Friday, 30 March 2012

Mountain Lake completes winter drilling campaign at Glover Island

Mountain Lake Resources (CVE:MOA) has completed its winter drill program at its Glover Island Gold project in Western Newfoundland, the company said Friday.

Drilling was carried out on the Lunch Pond South Extension deposit area.

The property hosts many gold prospects along a northeast-southwest trending mineralized corridor, with the deposit resting at the south-western end of an 11 kilometre strike length.

Mountain Lake’s winter program comprised of 12 holes totalling 2,789 metres of core drilling to find continuity of thick mineralized quartz breccias on the west grid of the deposit area.

The company added that there are 742 core samples at the lab and results will be reported once they become available.

The miner said it planned to release an NI 43-101 mineral resource estimate for the deposit, but issues at the lab and engineering firm performing the estimation have pushed the scheduled release to next month.

On Thursday, the junior explorer reported an updated resource estimate for its Leprechaun gold deposit located in Central

The Valentine Lake property, including the Leprechaun gold deposit, is a 50/50 joint venture between Mountain Lake and Marathon Gold Corp. (TSE:MOZ), who is operator of the project.

Mountain Lake said the global resource estimate stands at 424,000 ounces of gold with a grade of 2.05 grams per tonne (g/t) in both the measured and indicated categories.

In the inferred category, the updated resource estimate pegs it at 305,000 ounces of gold with a grade of 1.65 g/t.

Estimates had been based on samples composited to two metres, while grade capping thresholds were determined after a detailed statistical analysis of data within seven geological domains.

Mountain Lake Resources, whose current projects asides from Valentine Lake, include a 100 percent stake in the Glover Island gold exploration property, and an option to earn a 100 percent stake in the Little River gold-antimony asset.

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