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Bullboard - Stock Discussion Forum Mountain Lake Resources Inc V.MOA

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Mountain Lake Resources Inc > News.Antimony and 24/gm ton Gold at Little River
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Post by paljoey on Sep 08, 2010 11:10am

News.Antimony and 24/gm ton Gold at Little River

Mountain Lake Resources Inc
Symbol C : MOA
Shares Issued 36,086,438
Close 2010-09-07 C$ 0.79
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Mountain Lake samples 50% antimony at Little River

2010-09-08 10:21 ET - News Release


Mr. Gary Woods reports

BEDROCK SAMPLES RETURN GRADES UP TO 50% ANTIMONY AND 24.1 G/T GOLD AT MOUNTAIN LAKEA S LITTLE RIVER PROPERTY, SOUTHERN NEWFOUNDLAND

Mountain Lake Resources Inc. has provided very encouraging results from the 2010 field exploration work on the Little River property in southern Newfoundland.

Field work got under way this year in June and has focused on examining the areas of the Property outside of the 2009/2008 soil sampling grid as well as more detailed soil sampling within the existing grid area where initial line spacing was at 200 metre intervals. Results have been received from the infill soil sampling and many new gold anomalies have been identified in addition to the delineation of several strong multiline anomalies where only single point anomalies existed before. Preparations are underway for trenching and sampling to prioritize targets for a fall drill program.

Most significant this year, is the sourcing of a historical antimony + gold (Sb+Au) vein that was originally discovered in the late 1970s by Hudson's Bay Oil and Gas Company. Analytical results from the initial bedrock samples taken from the vein prospect returned 34.9% Sb with 24.1 grams per tonne (g/t) Au and 27.6% Sb with 7.1 g/t Au. The vein is up to 30 centimetres wide and has been exposed by a series of hand dug pits over a 40 metre strike length (see photo). Results from subsequent bedrock samples taken from various spots along the exposed vein have returned very high grade antimony with lower grade gold including: 50% Sb with 219 ppb Au; 49.6% Sb with 483 ppb Au; 49.0% Sb with 110 ppb Au; 36.5% Sb with 118 ppb Au (see photo). The area is covered extensively by forest and bog and outcrop exposure in the general area of the vein is less than 1%. Further results are pending from detailed soil sampling, which has now been carried out for 300 metres in both directions along strike from the vein outcrop. The vein prospect, located in the northeast portion of the Property, 11.5 kilometres (km) northeast of the most northeasterly hole drilled in 2009, has never been drill tested.

According to one of Mountain Lake's prospectors, who worked for Noranda on the Beaver Brook property when antimony (stibnite) mineralization was discovered in 1989, the vein at Little River is significantly larger than the vein that was initially discovered on the Beaver Brook property ~150 km to the north. That discovery resulted in extensive exploration and development and the Beaver Brook antimony mine being brought into production in 1998. Beaver Brook is one of the largest antimony deposits in the world, the only primary producing antimony mine in Canada or the United States, and the largest outside of China.

Gary Woods, President and CEO of Mountain Lake, commented, "It is highly unlikely that the strongly mineralized fluids that travelled 100's to 1000's of metres from their source to deposit the almost solid stibnite vein at Little River only resulted in one fracture being mineralized in the area. For example, the Beaver Brook Mine deposit is located 500 metres from the initial site where antimony mineralization was discovered."

Gary Woods, P.Geo., is the Qualified Person on the Little River project, and has reviewed and verified the contents of this news release.

About Antimony

Antimony can occur in its native form, but is usually found in other minerals and most commonly in the mineral stibnite. A silvery-white crystalline metal, antimony is used to increase hardness and strength of metal alloys. Antimony and its compounds are widely used in the production of batteries, bullets, cable sheathing, flame-proofing compounds, glass, ceramics, paints, pottery and in the semiconductor industry. According to MinorMetals.com: China is the world's leading producer of antimony producing ~90% of total global output in 2009; and the latest available bid price for a metric tonne of antimony (99.6% pure ingot) is US$ 10,200 or US$ 4.63 per pound as compared to the latest spot price for copper of US$ 3.45 per pound.

About the Little River Property

The Little River Property consists of 452 mining claims comprising 11,300 hectares over a strike length of ~35 km in the Baie D'Espoir area of southern Newfoundland. The Property is close to local population centres, is cross cut by major power lines, and can be accessed by way of the Bishop Falls to Harbour Breton highway and secondary roads and trails that exist on the Property. Mountain Lake has an option to earn a 100% interest in the Property.


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Comment by Cousin_Gert on Sep 08, 2010 1:12pm
Been doing some research on Antimony since the NR and turned up a great little piece from yesterday in Bloomberg. Seems the world needs Antimony for many every day items and that there are in most cases few, if any, substitutes. It should be noted from the News Release that the only operating Antimony mine in North America is Beaver Brook in Newfoundland which is just 150km North on MOA's ...more  
Comment by TheRock07 on Sep 08, 2010 2:29pm
These results are especially encouraging , as they confirm and substantially extend the results from the 2008/9 geochem and soil sampling program.What is even more impressive is the ubiquitous association of Antimony with high grade zones of gold.In the 2008/9 program, there were  numerous new bedrock, subcrop and locally derived float occurrences with gold values as high as 136 g/t (+4 ozs ...more  
Comment by Cousin_Gert on Sep 08, 2010 3:49pm
Very few small investors(especially outside a few in Nfld) know anything about Antimony however there is little doubt that there is a senior crowd would be very interested if they find out about this new discovery so close to the only producing Antimony mine in North America. This is the exciting part. The scarce supply of Antimony is all over the  news, buy few pay much attention. It is a ...more  
Comment by Touse on Sep 08, 2010 4:11pm
What do ya mean there is a scarce supply of Alimony in North America.....?Canada is full of it!It's the only way the Canadian government can reduce & offload costs, by downloading it on the working man & support every woman in Canada!It's a messed up social system at work.No wonder, any man with a good job or a healthy amount on money to his name does not want to get married!Say ...more