Drilling to Commence on Newly Discovered Gold-Bearing Quartz Veins 1.5 km Southwest Along Strike from Leprechaun Deposit
Mountain Lake Resources Inc. (TSXV:MOA) reported the discovery of new multiple stacked hanging wall (quartz-tourmaline-pyrite-gold) veins exposed during a trenching program in the Leprechaun gold deposit, Valentine Lake property, Newfoundland.
As quoted in the press release:
A total of 103 bedrock grab samples were collected from the trenching area. All were assayed with 34 (or 33%) of the samples returning assays of >1 gram per tonne (g/t) gold (Au) and four of the samples consisting of quartz-tourmaline-pyrite with coarse visible gold (see Plates 1, 2 and 3) returning assays of 581.88 g/t Au, 287.95 g/t Au, 152.75 g/t Au, and 88.60 g/t Au.
The high-grade gold samples were collected from outcrops of newly exposed, multiple stacked quartz-tourmaline-pyrite-gold veins (Plates 4 and 5). These gold-bearing veins are located 500m southwest of the area of trenching previously reported on (see news release of August 25) and form part of the larger gold-mineralized alteration zone called the J. Frank Zone, which currently extends over an area in excess of 850m in length and 250m in width. The highest grade grab samples were collected from hanging wall veins located 100m from the sediment contact and the trenching efforts have continued to expand the strike length of the mineralized corridor to more than 2.1 km, including the Leprechaun Gold Deposit. Historical trenching did not intersect these new veins. Drilling of the area is planned during the next two weeks.