SUDBURY, ONTARIO -- (Marketwire) -- 02/27/13 -- Manitou Gold Inc. (TSX VENTURE: MTU) ("Manitou" or the "Company") reports diamond drill results from the Sherridon project located in Northwestern Ontario. The company completed two shallow diamond drill holes in the fall of 2012 which both intersected visible gold. Manitou has now vested 100% into the Sherridon project.
The company completed 27 short, widely spaced diamond drill holes (4,968 metres) since optioning the project in 2009. Diamond drilling has focused on surface gold showings, geophysical anomalies and follow-up holes on gold intersections discovered during the drill program. Fourteen of the drill holes have intersections containing coarse visible gold associated with sheared volcanic rocks. The relatively high number of visible gold occurrences within the wide spaced drill holes over several kilometres suggests the presence of considerable gold in the system.
Diamond drill holes SH-12-27 and SH-12-28 (reported in this release) were completed on the same section as diamond drill holes SH-12-24 and SH-12-25 (see news release May 22, 2012). DDH SH-12-28 intersected three discrete shear zones including 16.8 g/t Au over a core length of 0.6 metre and is located 35 metres down dip from SH-12-27. The three gold bearing shears have only been tested to a vertical depth of 125 metres and remain open. Drill hole SH-12-27 intersected 7.5 g/t Au over a core length of 1.1 metres which is located 25 metres down dip from Hole SH-12-25. Both SH-12-24 and SH-12-25 contained multiple shear zones with visible gold including 18.8 g/t Au over 4.5 metres in SH-12-25.
To see the cross section associated with this release, click the following link: http://media3.marketwire.com/docs/227mtu_map.pdf
DDH From (M) To (M) Width (M) g/t Au PreviouslySH-12-24 19.8 21.9 2.1 6.9 Released PreviouslySH-12-24 65.5 66.5 1.0 0.2 Released PreviouslySH-12-25 21.0 22.5 1.5 0.6 Released PreviouslySH-12-25 72.3 76.7 4.5 18.8 Released PreviouslySH-12-25 171.5 173.0 1.5 0.4 ReleasedSH-12-27 3.0 7.0 4.0 0.3SH-12-27 43.0 43.6 0.7 1.5SH-12-27 94.9 96.0 1.1 7.5SH-12-27 109.5 110.0 0.5 3.5SH-12-28 32.0 32.9 0.9 0.7SH-12-28 64.1 65.2 1.1 3.0SH-12-28 133.3 133.8 0.6 16.8
Full table of assays can be found on the Company's website.
Todd Keast, President and CEO of Manitou commented "The widespread distribution of gold within the system is a positive exploration feature. Our focus in future exploration programs will be to expand the extent of the known gold bearing shear structures and to identify larger scale structures."
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). Until recently, the area has remained relatively untouched by modern-day exploration, pointing to excellent discovery potential over this large land package.
The 2013 exploration program is currently underway with 5,000 metres of diamond drilling in progress on the Elora property directly adjacent to Manitou's high-grade Kenwest project. (See news release February 13, 2013).
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.
The Company has implemented a quality control program to ensure best practice in sampling and analysis. Samples are transported in security sealed bags to the Actlabs facility in Dryden, Ontario for preparation. Actlabs transports the samples to the Actlabs ISP 17025 registered laboratory facility in Thunder Bay for analysis and Internal QA/QC checks. Core samples are analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods. Samples with visible gold are assayed by screened total metallics.
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.
Manitou Gold Inc.
Todd Keast, P. Geo.
President and CEO