Mountain Lake Resources has announced the new results of the 2012 drilling program conducted at the Leprechaun Gold deposit area, located in the Valentine Lake property in Central Newfoundland.
Marathon Gold and Mountain Lake form a 50-50 joint venture in this Valentine Lake project that also includes the Leprechaun gold deposit. The operator of the project is Marathon Gold. A budget of $11.5 million is jointly funded by the partners during 2012. Currently, three drill rigs are working at the site and will target the Leprechaun gold deposit to expand down dip and along the strike towards to the northeast part to the Sprite zone and to the southeast part to the J. Frank zone.
Mountain Lake has completed 7,675 m, totaling 25 drill holes, of the proposed 40,000 m of drilling program in 2012. The company has intersected 11.90 g/t gold over 2.3 m and 2.67 g/t gold over 12.0 m in hole VL-12-390, 13.81 g/t gold over 0.8 m and 2.03 g/t gold over 9.8 m in hole VL-12-391, 35.71 g/t gold over 0.9 m, 20.33 g/t gold over 0.9 m and 9.35 g/t gold over 2.6 m in hole VL-12-397 of the new Main zone.
In addition, the company has encountered 20.22 g/t gold over 0.85 m, 6.96 g/t gold over 1.7 m and 5.77 g/t gold over 3.4 m in hole VL-12-388, 24.76 g/t gold over 0.8 m and 4.11 g/t gold over 8.0 m in hole VL-12-391 of the new Footwall zone.
The company tested all the samples at Newfoundland-based Eastern Analytical Laboratory.