Manitou Gold acquires new land package near Wawa
Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased to announce the acquisition of two important packages of mining lands. These acquisitions extend Manitou’s current 100% owned properties along the Goudreau-Localsh deformation zone (the “GLDZ”), by an additional 27 kilometers, said a news release issued June 19, 2019.
Manitou’s contiguous land position along the GLDZ and related deformation zones, located north of Wawa, Ontario now extends from just east of the past producing Cline Mine, to beyond the Renabie Mine, some 37 km to the east. This area is bracketed on the west by the Magino deposit (2.1 million oz gold reserve) and the Island Gold Mine and mill complex (1 million oz reserve and growing) and on the east end by the Renabie mine (1.1 million oz past producer).
Manitou has entered into binding agreements with two vending parties for (a) the Stover property, which is contiguous with Manitou’s currently owned properties, and (b) the Renabie East – Easy Lake property which is contiguous with Stover and extends eastward. Both properties cover large documented deformation zones which constitute extensions of the GLDZ or related zones of deformation. Figure 1 below illustrated the location of known zones of deformation and related gold occurrences throughout Manitou’s land position.
Both the Stover and Renabie East – Easy Lake properties host numerous gold occurrences which are documented in Ontario Government archives. At Stover, documented gold occurrences include: Pileggi Main – 1.3 g/t over 29 m and 1.5 g/t Au over 12 m from trenches, Guarnaccio – 19.9 g/t Au over 1.8 m from a historical trench, Pileggi West – 11.2 g/t in a grab sample of isoclinally folded quartz vein in shear zone (2017) and the Kent occurrence – 8.63 g/t Au in a grab sample of quartz-carbonate altered iron formation (2018).
On the Renabie East – Easy Lake property, the Peter Ginn occurrence located approximately 3.5 km west-northwest of the Renabie Mine has a documented drill intersection of 99 g/t gold over 0.76 meters in a quartz vein. There is a cluster of gold occurrences approximately 4 km northeast of the Renabie mine that were first prospected by Hardrock Mines in the 1950’s. The claims covering those showings were subsequently patented and have only recently been opened for staking and acquisition by Manitou. Please refer to the Company website to see these areas described in more detail in a new presentation available as of today’s date. The results described herein are historic in nature, have not been verified by the Company, and should not be relied upon.
Manitou Gold’s portfolio of properties located along the GLDZ includes the Goudreau Patents, consisting of 160 acres of mining and rights, as well as an additional 22,500 hectares (over 56,000 acres) of contiguous mining lands.These properties cover a strike length in excess of 37 kms along the Goudreau-Localsh deformation zone (#GLDZ) and related deformation zones, which are located within the Michipicoten Greenstone belt.