HALIFAX, Nova Scotia--(BUSINESS WIRE)--Mountain Lake Resources Inc. (TSX-V: MOA) (Pink Sheets: MLKRF) (“Mountain Lake” or the “Company”) is pleased to report the latest batch of drill results from the Leprechaun Gold Deposit area (Figure 1) of the Valentine Lake Property in central Newfoundland.
Highlights:
- The new hanging wall zone, occurring 100 meters (m) above the main zone, contains wide intervals of near-surface, low-grade mineralization including 0.92 grams per tonne (g/t) gold (Au) over 24.0 m and 0.90 g/t Au over 14.0 m in VL-11-332 and 1.31 g/t Au over 8.0 m in VL-11-334. This zone is open along strike.
- Expansion of the main zone mineralization in the “Heart of Gold” includes 3.5 g/t Au over 21.6 m including 13.86 g/t Au over 4.0 m in VL-11-336, 6.97 g/t Au over 8.1 m including 18.5 g/t Au over 2.7 m in VL-11-330, and 1.46 g/t Au over 13.5 m in VL-11-334.
- Additional down-dip mineralization occurs in drill holes VL-11-337 with 3.46 g/t Au over 24.7 m including 15.16 g/t Au over 4.8 m, VL-11-333 with 0.95 g/t Au over 28.0 m with 3.03 g/t Au over 2.4 m and VL-11-335 with 1.04 g/t Au over 16.2 m and VL-11-328 with 1.08 g/t Au over 12.8 m in VL-11-328.
These latest results continue to expand the Leprechaun Deposit and the new hanging wall mineralization will have a very positive effect on the open pit resource estimation which commences later this month.
The Valentine Lake Gold Property is a 50/50 joint venture project between Marathon Gold and Mountain Lake with the Leprechaun Gold Deposit situated at the south-western end of a 23 kilometre (km) long gold-bearing mineralized corridor. Marathon is the operator of the project, and the Partners are jointly funding a $7.1 million resource expansion and exploration budget in 2011. Year to date, a total of 22,488 meters (90%) of the planned 25,000 meter 2011 drilling campaign have been completed in 128 drill holes. The balance of 2011 drilling is expected to be completed this month with assay results being released as available into the fall, and an updated resource estimate for the Leprechaun Deposit scheduled for completion before year’s end.
TABLE 1: Latest analytical results for the Leprechaun Gold Deposit
| DDH | Section | Zone* |
From
(m) |
To
(m) |
Core Width (m) |
True Width
(m) |
Gold
(g/t) |
|||||||||||||||||||||
| VL-11-327 | 10062 | HW | 34 | 37 | 3 | 3 | 1.58 | |||||||||||||||||||||
| MZ | 128 | 138 | 10 | 9.5 | 3.04 | |||||||||||||||||||||||
| including | MZ | 136 | 137 | 1 | 1 | 19.36 | ||||||||||||||||||||||
| MZ | 145 |
148 |
3 | 2.9 | 3.58 | |||||||||||||||||||||||
| VL-11-328 | 10325 | HW | 64 | 70 | 6 | 6 | 1.55 | |||||||||||||||||||||
| MZ | 163 | 180 | 17 | 12.8 | 1.08 | |||||||||||||||||||||||
| VL-11-329 | 10113 | MZ | 129 | 132 | 3 | 2.9 | 1.06 | |||||||||||||||||||||
| VL-11-330 | 10113 | HW | 2 | 5 | 3 | 3 | 0.96 | |||||||||||||||||||||
| MZ | 131 | 140 | 9 | 8.1 | 6.97 | |||||||||||||||||||||||
| including | MZ | 132 | 135 | 3 | 2.7 | 18.50 | ||||||||||||||||||||||
| VL-11-331 | 10200 | HW | 51 | 54 | 3 | 3 | 1.82 | |||||||||||||||||||||
| HW | 60 | 64 | 4 | 4 | 2.89 | |||||||||||||||||||||||
| MZ | 111 | 114 | 3 | 2.4 | 2.08 | |||||||||||||||||||||||
| MZ | 121 | 126 | 5 | 4 | 1.61 | |||||||||||||||||||||||
| VL-11-332 | 10138 | HW | 9 | 23 | 14 | 14 | 0.90 | |||||||||||||||||||||
| HW | 30 | 54 | 24 | 24 | 0.92 | |||||||||||||||||||||||
