Gold Results - Open oit Mine PotentialSure looks promising...Good numbers and all near surface....20 more holes to report....C.Gert
Mountain Lake drills 12 m of 3.57 g/t Au at Valentine
2010-03-17 07:37 ET - News Release
Mr. Gary Woods reports
MARATHON AND MOUNTAIN LAKE CONTINUE TO CONFIRM GOLD MINERALIZATION NEAR SURFACE AND UPDIP FROM THE CURRENT NI 43-101 COMPLIANT RESOURCE; RESULTS CONTINUE TO IMPROVE THE POTENTIAL FOR OPEN PIT MINING AT THE LEPRECHAUN DEPOSIT SITUATED WITHIN THE 30 KM STRIKE LENGTH OF THE VALENTINE LAKE PROPERTY
Mountain Lake Resources Inc.'s latest analytical results from the recently completed drill program at the Valentine Lake gold project confirm that multiple stacked zones of gold mineralization have been intersected near surface and up dip from the current National Instrument 43-101-compliant resource at the Leprechaun gold deposit. These results continue to improve the potential for developing an open-pit mine at the Leprechaun deposit, which is the most developed of several known gold occurrences within the 30-kilometre strike length of the Valentine Lake property.
The Valentine Lake project is located in central Newfoundland. Marathon PGM Corp. is the operator of the project under the suboption and joint venture agreement between Mountain Lake and Marathon. For more information on the OJVA see the company's news release in Stockwatch dated Dec. 23, 2009.
Highlights include the following:
- Hole VL-10-147 intersected 3.57 grams per tonne gold over 12.0 metres.
- Holes VL-10-141, -142, -143, -145 and -149 will enlarge the envelope used in the previous resource estimate.
- Intersections are near surface and confirm continuity with historic drilling.
- The Leprechaun deposit drilling map can be viewed on Marathon's website.
"We are finding that the multiple gold zones intersected at depth continue to surface. This is important for open-pit mining evaluation of the Leprechaun deposit," stated Phillip Walford, president and chief executive officer of Marathon. "These results are very encouraging as they are confirming our geological model and validating our goal of defining an open-pit gold deposit."
LATEST ANALYTICAL RESULTS FROM THE LEPRECHAUN DEPOSIT Core TrueHole Zone From To width width Au (m) (m) (m) (m) (g/t) VL-10-140 Main 26 29.1 3.1 3.0 3.03 VL-10-141 HW 30 37.9 7.9 4.0 0.59 " Main 62 67.5 5.5 2.8 2.63 VL-10-143 HW 31.85 44 12.15 6.0 1.45 " Main 63 87.7 24.7 12.0 2.87 including 81 85 4.0 2.0 12.33 VL-10-144 Main 100 110 10 6.0 0.55 VL-10-145 Main 95.29 111.07 15.78 8.0 2.48 VL-10-147 HW 40 49 9.0 6.8 1.11 " Main 105 120.6 15.6 12.0 3.57 " 114.3 120.6 6.3 4.9 8.27 " Main 157 160.5 3.5 2.7 1.84 VL-10-149 Main 20.5 29.5 9.0 6.0 2.70 Note: None of the reported assay values were cut; six assays exceeded 25 grams per tonne gold; historically the cutting factor is 58 grams per tonne gold; HW is an abbreviation for hangingwall, where multiple stacked mineralized lenses are situated subparallel to, and above the inclined main mineralized zone.
The first phase of 2010 drilling on the Valentine Lake project ended March 9 with 33 drill holes having been completed in the Leprechaun deposit for a total 3,998 metres. Assays for the final 20 holes of the program are pending. Holes were spaced at 25-metre intervals for purposes of resource definition/expansion, and the conversion of the current underground resource estimate, which uses a five-gram-per-tonne-gold minimum cut-off, to an updated open-pit resource estimate that would use a cut-off of approximately 0.5 gram per tonne based on the current gold price. The program focused on the top 100 metres of the Leprechaun deposit which only had six drills holes as well as deeper mineralization requiring definition. The drilling was focused on an area covering 400-metre strike length to a depth of 200 metres. The gold mineralization remains open along strike and to depth. To review the analytical results from the first three drill holes previously reported see the company's news release in Stockwatch dated Feb. 19, 2010.
Dr. David Good, PhD, PGeo, vice-president of exploration, is Marathon's qualified person in compliance with National Instrument 43-101 with respect to this release. Dr. Good has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.