Mountain Lake Resources (CVE:MOA) Wednesday reported assay results from its latest batch of step-out drill holes at its wholly-owned Glover Island gold property in western Newfoundland, which it expects will add to gold ounces in an upcoming resource estimate.
The 7,000-metre drill program is intended to validate and expand the historical resource on the Lunch Pond South East (LPSE) prospect.
Latest results include 99.3 metres grading 1.34 grams per tonne (g/t) gold in hole LPSE-11-48, including 15 metres at 4.1 g/t gold. This hole was drilled to a vertical depth of 131 metres, and is located 40 metres west of previously reported hole, LPSE-11-44, which had intersected 0.7 g/t gold over 130.9 metres.
Mountain Lake Resources' president and CEO Gary Woods said: "We are very pleased with the latest results from the current drill program. The thickness and uniformity of the gold mineralization is quite remarkable and we are learning more about this unique deposit as the drill program progresses."
Hole LPSE-11-49, which was drilled 50 metres west of LPSE-11-48, returned 40.7 metres at 0.54 g/t gold and 7.5 metres at 1.53 g/t gold, while hole LPSE-11-50 intersected 1.76 g/t gold over 26.6 metres.
The holes are step-out holes, located outside of the historical resource boundary.
Mountain Lake said the results, which will be included in the NI 43-101 compliant resource estimate due for the first quarter of 2012, are expected to increase the ounces of gold at the property.
Currently, three areas on the Glover Island property have historical resource estimates completed.
The Kettle Pond South area has a historical resource of 450,000 tonnes grading 2.3 g/t gold, for 33,276 troy ounces of gold; the Lunch Pond South Main Zone has 2.73 million tonnes at 2.1 g/t gold for 184,321 troy ounces of gold; and the Lunch Pond South West Zone has 900,000 tonnes grading 1.6 g/t gold for 46,297 troy ounces of gold.
On the TSX-Venture, Mountain Lake shares rose 1.96 percent to $0.52, as of 2 pm EDT.
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