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Mountain Lake Resources Inc V.MOA



TSXV:MOA - Post by User

Post by saron Sep 08, 2011 9:34am
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Post# 19021777

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Leprechaun Deposit is Situated at the SW End of a 23km Long Gold-BearingMineralized Corridor;
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2011 Drill Results toDate with Latest Maps, Sections and Photos at www.mountain-lake.com
--(BUSINESS WIRE)-- (TSX-V: MOA) (Pink Sheets: MLKRF) ("MountainLake" or the "Company") is pleased to report the latest results fromstep-out and infill drilling at the Leprechaun Gold Deposit (Figure1) on the Valentine Lake Property in central .Step-out drill holes in the southwest "Heart of Gold" area returned wideintervals of mineralization with high grade intervals including 3.70grams per tonne (g/t) gold (Au) over 9.0 metres (m) with 10.59 g/t Auover 3.0m and 32.24 g/t Au over 3.0m in VL-11-324, as well as 2.31 g/tAu over 16.2m including 11.67 g/t Au over 2.90m in VL-11-325.
is a 50/50 joint venturebetween and Mountain Lake with the LeprechaunGold Deposit situated at the south-western end of a 23 kilometre (km)long gold-bearing mineralized corridor. Marathon is the operator of theProject, and the Partners are jointly funding a resource expansion and exploration budget in 2011. Year to date, a totalof 117 drill holes totaling 19,915m (80%) of the planned 25,000mdrilling campaign have been completed. The balance of the 2011 drillingis expected to be completed in October with assay results being releasedas available into the fall, and an updated resource estimate for theLeprechaun Deposit is scheduled for completion before year's end.
Highlights:
* Step-out and infill drill holes in the southwest "Heart of Gold" area of theLeprechaun Deposit returned wide intervals of mineralization including 3.70g/t Au over 9.0m with 10.59 g/t Au over 3.0m and 32.24 g./t Au over 3.0m with94.2 g/t Au over 1.0m in VL-11-324, 2.31 g/t Au over 16.2m including 11.67 g/tAu over 2.90m in VL-11-325, and 1.93 g/t Au over 17.1m with 4.21 g/t Au over4.8m in VL-11-320.* Step-out drill holes in the northeast area of the Leprechaun Deposit returnedup to 1.10 g/t Au over 10.4m with 3.35 g/t Au over 2.40m and 10.16 g/t Au over2.4m with 29.90 g/t Au over 0.8m in VL-11-321.* The continued success of intersecting mineralization with both step-out andin-fill drilling confirms the continuity of mineralization both along strikeand down-dip in the Leprechaun Gold Deposit.
TABLE 1: Latest analytical results for the Leprechaun Gold Deposit
DDH Section Zone* From To Core Width True Width Gold(m) (m) (m) (m) (g/t)VL-11-319 10313 MZ 36 39 3 2.1 2.44MZ 67 70 3 2.1 1.55VL-11-320 10025 HW 7.71 13 5.29 5.2 0.75HW 142 145 3 2.9 0.93MZ 205 223 18 17.1 1.93including MZ 207 212 5 4.8 4.21VL-11-321 10363 MZ 149 162 13 10.4 1.10including MZ 152 155 3 2.4 3.35MZ 174 177 3 2.4 10.16including MZ 175 176 1 0.8 29.90VL-11-322 10025 HW 114 128 14 13.3 1.48MZ 188 191 3 2.7 2.57MZ 223 238 15 13.5 0.99including MZ 231 238 7 6.3 1.59VL-11-323 10375 MZ 173 179 6 4.8 1.24VL-11-324 10050 HW 8 14 6 6 1.37including HW 10 12 2 2 4.07HW 39 48 9 9 3.70including HW 40 43 3 3 10.59MZ 128 131 3 3 32.24including MZ 129 130 1 1 94.2VL-11-325 10050 MZ 169 172 3 2.9 1.06MZ 195 212 17 16.2 2.31including MZ 209 212 3 2.9 11.67VL-11-326 10300 HW 62 65 3 3 1.13MZ 202 211 9 6.3 1.36
" *" denotes: MZ - main zone and HW - hanging wall zone
All of the samples were analyzed at , in . Samples were assayed using lead collection fireassay with AA (atomic absorption) finish. Results from fire assay areused for drill hole planning only. Assay results for the future updatesof the resource estimate will be determinedby an ongoing metallic screening process. Due to the coarse nature ofthe gold at the Leprechaun Deposit, the metallic screening method isused on economically important intersections using standard fire assaytechniques. The reported values in this release are fire assay results.No lower cut off was applied during calculation of the composite grades.
About the Valentine Lake Joint Venture: is a 50/50 joint venture between and MountainLake. The Leprechaun Gold Deposit (750 metre strike length) is situatedat the south-western end of the 30 kilometre Valentine Lake Propertywith the Sprite Zone and the Valentine East Zone located ~700 metres and~13 km respectively along strike to the northeast. These goldoccurrences form part of a 23 km long, highly prospective, gold-bearingmineralized corridor. Marathon is the operator of the Project, and thePartners are jointly funding a resourceexpansion and exploration budget in 2011 that includes 25,000 metres ofdrilling.
Leprechaun Gold Deposit: The Deposit has a NI 43-101 compliant Measuredand Indicated Resource of 3,284,000 tonnes grading 2.62 g/t gold for atotal estimated 277,000 ounces of gold; and an associated Inferredresource of 4,409,000 tonnes grading 2.01 g/t gold for an estimated285,000 ounces of gold (see news release of ). The 2010 resource was estimated using a 0.5 g/tgold minimum cut-off over a 3 metre minimum width. The Deposit is openat depth and along strike with 74% of the current Measured & Indicatedounces occurring within 150 metres of surface. For more information seethe news releases detailing the 2011 exploration results which have beenannounced: , , , , , , , , , , and .
Gary Woods
, P. Geo, is the Company's Qualified Person on theValentine Lake Joint Venture and has reviewed and verified the contentsof this news release.
About
(TSX-V: MOA) is a diversified juniorexploration company, whose corporate strategy is to build shareholdervalue through the exploration and development of economically viablemineral properties all located on the pro-mining island of .Mountain Lake's current projects include: a 50% interest in theValentine Lake gold property (drilling in progress) under the jointventure with ; a 100% interest in the gold exploration property (drilling in progress); anoption to earn a 100% interest in the Little River gold-antimonyexploration property; a 100% interest in the Bobby's Pond base metalsproperty. For more information visit: www.mountain-lake.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/"Gary Woods"
President & CEO
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER(AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTSRESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

CONTACT:
Greg Lytle
Communications ManagerN. America toll-free: (866) 285-5817Int'l. & : (604) 839-6946Email: info@mountain-lake.comSource:
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