Tuesday, 10 April 2012

Mountain Lake unveils high grade intervals up to 109.94 g/t gold at Leprechaun deposit

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 inferred category.
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 said.
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 hole VL-12-408.
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 Newfoundland.
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.

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