- Junior exploration company Manitou Gold (MTU) has launched a diamond drilling program at its wholly owned Goudreau Project in Ontario
- At least 5,000 metres of shallow drilling work will test a number of targets along the Baltimore Deformation Zone
- These targets were identified during airborne, ground magnetic and induced polarisation surveys, as well as soil geochemistry and sampling work carried out earlier this year
- The initial phase of drilling is expected to continue throughout the rest of 2020 and into next year
- Manitou Gold (MTU) is currently up 11.11 per cent to C$0.05 per share
Junior exploration company Manitou Gold (MTU) has launched a diamond drilling program at its wholly owned Goudreau Project in Ontario.
Located roughly 50 kilometres northeast of Wawa, the project covers approximately 338 square kilometres and a 17 kilometre stretch of the east-southeast trending Baltimore Deformation Zone (BDZ).
The BDZ, in turn, represents a continuation of the Goudreau-Localsh Deformation Zone (GLDZ), which hosts Alamos Gold’s Island gold mine, Argonaut Gold’s Magino gold deposit, and the past-producing Edwards and Cline mines.
A minimum of 5,000 metres of shallow drilling has been planned to test targets along a 300 to 600 metre-long stretch near the central axis of the BDZ, which sits along strike from the Stover occurrence.
Manitou Gold identified these targets during airborne, ground magnetic and induced polarisation surveys, as well as soil geochemistry and sampling work carried out earlier this year.
The Stover occurrence was subject to only a limited amount of drilling work, most of which was completed in 1988, while field work completed in 2019 returned grab samples of up to 6.1 grams per tonne of gold.
Only three of the 13 historic holes intersected the mineralised trend – grading up to 0.7 grams per tonne of gold over 48.5 metres – while the rest appear to have missed the prospective target.
Richard Murphy, President and CEO of Manitou Gold, said he is pleased to have begun what is a major drilling campaign.
“We have spent the past ten months doing the detailed work on the ground to identify and prioritise targets.
“I expect this initial phase of drilling on the BDZ to extend at least through the first quarter of next year,” he added.
Manitou Gold said the drill program is fully funded, with approximately C$4.2 million in cash on its balance sheet.
Manitou Gold (MTU) is currently up 11.11 per cent to $0.05 per share at 2:58pm EST.
