Mountain Lake Resources Inc. (TSX-V: MOA) has reported that drilling has commenced on the Little River Gold Property, located in southern Newfoundland.
The Little River Property (the "Property") has a strike length of ~35 kilometres (km) and Mountain Lake has an option to earn a 100% interest in the Property.
The gold and antimony (stibnite) drill targets include the four high priority areas in the central part of the Property delineated in the recent trenching program along with the high grade stibnite vein (antimony-Sb) in the northeastern portion of the Property, where values of up to 50% Sb and 24 g/t Au were recently reported (see news releases of September 8 and October 18, 2010).
Notably, this drill program coincides with the price of both gold and antimony hitting new all-time highs.
Mountain Lake would also like to extend its gratitude again this year to the Newfoundland and Labrador Department of Natural Resources, Mines and Energy Division, for its approval of a $100,000 grant through the Junior Exploration Assistance Program to offset some of this year's exploration costs on the Little River Project.
Gary Woods, P.Geo., is the Qualified Person on the Little River Property, and has reviewed and verified the contents of this news release.
Antimony can occur in its native form, but is usually found in other minerals and most commonly in the mineral stibnite. A silvery-white crystalline metal, antimony is used to increase hardness and strength of metal alloys. Antimony and its compounds are widely used in the production of batteries, bullets, cable sheathing, flame-proofing compounds, glass, ceramics, paints, pottery and in the semiconductor industry. According to MinorMetals.com: China is the world's leading producer of antimony producing 90% of total global output in 2009; and the latest available (Nov 2) bid price for a metric tonne of antimony (99.6% pure ingot) is US$ 10,700 or US$ 5.34 per pound as compared to the latest spot price for copper of US$ 4.02 per pound.
About the Little River Property
Mountain Lake has an option to earn a 100% interest in the Property, which consists of 452 mining claims comprising 11,300 hectares over a strike length of ~35 km in the Baie D'Espoir area of southern Newfoundland. The Property is close to local population centres, is cross cut by major power lines, and can be accessed by way of the Bishop Falls to Harbour Breton highway and secondary roads and trails that exist on the Property.
Although originally optioned for its numerous gold occurrences, Mountain Lake continues to encounter interesting antimony values on the Property as well; and antimony (stibnite) bearing veins having now been identified over a 20 km strike length. The antimony vein in the northeastern portion of the Property is of particular interest as it is significantly larger than the vein that was initially discovered in 1989 on the Beaver Brook property ~80 km to the north. That discovery resulted in extensive exploration and development and the Beaver Brook antimony mine being brought into production in 1998. Beaver Brook is one of the largest antimony deposits in the world, the only primary antimony mine in Canada or the United States, and the largest outside of China.
Source: Mountain Lake Resources Inc.