Highlights:
- Maiden three-hole drill program now completed. All three drill holes intersected continuously serpentinized and mineralized intervals of ultramafic rocks in excess of 200 metres1.
- 252.1 m grading 0.25% Ni and 99 ppm Co intersected in hole MTU-22-19, drilled 500 metres west of discovery hole MTU-22-14;
- 208.2 m grading 0.25% Ni and 119 ppm Co intersected in hole MTU-22-18, drilled 900 metres west of the discovery hole.
- Broad intersections of nickel and cobalt provide confirmation of a significant nickel-cobalt discovery at the 100% owned
Goudreau Project . - Four holes drilled to date (including the discovery hole) have tested just two of the thirty nickel intrusion targets identified on the
Goudreau Project so far (see press release datedSeptember 7, 2022 ).
“These long drill intersections confirm the discovery of a large nickel mineralized system,” stated
Diamond drilling began at the end of the third week of August, following up on the prior results that indicated the untested potential for significant nickel mineralization comparable to Canada Nickel’s Crawford deposit, located in
Results presented herein are the first from a three-hole diamond drill program (1,152 m) designed to confirm the significant nickel discovery arising from the winter drill campaign. As reported on
This three-hole maiden drill program targeted the strongest portion of the magnetic anomaly to the north of discovery hole MTU-22-14 with the first of these three drill holes. The remaining two drill holes were completed 500 and 900 metres west of discovery hole MTU-22-14, in a separate intrusion that measures 850 metres long and 200-300 metres wide. All three drillholes encountered continuously serpentinized and mineralized intervals of ultramafic rocks in excess of 200 metres.
Results from drill hole MTU-22-18, collared 900 metres west of MTU-22-14, yielded three separate significant intersections of nickel mineralization. The strongest mineralization was encountered between 84.9 and 293.1 metres, yielding 208.2 m grading 0.25% Ni and 119 ppm Co, including an interval of 27 m grading 0.29% Ni and 127 ppm Co.
Results from drill hole MTU-22-19, collared 500 metres west of discovery hole MTU-22-14, yielded a continuous mineralized intersection of 252.1 m grading 0.25% Ni and 99 ppm Co starting at 90.5 metres down hole.
Samples from the third drill hole (MTU-22-17), which tested the strongest portion of the magnetic anomaly north of the discovery hole, have been delivered to the laboratory and assay results will be released as they become available.
On
The Spin-Out of nickel-cobalt- PGE commodities is subject to the continued discretion of Manitou’s management and Board. Pursuant to the Spin-Out, common shares of Western Nickel will be distributed to shareholders of Manitou on a pro rata basis for no additional consideration. Furthermore, it is anticipated that Manitou will retain up to a 19.9% holding of
On
The northeastern portion of the Goudreau project covers over 50 kilometres of strike length of prospective fault corridors with over 30 discrete ultramafic nickel-cobalt targets. A total of 10 high quality targets were selected for immediate ground truthing. The priority targets were ground checked during the months of July and
Figure 1: Drill plan map over total field magnetic intensity map with linear colour stretch (red - magnetic high, blue - magnetic low)
https://www.globenewswire.com/NewsRoom/AttachmentNg/31fcd710-e4f9-435f-ac4c-366b062ac3b4
Figure 2: Plan Map Showing Regional Structures and Ultramafic Intrusions
https://www.globenewswire.com/NewsRoom/AttachmentNg/0651303a-d93a-4d65-b55e-2db92ae59177
Manitou’s key strategic shareholders include Alamos Gold Inc. (TSX:AGI; NYSE:AGI) at 19.9% and O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) at 9.9%, each individually calculated on a partially diluted basis.
Sampling and Quality Control
Samples were delivered to
For further information on
Telephone: 1 (705) 698-1962
Email: info@manitougold.com
Neither
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, including regulatory risk related to the receipt of final approval of the
1Lengths are reported as core lengths. True thickness of newly announced intersections to be determined.
Figure 1
Drill plan map over total field magnetic intensity map with linear colour stretch (red - magnetic high, blue - magnetic low)
Figure 2
Plan Map Showing Regional Structures and Ultramafic Intrusions
2022 GlobeNewswire, Inc., source