Wednesday, 15 February 2012

Mountain Lake Resources hits 2.35 g/t gold over 18.0 metres at Glover Island

Mountain Lake Resources  (CVE:MOA) (OTC:MLKRF) unveiled Wednesday the final batch of drill results from the 2011 program at its Lunch Pond South East prospect, part of its 100 percent-owned Glover Island property in western Newfoundland.
Mountain Lake said the latest results include hole LPSE-11-62, located at the eastern edge of the deposit, where drilling was suspended for the Christmas break and resumed on January 22 with an additional 111 metres drilled to deepen the hole and undercut LPSE-11-60, and hole LPSE-11-39, one of the earlier holes drilled in 2011 that was also deepened by 40 metres.
The best intersection from the latest results was encountered in hole LPSE-11-39A with an 18.0 metre interval of 2.35 grams per tonne (g/t) gold.
The company said this zone further shows the continuity of gold mineralization in the deposit as it is located 35 metres below zones in LPSE-11-41 that contained 11.3 metres of 1.54 g/t gold, 3.5 metres of 1.49 g/t gold and 5.8 metres of 2.2 g/t gold - and 50 metres above zones in LPSE-11-40 that contained 16.5 metres of 2.03 g/t gold and 10.5 metres of 1.99 g/t gold.
"The grades and widths from hole to hole in the 2011 program have demonstrated excellent overall continuity of gold distribution in the deposit and we look forward to seeing the positive impact they have on the forthcoming NI 43-101 resource estimate," said president and CEO of Mountain Lake, Gary Woods.
Indeed, highlights of previously reported 2011 drill results include 1.34 g/t gold over 99.3 metres in step out hole LPSE-11-48, and 0.7 g/t gold over 130.9 metres in hole LPSE-11-44.
An NI 43-101 compliant resource estimate for the Lunch Pond South East area is expected for release in March, the company said, with current 2012 drilling aimed at expanding the resource to the west.
Mountain Lake acquired a 100 percent interest in Glover Island in 2010. The property is located on the south central portion of the island, and consists of two mineral licenses and one mining lease covering a total of 5,100 hectares.
Most of the exploration work on the Glover Island project was done prior to 1995 with the exception of eight holes that were drilled in 2003 - when the price of gold averaged $350 per ounce for the year.
The asset hosts several gold prospects over an 11 kilometre strike length.  Historical resources have been calculated for three areas of the property: Kettle Pond South - with 450,000 tonnes at 2.3 g/t gold for 33,276 troy ounces; Lunch Pond South Main Zone - with 2,730,000 tonnes at 2.1 g/t gold for 184,321 ounces; and Lunch Pond South West Zone - with 900,000 tonnes at 1.6 g/t gold for 46,297 ounces.

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