Mountain Lake begins follow-up drillingMountain Lake begins follow-up drilling
2009-07-21 09:13 ET - News Release
Mr. Gary Woods reports
MOUNTAIN LAKE COMMENCES FOLLOW-UP DRILLING ON CORNERSTONE OPTION, CENTRAL NEWFOUNDLAND
MountainLake Resources Inc. has commenced follow-up drilling on the mineralclaims optioned from Cornerstone Capital Resources Inc., which areadjacent to Mountain Lake's 100-per-cent-owned Bobby's Pond base metalsdeposit located approximately 45 kilometres west by road of TeckCominco's Duck Pond mine/mill operation.
Mountain Lake's exploration objective is to find new, near surface,orebodies in close proximity to the Bobby's Pond deposit. This year'sprogram is designed to follow up on the new volcanogenic massivesulphide (VMS) zone the company encountered on the Cornerstone propertyin its fall 2008 drill program.
Last month, the company completed a gravity survey over thearea of the new VMS zone. The results of the survey defined two gravityanomalies along strike from the 2008 intercept in drill hole CS-08-03(0.6 metre of 7.0 per cent Zn, 0.15 per cent Cu, 4.7 per cent Pb, 80.6grams per tonne Ag and 1.05 gpt Au) and another gravity anomaly behindthe collar of hole CS-08-03. Gravity anomalies can be indicative ofmassive sulphide orebodies due to the high specific gravity of thesulphide minerals. The interpretations of the gravity survey resultshave been used to finalize drill targets with the objective of testingthe extent of the new zone.
Gary Woods, PGeo, president and chief executive officer of MountainLake, is the qualified person on the Bobby's Pond/Cornerstone optionproject, and has reviewed and verified the contents of this newsrelease.
About the Bobby's Pond deposit
The latest independent NI 43-101 resource update (July 31, 2008)estimates that the Bobby's Pond deposit contains an indicated resourceof 1,095,000 tonnes of 4.61 per cent Zn, 0.86 per cent Cu, 0.44 percent Pb, 16.6 gpt Ag and 0.2 gpt Au in addition to an inferred resourceof 1,177,000 tonnes of 3.75 per cent Zn, 0.95 per cent Cu, 0.27 percent Pb, 10.95 gpt Ag and 0.06 gpt Au. Mineralization on the Bobby'sPond deposit has been delineated to an approximate depth of 500 metresand remains open at depth.