Manitou Gold (TSX:V.MTU, Stock Forum), a Sudbury Ontario-based firm engaged in the location and exploration of Canadian mineral properties, received assay results from its recently completed winter diamond drill program at its Elora project located in northwestern Ontario.
According to the news release, the drill campaign was intended to test the Jubilee gold zone along a 100 metre portion down to a vertical depth of approximately 75 metres with a total of 18 diamond drill holes averaging 64 metres.
Highlights from the program included an intersection at a vertical depth of 5.6 g/t Au over 8.0 metres at E-14-64. The relatively shallow depth of the aforementioned intersection is supported by various surrounding holes completed by the previous operator, including E-98-07 which intersected 6.4 g/t Au over 11.3 metres at a vertical depth of 87 metres and E-98-06 which intersected 3.95 g/t Au over 5.85 metres at a vertical depth of 62 metres.
E-14-63 also returned considerable gold mineralization at 65 metres vertical depth showing 4.5 g/t Au over 6.0 metres, 15 metres below the previous operator's hole, E-98-09, which returned 4.2 g/t Au over 8.8 metres.
Company president and CEO, Todd Keast, commented, “We are currently evaluating a number of these shallow gold targets on the Elora Property as well as the adjacent Kenwest property, and there is an exceptional opportunity for the company to define a number of areas with near surface material which may be feasible for low cost low volume extraction.”
Manitou Gold was in the news recently when the company commenced the aforementioned drill program at the end of February.
Shares climbed 33.33% on the news to $0.04 per share.
Currently there are 55.0m outstanding shares with a market cap of $2.2 million.