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Mountain Lake Resources Inc V.MOA



TSXV:MOA - Post by User

Post by Ridgebackon Apr 10, 2012 7:18am
309 Views
Post# 19774649

More good results today!

More good results today!

Marathon, Mountain Lake drill 20.9 m of 7.23 g/t Au
Ticker Symbol: C:MOZ C:MOA

 

Marathon, Mountain Lake drill 20.9 m of 7.23 g/t Au

 

Marathon Gold Corp (C:MOZ)
Shares Issued 29,871,928
Last Close 4/9/2012
.75
Tuesday April 10 2012 - News Release

Also Mountain Lake Resources Inc (C:MOA) News Release

Mr. Phillip Walford of Marathon reports

MARATHON GOLD HITS SIGNIFICANT NEW HIGH-GRADE GOLD INTERCEPTS AT THE LEPRECHAUN GOLD DEPOSIT, VALENTINE LAKE

Marathon Gold Corp. and Mountain Lake Resources Inc. have released the results of eight new drill holes from the 2012 drilling campaign at the Leprechaun gold deposit in Valentine Lake, Newfoundland. Step-out drilling downdip on the Main Zone at the Leprechaun Gold Deposit continues to intersect multiple intervals of high-grade gold.

 

Results include: 7.23 g/t Au over 20.9 m (TT) with 48.99 g/t Au over 1.9 m (TT), 9.19 g/t Au over 13.5 m (TT) with 34.92 g/t Au over 1.8 m (TT), and13.81 g/t Au over 18.05 m (TT) with 109.94 g/t Au over 1.9 m (TT)

 

Highlights include:

 

  • 7.23 g/t Au over 20.9 meters with 48.99 g/t Au over 1.9 meters in VL-12-403 and 9.19 g/t Au over 13.5 meters with 34.92 g/t Au over 1.8 meters in VL-12-407. This represents both down-dip and strike continuity of Main Zone, high-grade mineralization identified in VL-12-400. This hole intersected the Main Zone in an inferred area of low grade in the recently released Resource Estimate.
  • 4.05 g/t Au over 21.6 meters with 24.55 g/t Au over 1.8 meters in 50 meter down-dip, step out hole VL-12-402(Photo 1)and 13.81 g/t Au over 18.05 meters with 109.94 g/t Au over 1.9 meters within in-fill hole VL-12-408. These holes demonstrate the continued expansion of the high-grade ore shoots within the Main Zone mineralization as drilling steps out, down-dip and to the southwest within the current Resource boundary. Both of these holes intersected the Main Zone in an area of mineralization estimated to be from 1-5 g/t Au in grade and largely in the inferred category in the recently released Resource Estimate.
  • 3.93 g/t Au over 24.0 meters with 19.01 g/t Au over 4.0 meters in 35 meter down-dip step-out hole VL-12-401, and 2.78 g/t Au over 18.7 meters with 15.66 g/t Au over 1.7 meters in 50 meter down-dip step-out hole VL-12-404, confirm the continuation of high-grade Main Zone mineralization at increased depths within the northeast section of the current Resource boundary. These holes are in an area that was classified as inferred, and at less than 2 grams in the current Resource.

 

The Leprechaun Gold Deposit remains open both down-dip and along strike to the northeast and southwest as 2012 drilling continues to expand the boundary of the deposit.

"Building upon the previously announced drill results, these exciting new gold intercepts further confirms both the continuity of the gold system and the ongoing expansion of the Leprechaun Gold Deposit. As this year's step-out drilling program progresses it is becoming increasingly clear that this is sizeable deposit with more high-grade zones to be found," said Phillip Walford, President and CEO of Marathon Gold.

The Valentine Lake Project, including the Leprechaun Gold Deposit, is a 50/50 joint venture between Marathon and Mountain Lake Resources Inc. Both companies are equal contributors to a planned 40,000 meter 2012 drilling program in which Marathon is the operator. The 2012 exploration program at the Leprechaun Gold Deposit will continue to expand southwest into the J. Frank Zone and northeast into the Sprite Zone. All grades in this release are uncut, and all thicknesses are estimated true thicknesses. A total of 53 drill holes totaling 14,357 meters (35.9%) of the planned 2012 drilling campaign have now been completed.

 

TABLE 1: Significant Assay Intervals from drill holes, Leprechaun Gold Deposit   DDH   SectionZone* Design  FromTo CoreLengthTT (m)Gold (g/t)UncutVL-12-401 10350  MZ  step-out 176 206    30    24.00      3.93      including        MZ   (35 m)  199 204    5      4.00      19.01     VL-12-402 9950   HW  step-out  68 71     3      3.00      0.81                       MZ   (50 m)  277 301    24    21.60      4.05      including        MZ           282 283    1      0.90      10.34     including        MZ           292 293    1      0.90      9.13      including        MZ           297 299    2      1.80      24.55                      MZ           305 308    3      2.70      4.75      VL-12-403 10175  HW  step-out  70 73     3      3.00      1.37                       HW  (50-70 m) 75 78     3      3.00      1.75                       HW            91 94     3      3.00      2.06                       MZ           210 232    22    20.90      7.23      including        MZ           210 211    1      0.95      10.63     including        MZ           215 216    1      0.95      17.80     including        MZ           221 232    11    10.45      11.71     including        MZ           228 230    2      1.90      48.99                      MZ           272 278    6      5.70      2.80      including        MZ           273 274    1      0.95      11.71                      FW           291 295    4      3.80      11.29     including        FW           292 293    1      0.95      29.08     VL-12-40410412.5 MZ  step-out 182 185    3      2.55      4.93      including        MZ   (50 m)  183 184    1      0.85      14.27                      MZ           192 214    22    18.70      2.78      including        MZ           192 194    2      1.70      15.66     including        MZ           206 207    1      0.85      12.55     including        MZ           210 211    1      0.85      6.52      VL-12-405 10025  MZ   in-fill 200 203    3      3.00      1.71                       MZ           211 214    3      3.00      1.75      VL-12-40610337.5 HW  step-out  22 25     3      3.00      3.27      including        HW   (45 m)   23 24     1      1.00      9.75                       MZ           190 193    3      2.85      4.11      including        MZ           190 191    1      0.95      10.96                      MZ           200 203    3      2.85      6.93                       MZ           215 218    3      2.85      9.51      including        MZ           216 217    1      0.95      19.89     VL-12-407 10125  MZ  step-out  85 88     3      3.00      0.90                       MZ   (100 m)  98 101    3      3.00      1.18                       MZ           247 250    3      2.70      4.01      including        MZ           248 249    1      0.90      10.32                      MZ           289 304    15    13.50      9.19      including        MZ           291 293    2      1.80      34.92     including        MZ           295 297    2      1.80      13.46     VL-12-408 10000  MZ   in-fill  22 25     3      2.85      0.79                       MZ           153 172    19    18.05      13.81     including        MZ           160 167    7      6.65      34.97     including        MZ           160 161    1      0.95      9.57      including        MZ           164 166    2      1.90     109.94     

 

 

*Denotes: MZ - main zone, HW - hanging wall zone and FW - foot wall zone

 

All of the samples were analyzed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Due to the coarse nature of the gold at the Leprechaun Gold Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results.

Sherry Dunsworth, M.Sc., P. Geo., VP of Exploration, Marathon's Qualified Person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.

 

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