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Manitou Gold Inc. Commences Drilling on the Elora Project
By: Marketwired .
Feb. 13, 2013 01:00 PM
SUDBURY, ONTARIO -- (Marketwire) -- 02/13/13 -- Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou" or the "Company") announces that a 5,000 metre diamond drilling program has commenced on the Elora Project located in northwestern Ontario. The project was optioned from Seafield Resources Ltd. in 2012, with the Company completing a detailed re-interpretation of previous exploration work and a mechanical trenching and mapping program in the fall of 2012. (See news release November 29, 2012)
The Elora Property, which lies adjacent to Manitou's Kenwest and Canamerica properties, hosts two past producing gold mines, the Laurentian and the Elora (Jubilee). The Laurentian Mine was the largest producer in the historical Goldrock Camp and operated between 1903 and 1909. Gold production was reported at a grade of 0.4 oz/t Au (14.0 g/t Au). (Blackburn, C.E. 1981 Ontario Geological Survey Report 202).
Todd Keast, President and CEO of Manitou, commented "The re-interpretation of the previous drilling on the Elora property has identified six closely spaced parallel shear structures within the Elora (Jubilee) mine area. Based on our experience drilling the adjacent Kenwest property, the presence of a large number of parallel trending shear structures could be indicative of substantial mineralization in the Elora (Jubilee) mine area. A structural geologist is currently on site to assist us with the interpretation of the structural components of the project. The combined holdings of the Kenwest and the Elora properties encompass an 800 metre wide zone with a number of highly prospective gold bearing structures. A 4.5 kilometre long section of favorable structures hosts three past producing mines and nine other shafts with unreported production. The high density of shafts in this area is a very positive indicator of the exploration potential."
Manitou is a Canadian exploration company with a 189 square kilometre land package of highly prospective gold properties located in the historical Gold Rock District, in northwestern Ontario. This under-explored area has a very attractive geological setting hosting 61 known gold occurrences including three past producing mines, Big Master, Laurentian and Elora (Jubilee). Until recently, the area has remained relatively untouched by modern-day exploration, pointing to excellent discovery potential over this large land package.
Todd Keast, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.
For further details about the Company's projects please visit the Manitou website at www.manitougold.com.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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