Mountain Lake Resources, www.mountain-lake.com – a gold and base metals exploration firm focused on growing shareholder returns through the development of promising mineral properties, reported today that the latest drilling results further validate the existence of a huge area of high grade mineralization at the Leprechaun Gold Deposit.
Within the 30 km Valentine Lake Gold Property in Newfoundland, the Leprechaun Deposit contains an estimated 443,000 oz of gold, per a NI 43-101-compliant Valentine Lake Technical Report performed by Larry Pilgrim, P. Geo. and delivered Jan. 12, 2005, showing 1.3M tones of ore at 10.50 g/t Au with a 5 g/t minimum cut-off and 3 m minimum width.
Extant drilling from the summer program, consisting of a total of 45 holes (4.6k m), shows very strong results, confirming that the central high grade zone is 200 m long, to a depth of 175m below the surface, with the best data showing 23.98 g/t Au over 4 m (3.92 g/t Au over 27.2 m).
VP of Exploration for Marathon PGM, David Good, who is also operator at Valentine Lake under the OJVA (sub-option and joint venture agreement) between the Company and Marathon, noted how hole 205, which was drilled into the heart of the prospect, showed consistent 15 g/t intersections.
Good went on to detail how the definition and expansion of the central zone would dovetail into new resource estimates slated for Q4 this year, adding that step-out and infill drill holes for the current program were targeted for completion in October.
Drilling northeast of Leprechaun Pond indicates the existence of a multiplicity of stacked lenses of relatively shallow gold mineralization stretching out in sub-vertical and sub-horizontal veins.
Lead collection fire assay with atomic absorption finish was performed on all samples by Newfoundland-based Eastern Analytical Laboratory Ltd. (for planning purposes), and duplicates were made on all assays over 30 g/t.
Assays for the scheduled resource estimate update will utilize metallic screening for even greater fidelity when that process kicks off in Q4.
With several sites in Newfoundland; a 30% interest in Valentine Lake (option to acquire the remaining 70% from Richmont Mines Inc., and the OJVA); 100% interest in the Bobby’s Pond base metals property; option to earn 100% interest in the Little River gold exploration property; and a 2.35M share (6.4%) in the South Africa-based alluvial diamond firm Etruscan Diamonds Ltd., MOA has a very solid resource footprint for developing shareholder value.