical targets are located along a 5 km segment of the Baltimore deformation zone.
- Holes at the Stover Zone continue to intersect wide zones of gold mineralization.
- The footprint of gold at Stover now extends for 200 m along strike, to vertical depth of approximately 150m; and remains open in all directions
Known gold mineralization occurs within a trend that extends for several kilometres along strike, where it remains untested by drilling
- highlight results of 15 m of 1.5 g/t Au (at 157.3 m downhole depth), including 5.3 m of 2.7 g/t Au, in hole MTU-20-56
- 5.5 m grading 2.5 g/t Au (starting at 525 m down-hole), including 2 m grading 3.7 g/t Au in hole MTU-21-12, within a wider intersection of 24.5 m grading 1.0 g/t Au, expanding gold mineralization by 200 m down-plunge
- Winter drill program on BDZ has been increased by at least 100% to 10,000 metres minimum, from 5,000 metres
- Second drill is on site and drilling has resumed. Drilling is focused on testing extensions of the Stover occurrence and first-pass testing of 29 high-priority geophysical and geochemical targets located along a 5 km segment of the Baltimore deformation zone.
- An additional 12 km strike length of the BDZ on Manitou’s property has seen little to no previous exploration.
The fully funded drill program is testing 29 priority targets delineated with a combination of:
- Airborne and ground magnetic surveys
- Induced polarization (“IP”) survey
- Selective leach soil geochemistry
- Geological work.
The focus of the current drilling is to test the BDZ, which is a large-scale deformation corridor and represents the fault-offset continuation of the Goudreau-Localsh deformation zone (the “GLDZ”).
- The GLDZ hosts Alamos Gold’s Island gold mine, Argonaut Gold’s Magino gold deposit in development, as well as the past producing Edwards and Cline mines
Early Exploration Studies on BDZ:
- Magnetic and IP surveys completed in 2020 to better define gold-bearing mineralized structures
- Most showings in areas of low magnetic intensity
- Subtle IP but distinct increase in resistivity and an associated weak to moderate chargeability responses appears to reflect gold bearing zones in areas drilled to date
- survey covers 4.5 km strike length of the southeastern extension of the Baltimore deformation zone
- strongest responses associated with NE striking fault zone at Stover Creek
- Soil anomalies generally flank formational conductors and strong chargeability responses
Goudreau Lochalsh Deformation Zone
The Goudreau-Lochalsh area currently hosts exploration on the western side of the belt on their Patents Project.
- Argonaut Gold has made a mining decision on their Magino Mine property which will be an open pit in the area.
Porphyry Zone (Southwestern part of the Patents property)
- 3550 m of drilling in 22 holes in 2020
- Discovery of extensional quartz vein system in gold-bearing Porphyry zone with widest intersection assaying 1.2 g/t Au over 10 m.
- Numerous short high-grade intervals of up 35.7 g/t Au
- Complex geology with good potential for additional discovery
- Follow up drilling and surface work after additional interpretation
History of Exploration
The patents covering the current Manitou Gold Inc. Goudreau Property date back to the 1930’s and there is no record of mineral exploration across the patents. Work performed on the staked mineral claims that comprise the current Goudreau Property is also sparse, but seems to include line cutting and overburden stripping recorded by Longbow Exploration Inc. in 1997.
More regionally, the area around the towns of Goudreau and Lochalsh has been prospected since the turn of the twentieth century with the discovery of iron ore in the Michipicoten area southwest of Wawa.
o The Earliest gold exploration in the Goudreau-Lochalsh area dates back to 1896 with the discovery of gold at Emily Bay located approximately 9 km to the southeast of Manitou Gold’s current Goudreau Property.
Intense gold exploration in the 1920s and the 1940s led to the discovery of significant deposits such as the Kremzar, Magino, Cline and Edwards Properties (Perkins, 2002)
Due to increasing gold prices and flow through funding in the 1980s, exploration within the area increased. Companies such as Amax, Muscocho Explorations Limited, Canamax Resources Inc., Esso Minerals, Spirit Lake Exploration Limited, Golden Myra Resources and Corona Corporation completed significant exploration activities in the area which ultimately led to the development of advanced exploration and mining at the Kremzar (production of 46,798 oz Au @ 0.139 oz/t) and Magino Mines (~110,000 oz Au @ ~0.135 oz/t) and the Cline Mine (63,328 oz Au @ 0.19 oz/t) (Perkins, 2002).
o Production at the last of these mines ceased in 1992, while the Edwards Mine operated by River Gold Mines suspended operations in 2001 (Perkins, 2002).
More recently, the Island Gold mine operated by Richmont Mines Inc. (acquired by Almos Gold Inc in November, 2017) began operations in October, 2007 and has produced over 500,000 oz of gold to date (Almos Gold Inc., November 24, 2017). Manitou Gold Inc.’s Goudreau Property is located approximately 9.5 km northeast of Island Gold Peter MacPhail: Director, Chief Operating Officer of Alamos Gold Inc
Mr. Peter MacPhail, Chief Operating Officer of Alamos Gold Inc
Mr.MacPhai has more than 35 years of operational mining experience in Canada, Mexico and Australia. Mr. MacPhail is the Chief Operating Officer of Alamos Gold Inc (“Alamos”), a position he has held since 2015. Previously, he was Chief Operating Officer of AuRico Gold and served in the same capacity at Northgate Minerals.
Prior to Northgate, Mr. MacPhail held increasingly senior roles at Noranda, Teck Resources, Homestake Mining and Barrick Gold. He holds a Bachelor of Applied Science degree in Mineral Engineering from the University of Toronto and is a licensed Professional Engineer in Ontario.
Mr.Blair Zaritskyisa: Director, Chief Financial Officer of O3 Mining Inc. and Osisko Mining Inc.
Mr.Blair Zaritskyisa is a Chartered Professional Accountant with more than 15 years of professional experience, principally in the mining sector. Mr.Zaritsky currently serves as the Chief Financial Officer of O3 Mining Inc. and Osisko Mining Inc. (“Osisko”) and also serves as a director of Talisker Resources Inc. and formerly served as a director of Barkerville Gold Mines Ltd.
In August 2015, he was a key part of the successful merger off our companies that helped obtain the flagship Windfall Lake assets that has significantly grown Osisko to over$1-billion market capitalization. Mr.Zaritsky is currently a member of the CPA Canada.