- Current drilling intersects 1.57 g/t Au over 14.00 metres, 1.96 g/t Au over 12.00 metres
- Exploratory drilling to test other gold targets within the marginal phase of the Lawrence Lake Batholith is ongoing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2011) - Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSX VENTURE:MMV)(OTCQX:MNRLF) is pleased to announce gold assays from its ongoing exploratory drilling campaign in the Pine Centre Area of its Straw Lake Project, situated approximately 50 km north of Fort Frances in northwestern Ontario.
Current Drilling Campaign
Drilling assays for the ongoing Phase I campaign at the Pine Centre area of the Company's 100% owned Straw Lake Project have been received for an additional 15 drillholes, of which 10 drillholes (PC11-026-PC11-035) targeted the main Pine Center Zone. The remaining 5 drillholes (PC11-036-PC11-041) are interpreted to have tested a parallel structure. This initial phase of drilling was designed to confirm historically drilled mineralization and also to test the northeast strike extensions of the gold mineralization hosted in the PCAZ. Notable intersections include: PC-11-032 (1.57 g/t Au over 14.00 metres), PC-11-033 (1.96 g/t Au over 12.00 metres), and PC-11-026 (1.65 g/t Au over 13.20 metres). Complete length weighted gold composites are presented in Table 1. A drill hole location plan map is available on the Company's website at www.mineralmtn.com.
Table 1: Length weighted gold averages from current drilling at Pine Centre Alteration Zone (PCAZ). Core lengths equal approximately 90-100% of true thicknesses. Drill holes PC11-036 through to PC11-041 are not interpreted to lie on the PCAZ.
|HOLE-ID||SECTION||ELEVATION (M)||FROM (M)||TO (M)||CORE LENGTH (M)||AU (G/T)||ZONE|
The PCAZ is a tabular, shallowly dipping shear zone hosted in granodioritic rocks and very closely resembles the mineralization characteristic of the Hammond Reef gold deposit near Atikokan, Ontario owned by Osisko Mining Corporation.
The PCAZ is but one of many known mineralized areas located in the Company's substantial land package. Current drilling is focused on testing several of these regional targets in an effort to ascertain the potential size of this mineralized system.
Nelson W. Baker, President and CEO of Mineral Mountain Resources comments, "Gold mineralization associated with granodioritic rocks like the Lawrence Lake Batholith offers an exciting new exploration target primarily because that geological setting was largely overlooked by prospectors in the past. We are very pleased with the Phase 1 drilling results to date, and with the closing of our recent financing, we are currently planning on expanding our drill program for 2012. Of importance to Mineral Mountain is the strong support we are receiving from the local Naicatchewenin First Nation and other surrounding communities."
QA/QC and Qualifying Statement
Drill core analysis and assaying is being conducted by ALS Canada in Vancouver, B.C. Sample preparation is carried out at ALS facilities in Thunder Bay and Timmins, Ontario. ALS Laboratories are registered ISO 9001:2008, and have received ISO 17025:2005 accreditations for specific laboratory procedures. The drill core was split and sampled in standard sample intervals ranging from 0.5 to 1.5 metres. The core samples were analyzed for 48 elements by four acid ICP-MS, for gold by 30-gm fire assay with AA finish, and by gravimetric fire assay for gold assays measuring equal to or greater than 10g/t. And screened total metallic assays are being performed as a quality check on samples assaying over 10g/t. The company has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples is conducted in accordance with the best possible practices. Full details of the QA/QC program can be found on the company website: www.mineralmtn.com.
The Straw Lake Project is managed by Kevin Leonard, P. Geo., and is supervised Wally Rayner, P. Geo., the company's Vice President of Exploration, and has verified the contents of this press release. Wally Rayner, P.Geo. is the qualified person for this project.
First Nation Participation
As reported earlier in a news release dated October 3rd, 2011, the Company and the Naicatchewenin First Nation formally executed a Memorandum of Understanding ("MOU") with respect to its present and future mineral properties in the Straw Lake area situated approximately 50 km north of Fort Frances, Ontario. Under the MOU,
Mineral Mountain and the Naicatchewenin First Nation, if the results of its exploration activities reach the advanced stage, have committed to develop and implement an Impact and Benefits Agreement to realize their objectives in a mutually beneficial manner. In addition, Naicatchewenin will establish a community fund and Mineral Mountain will fund it with a gradual percentage of all exploration costs as follows: 4% of all exploration costs up to $3 million, 3% up to $6 million and 2% of all costs exceeding $6 million. As well, under the MOU, Mineral Mountain shall issue the Naicatchewenin 500,000 common special share purchase warrants for a period of 5 years from the issue date at a price of $0.60 per share. The warrants will vest as to 100,000 warrants per year provided Mineral Mountain continues to explore in the Straw Lake area. Finally, under the terms of the MOU and subject to the regulatory approval, Mineral Mountain shall issue to the Naicatchewenin First Nation 300,000 common shares of the Company.
On Behalf of the Board of Directors of MINERAL MOUNTAIN RESOURCES LTD.
Nelson W. Baker, President and CEO
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, including statements about the Offering. 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.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.