- New drilling below historic Straw Lake Beach Mine intersects 45.9 g/t Au (1.30 oz/t) over 1.42 meters.
- Previously unidentified gold zone discovered in hanging wall to Straw Lake Beach Mine Intersects 27.5 g/t Au (0.80 oz/t) over 1.0 m and 1.4 g/t Au (0.04 oz/t) gold over 14.0 m.
Vancouver, B.C. October 4, 2011: Mineral Mountain Resources Ltd. (“Mineral Mountain”) or (the “Company”) (TSXV:”MMV”) and (OTCQX: “MNRLF”) is pleased to announce the first batch of analytical results from its ongoing exploratory drilling campaign at the Straw Lake Project, situated approximately 50 km north of Fort Frances in Northwestern Ontario.
SLBM Drilling - High Grade Gold Intersected
Eight holes totaling 2,616 meters have been drilled underneath the Straw Lake Beach Mine (SLBM) and were designed to follow up on high grade gold chip samples that were taken on the 575’ and 700’ levels at the end of the mine’s life in 1941 (refer to detailed SLBM long section and plan map at http://www.mineralmtn.com/).
All holes successfully intersected the SLBM mine stratigraphy down dip of the 700’ level of the mine with notable high grade intersections of 45.9 g/t (1.30 oz/t) gold over 1.42 m in hole SLB11-001 and 13.5 g/t (0.4 oz/t) gold over 0.30 m in hole SLB11-002. Drill holes SLB11-003 through SLB11-008 intersected weaker, variable gold grades in the mine stratigraphy. Detailed length weighted averages are presented in Table 1.
Of special importance, approximately 75 meters north of the SLBM stratigraphy, all holes successfully intersected a new zone of gold mineralization that was previously unrecognized. Most notably, drill hole SLB11-008 intersected 27.5 g/t Au (0.80 oz/t) over 1.0 m and drill hole SLB11-001 intersected 1.4 g/t Au (0.04 oz/t) over 14.0 m. The Company has a strong land position and currently holds ~12 kilometers of the SLBM stratigraphy.
Freeport Occurrence Drilling
Approximately 1 km south-southwest of the SLBM drilling, four drill holes totaling 521 meters were drilled at the Freeport Occurrence and designed to follow up on geophysical targets drilled by previous workers that were not analyzed for gold. Two holes from each location were drilled to the north to test the area immediately south of the Pipestone-Manitou Narrows Fault. All holes intersected an intensely altered sequence of dacite tuffs, brecciated feldspar porphyry dykes and graphitic sediments with nodular pyrite. Drill hole FP11-009 intersected 5.26 m which assayed 0.25g/t Au and 0.26% Mo in intermediate tuffs cut by brecciated feldspar porphyry where alteration consist of sericite, epidote, quartz and py. The rocks in the Freeport drill holes show a high degree of shearing which is to be expected adjacent to a major regional structure. Weak gold values were intersected in the holes and are outlined in Table 1.
Nelson W. Baker, President and CEO of Mineral Mountain Resources comments, “Being at a very early stage with the Straw Lake Project, we are very encouraged by these initial results from our first round of drilling. The mine horizon remains largely untested along the strike and plunge of the known mineralization and plans are underway to assess these other targets. In conjunction with the numerous other historical gold occurrences and the discovery of a new gold zone in the old mine footprint is testament to the potential to develop a new gold camp in this once overlooked area.”
Diamond drilling has been ongoing at the Straw Lake Project since June 2011 with 38 holes having been drilled totaling 5,317 meters. To date, final analytical results have been received for only the 12 drill holes presented in this news release. Exceptionally high volumes of sample submissions to the analytical labs this season has resulted in very slow assay turnaround times.
In addition to the drilling campaign, the Company has been actively prospecting the Straw Lake Properties and following up with exploratory diamond drilling. Current drilling is focusing on the Pine Centre Area which is another historic gold occurrence hosted in sheared granitic rocks northeast of the Straw Lake Mine. Assays for holes from the Pine Centre Area will be released in a timely manner as they become available.
TABLE 1: LENGTH WEIGHTED DRILL HOLE COMPOSITES. INTERVALS REPRESENT APPROXIMATELY 75% OF TRUE THICKNESSES AND NO CAPPING HAS BEEN APPLIED TO HIGH GRADE GOLD VALUES.
|HOLE-ID||SECTION||ELEVATION||FROM (M)||TO (M)||CORE LENGTH (M)||AU (G/T)||AREA|
|FP11-010||NO SIGNIFICANT ASSAYS||FREEPORT OCCURRENCE|
|FP11-012||NO SIGNIFICANT ASSAYS|
On Behalf of the Board of Directors of
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W. Baker”, President and CEO
For further information, please contact
Brad Baker, Vice-President Corporate Development & Director
Kin Communications Inc.
or visit our website:
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This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.