Mountain Lake Resources, www.mountain-lake.com – the diversified junior exploration firm focused squarely on developing a portfolio of profitable resources, today reported initial results of a barge drilling operation at the Leprechaun Gold Deposit.
This initiative has successfully defined a huge area of excellent surface mineralization by fleshing out the historical data with new exploration on the pond via a barge, making the Leprechaun the first defined gold resource in Central Newfoundland’s highly prospective Valentine Lake Property.
With an inferred 1.315M tonnes at 10.50 g/t Au (NI 43-101 compliant, 5 g/t Au minimum cut-off, and a 3 m minimum width), and with an estimated total of 443k oz of gold, the Leprechaun Deposit, open at depth and along strike, promises to be a very good producer for the Company.
Among the salient data reported from this recent analysis:
• Main zone-drilled hole VL-10-211 posted 2.38 g/t AU over a true width of 38 m
• Identification of multiple near-surface mineralization features should make open pit operations very lucrative
• Summer program consisted of 56 holes for a total of 5.8k m or 9.8k m year-to-date
• A new resource estimate, slated for Q4 on the Leprechaun, should provide additional insights
• Hole 206 ( on section 9,975 – see website for map) confirmed continuous mineralization from 205 (the 25 m wide intercept at 2.06 g/t in hole 206 is 25 m northeast along strike from the 27.2 m at 3.92 g/t intersected in hole 205)
• Holes 208-212 in the eastern half of the Leprechaun Pond validate geological mineralization model for site
VP of Exploration for MOA, David Good, noted the previously announced (Aug 16) data, which indicates abundant mineralization, and commented on the outstanding clarity the barge drilling data has delivered regarding the overall mineralization picture.
Good pointed out that the barge data fills in a huge gap right over the middle of the deposit, and seemed excited at how promising the continuity and abundance of sub-horizontal vein zones was within the steeply dipping mineralization envelope.
Sample data assayed via lead collection fire assay (with atomic absorption finish for drill hole planning and duplicates for samples over 30 g/t) and upcoming estimate will be determined by metallic screening. The Valentine Lake Project is operated by Marathon PGM Corp. (MAR.CA) under a sub-option JV agreement. Resource estimate for Leprechaun Deposit by Larry Pilgrim, P. Geo., Qualified Person, ( NI 43-101 Valentine Lake Technical Report 2005).