The Conversation (0)
Mountain Lake Resources Inc (CVE:MOA) reports the proceeding of the Glover Island gold project in Newfoundland.
The press release is quoted as saying:
About the Glover Island Property:
> Last October Mountain Lake acquired a 100% interest in this Property, which is located on the south-central portion of Glover Island and consists of two mineral licenses and one mining lease covering a total of 5,100 hectares
> The Property is host to several significant gold prospects over an 11 kilometre (km) strike length. Significant drill intercepts include 16.7 metres (m) of 5.31 grams per tonne (g/t) gold (Au) at the Lunch Pond South East Prospect, 10m of 4.93 g/t Au at Kettle Pond South, and 8.0m of 10.18 g/t Au at the Lucky Smoke Deposit
> Historical resources have been calculated (V.A. French, MSc, PGeo, 1994) for three areas of the Property: Kettle Pond South – 450,000 tonnes at 2.3 g/t Au for 33,276 troy ounces (oz); Lunch Pond South Main Zone – 2,730,000 tonnes at 2.1 g/t Au for 184,321 oz; and Lunch Pond South West Zone – 900,000 tonnes at 1.6 g/t Au for 46,297 oz. Visit the Mountain Lake website to see a plan view of the Property and gold prospects: https://www.mountain-lake.com/GI-PlanView.jpg
> Preparations are underway for a 7,000m drill program that will include upgrading the historical resources to National Instrument 43-101 compliance and the drill testing of several highly prospective, undrilled, targets where near surface gold mineralization has been identified. The program will commence upon the completion of the drill campaign Mountain Lake has in progress on its Little River gold-antimony property.
> Notably, most of the exploration work on the Glover Island Project was conducted prior to 1995 with the exception of eight holes that were drilled in 2003 when the price of gold averaged US$ 350 per ounce for the year
Mountain Resources’ President and CEO, Gary Woods says:
“The prompt attention the Newfoundland and Labrador Departments of Natural Resources and Environment & Conservation have given our Glover Island Project Registration is sincerely appreciated. We will continue to consult with Provincial and Federal conservation specialists throughout our exploration efforts on Glover Island to ensure we meet and exceed environmental standards.”
Click here to access the entire news release.
Click here to access Mountain Resources’ company profile.(TSXV:MOA)