Latest Drill Results from the Mountain Lake Resources Valentine Lake Gold Joint Venture in Central Newfoundland

Three drills are turning with 40,000m of drilling planned in 2012 to expand the Mountain Lake Resources Inc. (TSXV:MOA) Leprechaun Gold Deposit along strike to southwest into the J. Frank Zone and northeast into the Sprite Zone.

As quoted in the press release:

The Valentine Lake Project, including the Leprechaun Gold Deposit, is a 50/50 joint venture between Mountain Lake and Marathon Gold Corp. Marathon is the operator of the Project, and the Partners are jointly funding a work budget of $11.5 million in 2012. Three drills are currently working and will now focus on expanding the Leprechaun Gold Deposit both down dip and along strike to the southeast into the J. Frank Zone and to the northeast into the Sprite Zone. A total of 25 drill holes totaling 7,675 meters (19%) of the planned 40,000 meter 2012 drilling campaign have now been completed.

Highlights:

The following new Main Zone intercepts confirm extension of the Main Zone mineralization down dip from the current resource boundary:

• 8.04 grams per tonne (g/t) Au over 4.25 meters (m) including 35.71 g/t Au over 0.9m and 9.35 g/t Au over 2.6m including 20.33 g/t Au over 0.9m in VL-12-397
• 2.67 g/t Au over 12.0m including 11.90 g/t Au over 2.3m in VL-12-390
• 2.03 g/t Au over 9.8m including 13.81 g/t Au over 0.8m in VL-12-391

The following new Footwall Zone intercepts confirm a high-grade lens of Footwall Zone mineralization extends over 50m in strike length and extending over 80m down dip:

• 4.11 g/t Au over 8.0m including 24.76 g/t Au over 0.8m in VL-12-391
• 5.77 g/t Au over 3.4m including 20.22 g/t Au over 0.85m and 2.08 g/t Au over 9.35m including 6.96 g/t Au over 1.7m in VL-12-388

Click here to read the Mountain Lake Resources Inc. (TSXV:MOA) press release
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