More Gold NEWS-6.94 g/t Au over 25 mMOA is on Fire - In just 24 hours they have had News on 3 of their 4 properties in Newfoundland.
Yesterday morning it was News on the Littler River Property with Numerous Gold Showings and the very interesting info on Antimony which has had numbers as high as 50% from near surface samples. Then late afternoon it was confirmed that MOA now controls 100% of the Glover Island Gold property that is already licensed for mining!. Now this morning another great NR from the very active Valentine Lake Property that has been stated as likely to be Newfoundland"s next Gold mine.
Here's today's story:
https://www.mountain-lake.org/2010_MOA_news/MOA-NR-101910_VLake_Drill-ResultsXIV.html
Summer Drilling Proves Up Continuity in Gold Mineralization Over a Strike Length of 700 Metres at Mountain Lake’s Leprechaun Deposit
Results from last 6 of 95 holes drilled in 2010 include 6.94 g/t Au over 25m in hole 226 and 2.44 g/t Au over 22m in hole 231; new resource estimate pending
Halifax, NS, October 19, 2010 – Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) is pleased to report the final batch of analytical results from the summer drill program and provide a summary of accomplishments in 2010 at the Leprechaun Gold Deposit. The Leprechaun Deposit is the first defined gold resource within the highly prospective, 30 kilometre (“km”) strike length of the Valentine Lake Gold Property (the “Property”) located in Central Newfoundland.
The summer drill program was highly successful in proving up continuity in gold mineralization over the 700 metre strike length of the Leprechaun Deposit. In addition, an Insight-DCIP Geophysical Survey has shown to be very effective in targeting potential gold mineralization on the Property.
Highlights:
- the best intersections include 6.94 grams per tonne (g/t) gold (Au) over 25 metres ( m) in hole VL-10-226 and 2.44 g/t Au over 22 m in hole VL-10-231
- 95 holes for a total of 10,938 m of drilling have been completed in 2010 – see highlights
- new Leprechaun Deposit resource estimate is on track for completion before year end
- an Insight DCIP Geophysical Survey completed in August correlates chargeability with pyrite and gold mineralization and will be very useful for target definition along strike and to a depth of 400 m (see Insight Sections)
- see map (left) of Leprechaun Deposit showing drill holes and area of mineralized corridor
Marathon PGM Corp. (TSX: MAR) (“Marathon”) is the operator of the Valentine Lake Project under the sub-option and joint venture agreement (“OJVA”) between Mountain Lake and Marathon. For more information on the OJVA see the news release of
December 23, 2009.
"Finishing our 2010 drill program with good mineralization in each of the last 6 holes, including our second best intersection of the year in hole VL-10-226, is a great way to end the season,” said Sherry Dunsworth, Project Manager for Marathon. Phill Walford, President and CEO of Marathon commented, "Our entire exploration team did a fantastic job this year in advancing the project further than we thought possible in such a short amount of time."
Latest analytical results from the Leprechaun Deposit are as follows:
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From To Core Width True Width Gold
(m) (m) (m) (m) (g/t)
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VL-10-226 29 30 1 1 16.01
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" 78 103 25 17 6.94
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includes 90 103 13 8.8 11.81
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VL-10-227 44 48 4 4 1.33
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" 67 69 2 1.2 4.17
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" 82 94 12 7 2.20
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VL-10-228 74 83 9 6 3.07
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VL-10-229 78 85 7 5 1.01
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" 99 104 5 3.6 4.59
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VL-10-230 67 70 3 2 0.81
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VL-10-230 111 114 3 2 3.60
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VL-10-231 226 248 22 19 2.44
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Includes 239 248 4 3.5 4.84
When the 2010 exploration program started, there were three main objectives: (1) to prove continuity in the Leprechaun Gold Deposit, (2) verify and if necessary modify the existing deposit model, and (3) evaluate geophysical tools that correlate with known gold mineralization. All three of these objectives were successfully achieved and will be critical in planning future exploration along the remaining 11 kms of strike length between the Sprite Prospect and the Valentine East Gold Zones, and into the rest of the Property.
Holes VL-10-226, -227, -228 and -229 were drilled to establish both lateral and vertical continuity of a large near surface mineralized lens at the west end of the deposit. Hole VL-10-231 was the deepest drill hole of the 2010 program and fills a 112 meter wide gap between drill holes VL-04-93 and VL-04-94 at a vertical depth of 200 to 230 meters. The mineralization intersected in these holes continues to surface. These holes demonstrate that the gold system continues to depth.
The mineralization in hole VL-10-226 is significant because it correlates with historical holes VL-04-87 and VL-31 which contain 6.15 g/t over 12.3 meters and 6.1 g/t over 12.2 meters, respectively (please refer to
Valentine Lake NI 43-101 Technical Report dated March 23rd, 2009). Both intervals are cut to 58 g/t and have estimated true widths.
All of the samples were sent to Eastern Analytical Laboratory Ltd. in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Results from fire assay are used for drill hole planning only. Duplicate assays were made on all assays above 30 g/t. Assay results for the planned updated resource estimate will be determined by a metallic screening process.
About the Valentine Lake Gold Property
The Valentine Lake Property is over 30 km long and has anomalous gold values in rock and soils, reflecting widespread gold mineralization. Preliminary investigation of these areas has produced favourable drilling results that require follow up. Both Mountain Lake and Marathon believe that the setting of Property is geologically analogous to other gold camps such as the Abitibi Belt.
About the Leprechaun Gold Deposit
To date, the Leprechaun Deposit (at ~km 3 going northeast along strike) is the first defined gold resource within the highly prospective Valentine Lake Property. The Deposit, which has a NI 43-101 compliant underground inferred mineral resource of 1,314,780 tonnes grading 10.50 g/t gold using a 5 g/t gold minimum cut-off and a 3 m minimum width for a total estimated mineral resource of 443,000 ounces of gold. Cutting individual assays to 58 g/t gold, the average grade is 8.51 g/t gold for a total estimated mineral resource of 359,000 ounces of gold at the cut grade. The Deposit is open at depth and along strike. The resource estimate was performed by Larry Pilgrim, P. Geo., Qualified Person, and presented in the
NI 43-101 Valentine Lake Technical Report dated January 12, 2005, when the closing spot price for gold was US$ 425.50 per ounce. A new resource estimate for the Leprechaun Deposit is to be completed in the fourth quarter of 2010.
Gary Woods, P.Geo., President and CEO 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.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties. Mountain Lake’s current projects include: a 30% interest in the Valentine Lake gold property (Newfoundland) with an option to acquire the remaining 70% interest from Richmont Mines Inc. (TSX/NYSE-Amex: RIC) and a subsequent sub-option and joint venture agreement whereby Marathon PGM Corp. can earn a 50% interest in the property; a 100% interest in the Glover Island gold exploration property (Newfoundland); an option to earn a 100% interest in the Little River gold-antimony exploration property (Newfoundland); a 100% interest in the Bobby’s Pond base metals property (Newfoundland); and a minority (~6.4%) stake in Etruscan Diamonds Ltd., an alluvial diamond project (South Africa).
For corporate, media, or investor inquiries, please contact:
Greg Lytle,
Communications Manager
Mountain Lake Resources Inc.
North America toll-free: (866) 285-5817
International & Vancouver: (604) 839-6946
ON BEHALF OF THE BOARD OF DIRECTORS
s/“Gary Woods”
President & CEO
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C.Gert