Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Manitou Gold Inc.    MTU   CA5635081006

MANITOU GOLD INC.

(MTU)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Manitou Gold Commences Drilling at its 100% Owned Goudreau Project

11/06/2020 | 09:21am EST

SUDBURY - Manitou Gold Inc. (TSX-V: MTU) (the 'Company' or 'Manitou') is pleased to announce that it has initiated diamond drilling of targets along the Baltimore deformation zone ('BDZ') at its 100% owned Goudreau Project, located 50 km northeast of Wawa, Ontario.

The drill program is designed to test newly identified targets along the interpreted fault-offset extension of the Goudreau-Localsh Deformation Zone (the 'GLDZ') and is expected to include at least 5,000 metres of shallow drilling.

Highlights

The BDZ is a crustal scale geologic structure that represents the fault-offset continuation of the GLDZ. The GLDZ hosts Alamos Gold's Island gold mine, Argonaut Gold's Magino gold deposit (in development), as well as the past producing Edwards and Cline mines. The BDZ strikes east-southeast for 17 km on Manitou property.

Minimum 5,000 metres of drilling to test targets during Q4 2020 and Q1 2021. Program is fully funded with approximately $4.2 million of cash in the company's current treasury.

Initial drilling will focus on testing a resistivity trend with elevated chargeabilities proximal to the central axis of the BDZ. This trend extends along strike from known mineralization at the Stover occurrence. Only 3 of the 13 historical drill holes intersected the IP trend and contained significant grades of gold mineralization with grades up to 0.7 g/t Au over 48.5 m. The remainder of holes did not intersect the most prospective target.

Integration of data from geochemical, geophysical and geological surveys generated priority drill targets. The highest priority targets occur along the sedimentary-volcanic contact, which is proximal to the central axis of the BDZ, and in areas with a higher density of northeast and northwest striking fault structures.

Several secondary targets are being examined in light of an evolving geological and structural understanding of the area.

'I am very pleased to be kicking off a major drilling campaign on the Baltimore Deformation Zone today,' stated Richard Murphy, President and CEO of Manitou Gold. 'We have spent the past ten months doing the detailed work on the ground to identify and prioritize targets. I expect this initial phase of drilling on the BDZ to extend at least through the first quarter of next year.'

Drill targeting at the BDZ is based on the integration of airborne and ground magnetic surveys, an induced polarization ('IP') survey, selective leach soil geochemistry ('EDTA'), as well as sampling work and ongoing trenching and mapping work completed during the 2020 field season. The integration of these datasets has generated numerous drill targets throughout the southeastern portion of the BDZ, where work to date has focused.

About the Goudreau Project

The Goudreau project is located 50 kilometers northeast of Wawa, Ontario and is underlain by Archean-aged rocks of the Michipicoten Greenstone belt. The project area is traversed by several broad-scale deformation corridors, which host the majority of important regional gold deposits and showings. The Goudreau project covers approximately 338 square kilometers in this re-emerging gold camp that hosts Alamos' Island Gold deposit and Argonaut Gold's Magino deposit to the west and the past producing Renabie mine to the east.

Manitou has approximately $4.2 million in its treasury and has strategic shareholders including Alamos Gold and O3 Mining.

Contact:

Richard Murphy

Tel: 1 (705) 698-1962

Email: info@manitougold.com

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including, but not limited to the receipt of applicable shareholder approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ALAMOS GOLD INC. -0.78% 10.12 Delayed Quote.-8.99%
ARGONAUT GOLD INC. -3.50% 2.48 Delayed Quote.-9.49%
MANITOU GOLD INC. 0.00% 0.075 Delayed Quote.66.67%
All news about MANITOU GOLD INC.
01/13MANITOU GOLD : Intersects 1.5 gt Gold over 15 Metres Doubles Size of Drill Progr..
AQ
01/12MANITOU GOLD : Intersects 1.5 g/t Gold Over 15 Metres; Doubles Size of Drill Pro..
AQ
2020MANITOU GOLD : Drills Wide Zone of Gold Mineralization at the Baltimore Deformat..
AQ
2020Manitou Gold Commences Drilling at its 100% Owned Goudreau Project
AQ
2020MANITOU GOLD : Commences Drilling at its 100% Owned Goudreau Project
AQ
2020MANITOU GOLD : Provides Highlights of Drilling at the Porphyry Zone at its Goudr..
AQ
2020MANITOU GOLD : Announces a Closing of the Previously Announced Private Placement
AQ
2020MANITOU GOLD : Announces Private Placement
AQ
2020MANITOU GOLD : Announces Private Placement
AQ
2020MANITOU GOLD : Intersects 15.7 gt gold Over 0.7 Metres At its Goudreau Project i..
AQ
More news
Financials
Sales 2019 - - -
Net income 2019 -2,24 M -1,76 M -1,76 M
Net cash 2019 2,74 M 2,15 M 2,15 M
P/E ratio 2019 -2,37x
Yield 2019 -
Capitalization 19,7 M 15,5 M 15,5 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 77,1%
Chart MANITOU GOLD INC.
Duration : Period :
Manitou Gold Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
NameTitle
Richard P. Murphy President, Chief Executive Officer & Director
Carmelo K. Marrelli Chief Financial Officer
Guy Mahaffy Independent Director
Blair D. Zaritsky Director
Daniel J. McCormack Director
Sector and Competitors
1st jan.Capitalization (M$)
MANITOU GOLD INC.66.67%16
NEWMONT CORPORATION3.11%49 798
BARRICK GOLD CORPORATION3.17%41 709
POLYUS-2.90%26 441
WHEATON PRECIOUS METALS CORP.-3.18%18 179
AGNICO EAGLE MINES LIMITED0.26%17 134