Manitou Gold Inc. today provided an update on the previously announced newly acquired patented mining claims (the “ Goudreau Property”) (see press release dated Oct 30, 2017) located east of Richmont Mines’ Island Gold Mine, which is currently producing and subject to a takeover by Alamos Gold Inc. The Company is pleased to announce that it has performed an initial geological review, which confirmed the presence of the Goudreau–Lochalsh deformation zone crossing the Property.
Despite the onset of early winter conditions, Company geologists were able to conduct reconnaissance field work on the northern part of the Goudreau Property where they observed significant outcrop and made initial geological assessments and evaluations. The conditions observed are consistent with an increasing level of structural deformation, with the strongest deformation observed well into the Property. The major deformation becomes more intense as one traverses into the Property from the north. Areas with the most intensely sheared host rocks were accompanied by the presence of thin veinlets of quartz-carbonate. Structural deformation and associated development of veining is generally regarded as a favourable geological setting for the concentration of gold in known orogenic gold belts, such as the emergent Goudreau-Lochalsh gold belt.
There is no record of modern mineral exploration on these newly acquired lands. With the recent confirmation that the key deformation zone traverses the Property, Manitou Gold is now evaluating the opportunity of a winter program of geophysical surveys, in order to begin developing targets for drill testing in 2018.
"I was impressed and emboldened by the intensity of the deformation zone that I observed on our new Property" stated Richard Murphy, CEO of Manitou. “It was rewarding to confirm the presence of structural features with similar characteristics to those that host several nearby gold deposits, further west along the same deformation zone. I look forward to initiating a geophysical exploration program on the Property, in order to start defining priority target areas for drilling.”
Due to the winter conditions, the Company has given priority to exploring these recently acquired patented lands. Initial geological evaluation of the Company’s additional 100% owned mining claims in the area, which cover an additional 164 acres and are along the trend of the Goudreau–Lochalsh deformation zone, will be undertaken in the spring. The newly acquired Goudreau Property is located in an emerging northern Ontario mining camp that is underexplored within the context of Canada’s long mining history. The Property is also located on the same geologic structure and is just east of the Island Gold Mine, which is host to multi-million ounce gold resources and reserves and is currently being acquired by Alamos Gold Inc..