Mountain Lake finds encouraging results at South zone on Little River

Mountain Lake Resources (CVE:MOA) announced Thursday it intersected "encouraging" results at the South zone on its Little River property in southern Newfoundland.
The results hail from the recently completed, 1,714-metre, 20-hole drill program.
Nine holes, or 989 metres, were drilled on the Le Pouvoir zone, and 625 metres in nine holes were drilled on the South zone, while two holes totaling 100 metres were drilled in a new gold-in-soil anomaly located 1.3 kilometres north of Le Pouvoir.
The Little River property was optioned from local prospectors in 2008, with Mountain Lake to earn a 100% interest in the project by next year. Though the project continues to encounter significant antimony values, it was initially optioned for its gold occurrences.
Indeed, assays from the South zone, located in the southwestern portion of the property, found stibnite, an antimony mineral, in all nine holes.
Mountain Lake said the best results of the drill campaign were found in hole LR-11-22, which found 4.4 metres grading 0.43 g/t gold and 0.21% antimony; and hole LR-11-27, located 50 metres away from LR-11-22, which returned 4.25 metres of 0.33 g/t gold and 0.33% antimony.
These assays extended the South zone strike length to over 500 metres, the company said.
"Results from the South Zone are encouraging as the length of the antimony zone indicates that a significant mineralizing system has been active in the area," said president and CEO, Gary Woods.
"It will take more drilling to determine the extent of the mineralization and whether there is a high-grade plum nearby.
"Our deepest hole is currently only 90 metres vertical so there’s a lot of potential both along strike and at depth."
A silvery-white crystalline metal, antimony is used to increase hardness and strengthen metal alloys, and has been widely used in the production of flame-retardants, batteries, ammunition, cable sheathing, and the semi-conductor industry.
China produces 90% of the world’s supply of antimony, but due to environmental standards and concerns over supply, this has led to the closure of many antimony smelters in the country's Hunan province. The latest price quoted for antimony was $13,500 per tonne, more than 50% above what it was a year ago.
At the company's Le Pouvoir zone, located in the northeastern portion of the Little River property, minor amounts of stibnite were encountered in five of the nine holes, Mountain Lake said.
"Although the Le Pouvoir drilling did not encounter any additional high grade antimony intercepts such as the 1.0 metre zone of 30.1% [antimony] intersected in drill hole LR-10-16 last year, these results are preliminary and in no way diminish the potential to source a significant antimony deposit on the property," Woods added.
Core samples from the area returned 0.77% antimony over 0.5 metres in hole LR-11-33; 0.44% antimony over 0.5 metres in hole LR-11-34; and 0.15% antimony over 2.0 metres in hole LR-11-31.
Meanwhile, the two holes drilled on the gold-in-soil anomaly, which measures approximately 2.3 kilometres long and extends to the northeast, intersected 0.36 grams per tonne (g/t) gold over three metres in hole VL-11-38; and 0.23 g/t gold over 3.7 metres in hole VL-11-37.