Mountain Lake announces new gold zone discovery at Valentine Lake
Mon 8:37 am by Olivia D'Orazio
Mountain Lake Resources (CVE:MOA) announced Monday that a new "hanging wall" zone of gold mineralization has been discovered at the Valentine Lake property in central Newfoundland, its 50/50 joint venture with Marathon Gold (TSE:MOZ).
The mineralization was discovered by Marathon, the operator of the venture, on the Leprechaun gold deposit, which is located at the southwestern end of the Valentine Lake property.
The new hanging wall zone, which occurs 100 metres above the Main Zone, found wide intervals of near-surface, low-grade mineralization, the companies said.
Drill results from the hanging wall, which remains open along strike, returned 24.0 metres at 0.92 grams per tonne (g/t) gold, including 0.9 g/t gold over 14.0 metres, in hole VL-11-332, and 1.31 g/t gold over eight metres in hole VL-11-334.
"These newly discovered wide intervals of high grade Main Zone mineralization are extremely encouraging as we continue to expand the Leprechaun Gold Deposit," commented Marathon Gold president and CEO, Phillip Walford.
"The discovery of the new hanging wall mineralization will have a very positive effect on the Open Pit Resource Estimate which commences in October."
Marathon also continued to expand the Main Zone mineralization, with assays returning 3.5 g/t gold over 21.6 metres, including 13.86 g/t gold over four metres, in hole VL-11-336.
Drilling on the Main Zone also found 8.1 metres grading 6.97 g/t gold, including 2.7 metres at 18.5 g/t gold, in hole VL-11-330, and hole VL-11-334 returned 13.5 metres at 1.46 g/t gold.
Additional down dip mineralization was intersected in hole VL-11-337, with 3.46 g/t gold over 24.7 metres, including 15.16 g/t gold over 4.8 metres; and hole VL-11-333, with 28.0 metres at 0.95 g/t gold, including 2.4 metres at 3.03 g/t gold.
Other notable down dip results included 1.04 g/t gold over 16.2 metres in hole VL-11-335, and 1.08 g/t gold over 12.8 metres in hole VL-11-328.
These results are part of the 25,000-metre drill program that both Mountain Lake and Marathon are equal contributors under, splitting the $6.0 million budget. To date, a total of 128 drill holes covering 22,488 metres have been completed.
The rest of the drilling will be finished during the third quarter, with a resource estimate to follow before year-end, the joint venture said.
The Leprechaun gold deposit forms part of a 23-kilometre-long gold-bearing mineralized corridor. The deposit has an NI 43-101 compliant resource estimate of 3.28 million tonnes grading 2.62 g/t gold, for 277,000 ounces of gold in the measured and indicated category. The inferred category hosts 4.41 million tonnes grading 2.01 g/t gold, for 285,000 ounces of the yellow metal.
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Mountain Lake Resources
www.mountain-lake.com
Mountain Lake Resources is a Canadian based exploration company active with both advanced stage resource development and discovery stage projects. Our projects offer exposure to gold, base metals and strategic metals with the focus on gold exploration on the island of Newfoundland. |
