Mountain Lake Resources (CVE:MOA) said Wednesday drilling at its Glover Island property in Western Newfoundland came across thick intervals of gold as undercut holes show that the gold mineralization continues and remains open at depth.
The property, which the company acquired in 2010, is situated on the south-central portion of Glover Island and consists of two mineral claims and one mining lease covering 5,100-hectares. It is host to a number of gold prospects over a strike length of 11 kilometres.
Highlights from the intercepts, included drill hole LPSE-11-55 which found 1.74 grams per tonne (g/t) gold over 53.5 meters, and 1.54 g/t, 1.49 g/t and 2.2 g/t gold over a 32 metre interval in hole LPSE-11-41.
Drill hole LPSE-11-53, which is located 100 metres below LPSE-11-41, found 1.27 g/t gold in a 16 metre zone.
The deepest hole LPSE-11-57, which is about 100 metres below LPSE-11-53, encountered a 44.7 metre zone of 1.65 g/t gold and as well as 2.06 g/t gold over a 3.2 metre zone.
Mountain Lake’s president, Gary Woods, said: "We continue to be pleased with the grades and widths of the mineralized intervals encountered to date."
The company drilled about 7,227 metres with a diamond drill completing 29 holes for its 2011 program, it said, adding that it plans to follow-up on these broad mineralized intervals once its drilling permits are in place for 2012.
Before starting its planned NI 43-101 resource calculation, the company said it will wait for the initial 2012 results.
The samples were analyzed at Eastern Analytical Laboratory and assayed using lead collection fire tests with atomic absorption finish.
Mountain Lake, a junior miner, holds a 50 percent stake in the Valentine Lake gold property under the joint venture with Marathon Gold Corp. (TSE:MOZ), and also has an option to earn a 100 percent stake in the Little River gold property and Bobby’s Pond acreage.
Shares of the company closed Wednesday at 51 cents each on Toronto's junior venture exchange.
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