Mineral Mountain Resources Ltd. Announces High Grade Drilling Results from
Straw Lake Project with Exploration Update
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Highlights:
-- 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, BRITISH COLUMBIA--(Oct. 4, 2011) - Mineral Mountain Resources Ltd. ("Mineral Mountain") or (the "Company") (TSX VENTURE:MMV)(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 mines life in 1941 (refer to detailed SLBM long section and plan map at
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 0.25 g/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.
Commentary
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."
Exploration Update
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
SLB11-001
473736
318
70.00
71.00
1.00
1.4
SLBM HANGINGWALL
SLB11-001
473738
264
126.00
140.00
14.00
1.4
SLBM HANGINGWALL
INCL
473739
262
130.00
140.00
10.00
1.8
SLBM HANGINGWALL
INCL
473739
259
136.00
140.00
4.00
2.8
SLBM HANGINGWALL
SLB11-001
473752
161
254.50
255.92
1.42
45.9
SLBM HORIZON
SLB11-002
473738
273
116.00
117.00
1.00
0.9
SLBM HANGINGWALL
SLB11-002
473738
261
130.00
131.00
1.00
1.2
SLBM HANGINGWALL
SLB11-002
473751
125
281.47
282.22
1.37
3.2
SLBM HORIZON
INCL
473751
125
282.54
282.84
0.30
13.5
SLBM HORIZON
SLB11-003
473709
250
141.00
148.00
7.00
0.7
SLBM HANGINGWALL
SLB11-003
473716
122
287.30
289.00
1.70
0.7
SLBM HORIZON
SLB11-004
473709
268
126.00
134.00
8.00
0.5
SLBM HANGINGWALL
SLB11-004
473716
164
250.00
254.00
4.00
0.4
SLBM HORIZON
SLB11-005
473761
337
46.00
48.00
2.00
1.4
SLBM HANGINGWALL
SLB11-005
473762
303
85.00
86.00
1.00
0.7
SLBM HANGINGWALL
SLB11-005
473763
294
94.00
95.00
1.00
0.5
SLBM HANGINGWALL
SLB11-005
473768
202
197.00
198.00
1.00
2.4
SLBM HANGINGWALL
SLB11-005
473772
141
265.00
266.00
1.00
0.3
SLBM HORIZON
SLB11-006
473763
308
83.00
84.00
1.00
0.8
SLBM HANGINGWALL
SLB11-006
473764
301
91.00
92.00
1.00
1.0
SLBM HANGINGWALL
SLB11-006
473765
290
103.40
103.80
0.40
0.9
SLBM HANGINGWALL
SLB11-006
473778
184
230.00
232.00
2.00
2.7
SLBM HORIZON
SLB11-007
473661
332
53.00
58.00
5.00
0.4
SLBM HANGINGWALL
SLB11-007
473672
159
255.00
266.00
1.00
TRACE
SLBM HORIZON
SLB11-008
473661
328
55.00
60.00
5.00
0.3
SLBM HANGINGWALL
SLB11-008
473665
246
148.00
149.00
1.00
27.5