Post by
TheRock07 on Oct 12, 2010 8:28am
More VL assays...27 m of 6.5 gms/ton..Wow
Mountain Lake drills 27 m of 6.53 g/t Au at Valentine
2010-10-12 07:34 ET - News Release
Mr. Gary Woods reports
CONTINUING TO PROVE UP LEPRECHAUN'S HEART OF GOLD: LATEST RESULTS FROM MOUNTAIN LAKE'S LEPRECHAUN DEPOSIT INCLUDE 6.53 G/T GOLD OVER 27 M; 98 HOLES DRILLED IN 2010 FOR A TOTAL OF 10,908 METRES; RESULTS FOR 6 HOLES PENDING
Mountain Lake Resources Inc.'s third set of results from barge drilling at the Leprechaun gold deposit continues to define an area of near-surface mineralization and improve overall drilling density. The Leprechaun deposit is the first defined gold resource within the highly prospective 30-kilometre strike length of the Valentine Lake gold property located in central Newfoundland.
Highlights include the following:
Hole VL-10-225, drilled in the main zone, returned 6.53 grams per tonne gold over a true width of 19 metres.
Additional mineralization in the hangingwall and footwall improves open-pit mining potential by reducing the stripping ratio.
Ninety-eight holes for a total of 10,908 metres of drilling have been completed in 2010.
New Leprechaun deposit resource estimate is on track for completion before year-end.
Marathon PGM Corp. is the operator of the Valentine Lake project under the suboption and joint venture agreement between Mountain Lake and Marathon. For more information on the OJVA see the news release in Stockwatch dated Dec. 23, 2009.
"Barge-based drilling is allowing us to get to areas that were previously inaccessible thereby filling in gaps and confirming continuity of both near-surface mineralization and lenses of higher-grade mineralization," said David Good, Marathon's vice-president of exploration.
LATEST ANALYTICAL RESULTS FROM THE LEPRECHAUN DEPOSIT
From To Core width True width Gold
(m) (m) (m) (m) (g/t)
VL-10-221 24 30 6 4.2 1.20
VL-10-222 66 74 8 5.6 1.15
79 80 1 0.7 10.07
98 101 3 2.1 0.73
VL-10-223 10 17 7 4.2 1.49
64 68 4 2.4 1.66
97 108 11 7.7 7.45
VL-10-224 37 38 1 0.7 18.59
49 57 8 5.6 4.32
72 74 2 1.4 3.18
87 89 2 1.4 9.10
VL-10-225 30 32 2 1.4 8.83
64 91 27 19 6.53
includes 64 68 4 2.8 11.30
and 80 90 10 7.0 9.61
also 119 120 1 0.7 4.39
Mineralization in hole VL-10-225 correlates with deeper mineralization from VL-10-165, which returned 38.32 grams per tonne (1.12 ounces per ton) gold over a true width of nine metres (see news release in Stockwatch dated April 13, 2010). VL-10-225 also provides a true width of mineralization in historical hole VL-05-110, which was drilled down plunge and returned 3.87 grams per tonne gold over a core length of 174 metres (see Valentine Lake National Instrument 43-101 technical report dated March 23, 2009).
Hole VL-10-221 provides up-dip continuity of mineralization intersected in VL-10-222. Additional up-dip continuity is established in VL-10-224 from deeper intersections in VL-10-223.
These holes, typically having a minus-80-to-minus-85-degree dip, were drilled along strike and to the west of the initial barge holes but on the mineralized trend. The latest intersections appear to establish good continuity of mineralization up dip, near surface and along strike of earlier drilling.
Mineralized lenses encountered both up dip and along strike from the historical resource are very important as they provide a better understanding of the distribution of mineralization and help to build a more comprehensive geological model to be used during the revising of the resource estimate.
Gary Woods, PGeo, president and chief executive officer of Mountain Lake, is the company's qualified person on the Valentine Lake project, and has reviewed and verified the contents of this news release.
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Comment by
langland on Oct 12, 2010 8:35am
The Rock,To what extent does this improve your resource estimates please?