- Manitou Gold Inc. (MTU) has found a “juggernaut” 10-million-ounce gold area and nickel alloy mineral on its Goudreau Project
- Goudreau has gold production with nearly 10 million ounces of gold resources and reserves being developed and mined
- Hole MTU-22-14 returned the 0.25 per cent nickel as well as 100 parts per million cobalt
- However, the strongest point of the nickel anomaly has not been tested yet
- A follow-up program to advance the gold and nickel targets has begun
- Manitou Gold Inc. (MTU) is up 16.67 per cent trading at $0.03 per share as of 1:35 p.m. ET
Manitou Gold (MTU) has found a “juggernaut” 10-million-ounce gold area and nickel alloy mineral, returning 0.25 per cent, on its Goudreau Project.
The company said it confirmed Goudreau for production with nearly 10 million ounces of gold resources and reserves being developed and mined on its western flank.
Manitou also outlined the identification of a naturally occurring nickel alloy with high nickel content of up to 75 per cent in hole MTU-22-14. The hole returned the alleged 0.25 per cent nickel as well as 100 parts per million cobalt.
According to the company, the hole did not intersect the full width of the nickel zone. Further interpretation by Manitou suggests that the hole did not test the strongest portion of the nickel anomaly.
Manitou also found three new trends with nickel potential showing a total surface area of prospective nickel targets of at least 2.8 square kilometres.
The company stated its Goudreau project is comprised of largely contiguous mineral claims and patents in the eastern Michipicoten gold belt in northern Ontario.
To cover additional interpreted ultramafic bodies with nickel potential, the Company has acquired, through claim staking, an additional 77 mining claims in the northeastern project area, increasing the total project area to 366 square kilometres.
A follow-up ground exploration program has been designed by Manitou to advance the gold and nickel targets along the BDZ and Easy Lake deformation corridors and is now proceeding.
Manitou Gold Inc. (MTU) is up 16.67 per cent trading at $0.03 per share as of 1:35 p.m. ET.