Wednesday, 18 April 2012

Mountain Lake bolsters board with new member appointment

Mountain Lake Resources (CVE:MOA) reported Wednesday that it has appointed Peter Woodward to its board of directors.
Woodward, who holds a bachelor of commerce from Memorial University of Newfoundland, is the vice president of Woodward Group Companies and also president of Labrador Motors.
He has also previously served as chair of Labrador Health Corp., chair of Labrador College and was chair of the Premier’s Advisory Council.
The Woodward Group of Companies is a diversified family-owned business based in Happy Valley-Goose Bay, Labrador. Its interests are primarily in rural Newfoundland and Labrador with ventures in the eastern Arctic.
The Woodward Group has significant interests in oil distribution, automotive, marine ferries, coastal supply tankers, military contracting, and real estate.
Earlier this month, Mountain Lake announced multiple intervals of high-grade gold in its latest batch of drill results from its Leprechaun deposit, part of the joint venture Valentine Lake property in Newfoundland.
Valentine Lake, including the Leprechaun deposit, is a 50/50 joint venture between Mountain Lake and Marathon Gold (TSE:MOZ), which is the operator of the project.
Highlights from the latest 2012 analytical results include 7.23 grams per tonnes (g/t) gold over 20.9 metres including 48.99 g/t gold over 1.9 metres in hole VL-12-403 and 9.19 g/t gold over 13.5 metres. This includes 34.92 g/t gold over 1.8 metres in hole VL-12-407.
On April 17, the company also reported the completion of an initial NI 43-101 resource estimate for the Lunch Pond area of its Glover Island gold property in Newfoundland.
Compared to historical resources, the company said the NI 43-101 resource for Lunch Pond indicates a 27.8 percent decrease in grade, offset by a 57.4 percent increase in tonnage, resulting in a 14.1 percent increase in contained gold ounces.
At a cut-off grade of 0.5 grams per tonne (g/t), Lunch Pond has an estimated 66,400 ounces indicated gold grading 1.61 g/t, contained in 1.28 million tonnes. In the inferred category, the target has 196,900 ounces of gold grading 1.38 g/t, contained in 4.43 million tonnes.
Mountain Lake is a junior exploration company engaged in the exploration and development of mineral properties located in Newfoundland.

No comments:

Post a Comment