- Manitou Gold (MTU) provided interim exploration results to support a spin out from the Goudreau project into a newly incorporated subsidiary, Western Nickel Corp.
- More than 30 additional nickel bearing ultramafic bodies were interpreted from geophysics
- Grab samples from seven targets returned up to 0.31 per cent nickel, 350 ppm cobalt, 1.84 g/t palladium and 0.24 g/t platinum
- Manitou Gold Inc. (MTU) is down 12.50 per cent trading at $0.03 per share as of 11:20 a.m. ET
Manitou Gold (MTU) provided interim exploration results to support a spin out from the Goudreau project into a new subsidiary, Western Nickel Corp.
More than 30 additional nickel bearing ultramafic bodies were interpreted from geophysics. The company had a 100 per cent success rate in ground truthing 10 ultramafic hosted nickel-cobalt targets exposed at surface. Grab samples from seven targets returned up to 0.31 per cent nickel, 350 ppm cobalt, 1.84 g/t palladium and 0.24 g/t platinum. Results from the remaining three targets are pending.
A drill program is underway with two out of three drill holes completed. The first two holes drilled 500 metres and 900 metres west of discovery hole MTU-22-14 intersected continuously serpentinized and mineralized intervals of ultramafic rocks over a core length in excess of 200 metres.
The third drill hole will test the strongest portion of the magnetic anomaly to the north of discovery hole MTU-22-14 with 48 metres at 0.25 per cent nickel is underway.
Microprobe analysis of core samples from discovery hole MTU-22-14 indicates that nickel is dominantly hosted in heazlewoodite (70 per cent nickel, 30 per cent sulfur) and lesser nickel alloys.
Manitou Gold is a Canadian exploration company with 22,500 hectares of prospective gold properties on the Michipicoten Archean Greenstone Belt.
Manitou Gold Inc. (MTU) is down 12.50 per cent trading at $0.03 per share as of 11:20 a.m. ET.