7000 Metre Resource Upgrade and Expansion Drilling Program Underway on ... - MarketWatch (press release)
Halifax, Nova Scotia CANADA, Sep 12, 2011 (Filing Services Canada via COMTEX) -- Mountain Lake Resources Inc (MOA - TSX Venture, MLKRF - Pink), ("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.
Cautionary Statement: A qualified person has not done sufficient work to classify the historical estimate above as current mineral resources. Mountain Lake is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
For more information on the Glover Island Project and to see photos of the Property, the new field camp, the drill rig at work on the first 2011 hole, and a plan view map of the historical resource areas, etc., visit the Glover Island page: http://www.mountain-lake.com/GloverIsland.html on the Mountain Lake website.
Gary Woods, P.Geo., is the Qualified Person on the Glover Island Property, and has reviewed and verified the contents of this news release.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. /quotes/zigman/127436 CA:MOA +5.56% is a diversified junior exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties all located on the pro-mining island of Newfoundland. Mountain Lake's current projects include: a 50% interest in the Valentine Lake gold property (drilling in progress) under the joint venture with Marathon Gold Corp.; a 100% interest in the Glover Island gold exploration property (drilling in progress); an option to earn a 100% interest in the Little River gold-antimony exploration property; a 100% interest in the Bobby's Pond base metals property. For more information visit: www.mountain-lake.com
For corporate, media, or investor inquiries, please contact:
Greg Lytle
Corporate Communications Manager
Mountain Lake Resources
N. America toll-free: (866) 285-5817
Volume: 10,000
Sept. 12, 2011 9:31a
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Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHMaZiWKf_LYQeQ3eceKguihlM5JQ&url=http://www.marketwatch.com/story/7000-metre-resource-upgrade-and-expansion-drilling-program-underway-on-mountain-lakes-glover-island-gold-project-in-newfoundland-2011-09-12-93000
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