Mountain Lake Resources (CVE:MOA)(OTC:MLKRF) Tuesday announced multiple intervals of high-grade gold in the latest batch of drill results from its Leprechaun gold deposit at 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.
The company said that the latest results confirm the potential to
expand Leprechaun's main zone down-dip, and show that additional
high-grade gold mineralization occurs within the existing resource
boundary in areas currently estimated as low grade and classified in the
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
including 34.92 g/t gold over 1.8 metres in hole VL-12-407.
This represents both down-dip and strike continuity of high-grade
mineralization previously reported in hole VL-12-400, Mountain Lake
Hole VL-12-402 also encountered 4.05 g/t gold over 21.6 metres
including 24.55 g/t gold over 1.8 metres, while 13.81 g/t gold was
reported over 18.05 metres including 109.94 g/t gold over 1.9 metres in
The junior gold miner said these holes intersected the main zone in
an area of mineralization previously estimated to be from 1 to 5 g/t
gold in grade.
In hole VL-12-401, 3.93 g/t gold was returned over 24.0 metres
including 19.01 g/t gold over 4.0 metres, while 2.78 g/t gold was
intersected over 18.7 metres, including 15.66 g/t gold over 1.7 metres
in hole VL-12-404.
These holes confirm the continuation of high grade main zone
mineralization at increased depths within the northeast section of the
current resource boundary, Mountain Lake said.
The Valentine Lake property has a 30 kilometre strike length with the
J. Frank Zone and Leprechaun gold deposit situated at the southwestern
end of a gold-bearing mineralized corridor that extends for at least 23
kilometres in a northeasterly strike.
The Leprechaun deposit currently has an NI 43-101 compliant measured
and indicated resource of 6.4 million tonnes grading 2.05 g/t gold for a
total estimated 424,000 ounces of gold and an associated inferred
resource of 5.7 million tonnes grading 1.65 g/t gold for an estimated
305,000 ounces of gold.
The mineral resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 metre minimum width.
Mountain Lake is a diversified junior exploration company engaged in
the exploration and development of mineral properties located in
The company's current projects include a 50 percent interest in the
Valentine Lake gold property under the joint venture with Marathon Gold,
a 100 percent interest in the Glover Island gold exploration property,
an option to earn a 100 percent interest in the Little River
gold-antimony exploration property and a 100 percent interest in the
Bobby's Pond base metals property.