Manitou Gold Inc - President and CEO, Richard Murphy
President and CEO, Richard Murphy
Source: Markets Insider
Market Herald logo


Be the first with the news that moves the market
  • Manitou Gold (TSXV:MTU) has posted gold assays from its Patents property within the company’s Goudreau Project in Northeastern Ontario
  • Best result was 12.8 grams per tonne gold over 0.5 meters
  • The company completed four drill holes in April totalling 458 metres at Patents
  • Along with the drill program, the company conducted significant airborne and ground-based geological surveys of the property
  • Manitou Gold (MTU) is down 8 per cent at 5.5 cents per share and has a market cap of C$12 million

Manitou Gold (TSXV:MTU) has released assays from its drilling program at its Patents property, located within the Goudreau Project in Ontario.

The company has posted assays of 12.8 grams per tonne gold over 0.5 metres at the site. The drilling program consisted of 4 drill holes totalling 458 metres over the month of April.

The four drill holes at Patent were drilled into two sections roughly 550 metres laterally apart.

The drilling led to the discovery of a wide mineralised shear zone with quartz veins near the core of the zone. The third hole drilled into this vein returned the best results, posted above. The new zone is open in all directions, and step out drilling is now on the cards for the junior explorer.

The company is also conducting some geophysical surveys of the property to fill out the drilling program. The preliminary interpretation of the survey shows significant anomalies in close proximity to what the company has named the Stover occurrence, a mineralised zone that has previously returned assays of 0.7 grams of gold per tone over 48.5 metres.

While not sparkling results, the fact that mapping has shown further anomalies could point to higher grade results hiding within the mineralised zone.

The main anomaly of interest, according to Manitou, is a 600 metres long high resistivity zone, likely caused by volcanic quartz silification, a geological process that forms rock and often hosts gold veins.

Manitou Gold’s President and CEO, Richard Murphy, said: “We are very encouraged by the wide zones of deformation and gold anomalies encountered in the first round of drilling, which intersected the continuation of the trend that hosts the Island Gold Mine and the past producing Edwards and Cline mines.”

“The identification of a broad, intense, gold bearing structure with quartz veins having the potential to host gold grades similar to that of Island Gold creates a great deal of excitement and this new zone will be a priority for further drilling at depth,” he said.

Manitou Gold (MTU) is down 8 per cent at 5.5 cents per share at 12:49pm EDT.

More From The Market Herald

" Baru Gold granted legal production rights in Indonesia

Baru Gold has received official correspondence from MEMR confirming its legal status to operate and produce gold on Sangihe Island.

" Trailbreaker Resources Acquires Golden Sable Property in BC

Trailbreaker Resources (V.TBK) has acquired the Golden Sable property in south-central British Columbia.

" Appia Rare Earths & Uranium begins drilling at Alces Lake Project

Appia Rare Earths & Uranium Corp. (C.API) begins its 2023 exploration and drilling programs at its Alces Lake Project in Saskatchewan.

" New rare-earths discovery uncovered in Namibia

E-Tech Resources (TSXV:REE) reported drilling results from its Eureka Rare Earths project in Namibia.