Manitou Gold Inc. announce the confirmation of a significant nickel discovery at its 100% owned Goudreau project in northeastern Ontario. Preliminary results are from the first two drill holes that tested an ultramafic intrusion measuring 850 metres long and 200-300 metres wide. Maiden three-hole drill program now completed.

All three drill holes intersected continuously serpentinized and mineralized intervals of ultramafic rocks in excess of 200 metres1. 252.1 m grading 0.25% Ni and 99 ppm Co intersected in hole MTU-22-19, drilled 500 metres west of discovery hole MTU-22-14; 208.2 m grading 0.25% Ni and 119 ppm Co intersected in hole MTU-22-18, drilled 900 metres west of the discovery hole. Broad intersections of nickel and cobalt provide confirmation of a significant nickel-cobalt discovery at the 100% owned Goudreau Project Diamond drilling began at the end of the third week of August, following up on the prior results that indicated the untested potential for significant nickel mineralization comparable to Canada NickelÆs Crawford deposit, located in Timmins, Ontario and the Dumont nickel deposit, located near Val-dÆOr Quebec.

Results presented herein are the first from a three-hole diamond drill program (1,152 m) designed to confirm the significant nickel discovery arising from the winter drill campaign. As reported on June 13, 2022, Manitou intersected a 48 m wide interval of highly serpentinized ultramafic rocks grading 0.25% Ni and 100 ppm Co starting at 29.0 m after reaching bedrock (Figure 1). The discovery hole was collared in nickel mineralization near the southern margin of the ultramafic intrusion and did not intersect the full width of the mineralized zone.

This three-hole maiden drill program targeted the strongest portion of the magnetic anomaly to the north of discovery hole MTU-22-14 with the first of these three drill holes. The remaining two drill holes were completed 500 and 900 metres west of discovery hole MTU-22-14, in a separate intrusion that measures 850 metres long and 200-300 metres wide. All three drillholes encountered continuously serpentinized and mineralized intervals of ultramafic rocks in excess of 200 metres.

Results from drill hole MTU-22-18, collared 900 metres west of MTU-22-14, yielded three separate significant intersections of nickel mineralization. The strongest mineralization was encountered between 84.9 and 293.1 metres, yielding 208.2 m grading 0.25% Ni and 119 ppm Co, including an interval of 27 m grading 0.29% Ni and 127 ppm Co. Results from drill hole MTU-22-19, collared 500 metres west of discovery hole MTU-22-14, yielded a continuous mineralized intersection of 252.1 m grading 0.25% Ni and 99 ppm Co starting at 90.5 metres down hole.

Samples from the third drill hole (MTU-22-17), which tested the strongest portion of the magnetic anomaly north of the discovery hole, have been delivered to the laboratory and assay results will be released as they become available.