TORONTO, ONTARIO, Sep. 24, 2009 (Marketwire) -- Manicouagan Minerals Inc. (TSX VENTURE:MAM) is pleased to provide an update on its Pickle Lake Gold properties:
Pickle Lake Gold Properties - Ontario
In preparation for the fall 2009 drilling campaign, a field program has recently been completed on the Dorothy-Dobie Lake and Kasagiminnis properties. The purpose of the program was to locate in the field and survey (by hand held GPS) the historic diamond drill hole collars for the more significant gold zones on the two properties.
The Dorothy-Dobie Lake property covers a 12 kilometre long, gold bearing mineralized structure along the interpreted northwest extension of the past producing Golden Patricia Mine. This structure hosts a number of gold zones including the Dobie and Tonsil Lake Zones that were drilled by Bond Gold (now Barrick Gold Corporation) and the Main and West Zones drilled by UMEX and then by Major General Resources in the mid to late 1980's. The Kasagiminnis property hosts a gold zone that was explored by Power Explorations Inc. and Moss Resources Ltd. in the mid to late 1980's. All the mineralized zones are largely untested below 150 metres.
Previous operators have reported mineral resources, which predate NI 43-101 and are not NI 43-101 compliant, for the Dobie Zone of 301,000 tonnes grading 5.5 grams per tonne gold and the West Zone of 230,000 tonnes grading 6.2 grams per tonne gold. Manicouagan has not undertaken any independent investigations of the dimensions, quantity or grade of this gold mineralization and, therefore this historical data should not be relied upon.
Manicouagan will drill test portions of the Dorothy-Dobie Lake property early in the fourth quarter of 2009. The helicopter supported drill program will cost approximately $800,000 and will consist of a minimum of 8 to 10 diamond drill holes designed to test selected targets along the Golden Patricia Mine trend.
This past June, Manicouagan completed a 1,900 line kilometre helicopter-borne aeromagnetic survey over the Kasagiminnis and Pickle Lake East properties. The survey was flown by Geo Data Solutions Inc. Gold mineralization in the Pickle Lake area is often spatially associated with magnetite bearing iron formations and major regional structures and related subsidiary or splay structures. The results have been received and together with the other available data will assist in identification of these important features and aid in the selection of targets for follow up.
Update on Pickle Lake Regional Work - additional claims staked
Manicouagan contracted SRK Consulting to carry out an integrated structural and lithological interpretation of the Pickle Lake Greenstone Belt as well as parts of the Bamaji-Fry Lake and Lang Lake Greenstone Belts. Geofine Exploration Consultants Ltd. was retained to provide geological input and recommendations on the target areas identified by SRK Consulting.
The final reports from the regional effort have recently been received and are being reviewed. Collectively, SRK and Geofine have identified a number of target areas that they interpret to be prospective for gold mineralization.
Based upon preliminary results received during this study Manicouagan has acquired an additional 34 square kilometres of ground in the Pickle Lake Greenstone Belt. Sixty three (63) claim units were staked to cover the strike extensions of the known gold bearing zones on the Dorothy-Dobie Lake property while an additional one hundred and fifty two (152) units were staked east of the Golden Patricia Mine to cover several historic gold occurrences.
Other prospective targets are being considered for staking.
NI 43-101 Report commissioned
Manicouagan has retained G.A. Harron & Associates Inc. to complete a NI 43-101 report in respect of the Dorothy-Dobie Lake, Kasagiminnis and Pickle Lake East properties. It is expected that the report will be completed shortly.
Manicouagan now holds directly or has under option approximately 112 square kilometres within the Pickle Lake Greenstone Belt. The Pickle Lake Greenstone Belt, is part of the prolific Uchi Geological Subprovince which hosts the Pickle Lake, Red Lake and Rice Lake gold camps. Production from these camps has amounted to over 25 million ounces of gold. The Pickle Lake Greenstone Belt includes four past producing mines: Pickle Crow (1,450,000 ounces grading 16.1 grams per tonne gold), Central Patricia (650,000 ounces grading 12.0 grams per tonne gold), Golden Patricia (450,000 ounces grading 19.9 grams per tonne gold) and Dona Lake (200,000 ounces grading 8.6 grams per tonne gold).
Manicouagan can earn up to a 70 percent interest in the Dorothy-Dobie Lake, Kasagiminnis and Pickle Lake East properties pursuant to an option agreement with Trillium North. (See MAM Press Release dated April 16, 2009.)
A sketch showing the location of the properties is attached and is also available at www.manicouaganminerals.com.
To view the sketch, please visit the following link: http://media3.marketwire.com/docs/mam924.pdf
Manicouagan continues to consult with the Cat Lake, Mishkeegogamang and Slate Falls First Nations with respect to its activities in the Pickle Lake Area.
Exploration programs in the Pickle Lake Area are being carried out under the direct supervision Bruce W. Mackie, P.Geo., a consulting geologist for Manicouagan Minerals' projects in Ontario. Bruce W. Mackie, P.Geo., has reviewed and verified the technical content of this press release on behalf of Manicouagan Minerals and is a "Qualified Person" as defined in National Instrument 43-101.
Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its gold projects in the Pickle Lake Gold Belt, Ontario. Manicouagan also has a pipeline of commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, and the HPM/Forgues Nickel/Copper/Cobalt project in Quebec.
Additional information about Manicouagan Minerals and its exploration projects can be found at www.manicouaganminerals.com.
Une traduction francaise de ce communique de presse est disponible a www.manicouaganminerals.com.
All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.