| VL-11-333 | 10275 | HW | 17 | 20 | 3 | 3 | 1.21 | |||||||||||||||||||||
| MZ | 132 | 167 | 35 | 28 | 0.95 | |||||||||||||||||||||||
| including | MZ | 132 | 135 | 3 | 2.4 | 3.03 | ||||||||||||||||||||||
| VL-11-334 | 10113 | HW | 18 | 26 | 8 | 8 | 1.31 | |||||||||||||||||||||
| HW | 30 | 33 | 3 | 3 | 1.08 | |||||||||||||||||||||||
| HW | 82 | 85 | 3 | 2.9 | 1.36 | |||||||||||||||||||||||
| MZ | 181 | 196 | 15 | 13.5 | 1.46 | |||||||||||||||||||||||
| VL-11-335 | 10275 | MZ | 139 | 158 | 19 | 16.2 | 1.04 | |||||||||||||||||||||
| MZ | 210 | 221 | 11 | 9.4 | 1.04 | |||||||||||||||||||||||
| VL-11-336 | 10125 | HW | 32 | 57 | 25 | 25 | 0.66 | |||||||||||||||||||||
| including | HW | 34 | 37 | 3 | 3 | 2.15 | ||||||||||||||||||||||
| including | HW | 50 | 53 | 3 | 3 | 2.33 | ||||||||||||||||||||||
| HW | 95 | 98 | 3 | 3 | 3.88 | |||||||||||||||||||||||
| MZ | 180 | 207 | 27 | 21.6 | 3.50 | |||||||||||||||||||||||
| including | MZ | 181 | 186 | 5 | 4 | 13.86 | ||||||||||||||||||||||
| VL-11-337 | 10250 | HW | 2.65 | 8 | 5.35 | 5.35 | 1.11 | |||||||||||||||||||||
| MZ | 146 | 172 | 26 | 24.7 | 3.46 | |||||||||||||||||||||||
| including | MZ | 148 | 153 | 5 | 4.8 | 15.16 |
“ *” denotes: MZ – main mineralized zone; and HW – hanging wall zone, where multiple stacked mineralized lenses are situated.sub parallel to and above the main mineralized zone
All of the samples were analyzed at Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Due to the coarse nature of the gold at the Leprechaun Deposit, the metallic screening method is used on economically important intersections using standard fire assay techniques. The reported values in this release are fire assay results. No lower cut off was applied during calculation of the composite grades.
Leprechaun Gold Deposit: The Deposit has a NI 43-101 compliant Measured and Indicated Resource of 3,284,000 tonnes grading 2.62 g/t gold for a total estimated 277,000 ounces of gold; and an associated Inferred resource of 4,409,000 tonnes grading 2.01 g/t gold for an estimated 285,000 ounces of gold (see news release of December 16, 2010). The 2010 resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 metre minimum width. The Deposit is open at depth and along strike with 74% of the current Measured & Indicated ounces occurring within 150 metres of surface. For more information see the news releases detailing the 2011 exploration results which have been announced: February 3, February 18, March 2, March 8, March 29, April 26, May 4, June 29, July 27, August 9, August 25, August 30 and September 8.
Gary Woods, P. Geo, is the Company’s Qualified Person on the Valentine Lake Joint Venture and has reviewed and verified the contents of this news release.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties all located on the pro-mining island of Newfoundland. Mountain Lake’s current projects include: a 50% interest in the Valentine Lake gold property (drilling in progress) under the joint venture with Marathon Gold Corp.; a 100% interest in the Glover Island gold exploration property (drilling in progress); an option to earn a 100% interest in the Little River gold-antimony exploration property; a 100% interest in the Bobby’s Pond base metals property. For more information visit: www.mountain-lake.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/“Gary Woods”
President & CEO
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.