7000 Metre Resource Upgrade And Expansion Drilling Program Underway On ... - TheStreet.com (press release)
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Mountain Lake Resources Inc. (TSX-V: MOA) (Pink Sheets: MLKRF) ("Mountain Lake" or the "Company") is pleased to report that drilling is well underway on its Glover Island Gold Property. The 7,000 metre (m) drill program is the Company's first since acquiring a 100% interest in the Property last October. Drilling is expected to continue throughout the balance of the summer and the fall with the goal of upgrading and expanding the historical resources to National Instrument 43-101 compliance, and may include drill testing of a few of the highly prospective, undrilled, targets where near surface gold mineralization has been identified.
"We are anticipating a multi-year project and the field camp has been constructed accordingly. I feel confident that the program to re-evaluate the historic resource will be completed this year in spite of the delayed startup, and we are working closely with various government agencies to ensure that our exploration work is conducted in a manner that minimizes any impact on the area," said Gary Woods, President and CEO of Mountain Lake. About the Glover Island Property:- The Property 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 16.7m 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: http://www.mountain-lake.com/GI-PlanView.jpg
- 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.
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