Highlights:
- 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 with highlight intersections of:
- 230.6 m grading 0.25% NiEq in MTU-22-17, which tested the strongest portion of the magnetic anomaly to the north of discovery hole MTU-22-14;
- 252.1 m grading 0.27% NiEq in previously released hole MTU-22-19, drilled 500 metres west of discovery hole MTU-22-14; and
- 208.2 m grading 0.27% NiEq in previously released 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 . - Four holes drilled to date (including the discovery hole) have tested just two of the thirty nickel intrusion targets identified on the
Goudreau Project so far (see Figure 2 below and press release datedSeptember 7, 2022 ).
Diamond drilling began in late August, with 1,152 metres of drilling completed by mid-September, 2022. The program was designed as follow-up on prior results that indicated the untested potential for significant nickel mineralization comparable to Canada Nickel’s Crawford deposit, located in
The completion of this three-hole maiden drill program confirmed the significant nickel discovery arising from the winter drill campaign. The most recently received assay results are from hole MTU-22-17, which targeted the strongest portion of the magnetic anomaly to the north of discovery hole MTU-22-14.
Newly reported assay results from drill-hole MTU-22-17 include a strong intersection of 230.6 m of 0.25% NiEq starting at 99.9 m down hole. The hole was collared approximately 100 metres south of discovery hole MTU-22-14 (see Figure 1) and intersected a single, strongly serpentinized interval of ultramafic rock with finely disseminated nickel-sulfides and nickel-alloys.
Previously reported drill holes MTU-22-18 and MTU-22-19 (see press release dated
Highlights from drill hole MTU-22-18, collared 900 metres west of MTU-22-14, include 208.2 m grading 0.27% NiEq, including an interval of 27 m grading 0.32% NiEq starting 84.9 metres down hole. Results from drill hole MTU-22-19, collared 500 metres west of discovery hole MTU-22-14, include a continuous mineralized intersection of 252.1 m grading 0.27% NiEq starting at 90.5 metres down hole.
Table 1: Highlight Drill Intersections
Hole ID | From | To | Core Length2 (m) | Ni (%) | Co (ppm) | NiEq1 (%) | |
MTU-22-17 | 99.9 | 330.5 | 230.6 | 0.22 | 117 | 0.25 | |
Released | |||||||
MTU-22-18 | 84.9 | 293.1 | 208.2 | 0.25 | 119 | 0.27 | |
incl. | 150.5 | 177.5 | 27 | 0.29 | 127 | 0.32 | |
MTU-22-19 | 90.5 | 342.6 | 252.1 | 0.25 | 99 | 0.27 | |
incl. | 238 | 314 | 76 | 0.27 | 103 | 0.29 |
(1) Nickel equivalent (NiEq) calculation based on
(2) Lengths are reported as core lengths. True thickness of drill intersections to be determined.
On
The Spin-Out of nickel-cobalt-PGE commodities is subject to the continued discretion of Manitou’s management and Board. Pursuant to the Spin-Out, common shares of Western Nickel will be distributed to shareholders of Manitou on a pro rata basis for no additional consideration. Furthermore, it is anticipated that Manitou will retain up to a 19.9% holding of
On
The northeastern portion of the Goudreau project covers over 50 kilometres of strike length of prospective fault corridors with over 30 discrete ultramafic nickel-cobalt targets. A total of 10 high quality targets were selected for immediate ground truthing. The priority targets were ground checked during the months of July and
Figure 1: Drill plan map over total field magnetic intensity map with linear colour stretch (red - magnetic high, blue - magnetic low)
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb3e3caf-7841-4eb9-bbc1-8c4dc6829eb0
Figure 2: lan Map Showing Regional Structures and Ultramafic Intrusions
https://www.globenewswire.com/NewsRoom/AttachmentNg/44bf876b-f021-43da-afbc-fd9aabb63b8f
Manitou’s key strategic shareholders include
Sampling and Quality Control
Samples were delivered to
For further information on
Telephone: 1 (705) 698-1962
Email: info@manitougold.com
Neither
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, including regulatory risk related to the receipt of final approval of the
1 Lengths are reported as core lengths. True thickness of newly announced intersections to be determined.
Figure 1
Drill plan map over total field magnetic intensity map with linear colour stretch (red - magnetic high, blue - magnetic low)
Figure 2
Plan Map Showing Regional Structures and Ultramafic Intrusions
2022 GlobeNewswire, Inc., source