Manitou Gold Initiates Winter Drilling Program on Baltimore Deformation Zone

Manitou Gold Inc. will begin the drilling of key targets on the Baltimore deformation zone grid, and on additional assay results from drill holes at the recently discovered Bald Eagle gold zone in the next week.

“Our winter drill program, which is set to commence in the coming week, will test the most attractive gold targets recognized at the Goudreau project to date,” stated Richard Murphy, President and CEO of Manitou Gold. “The winter drilling will test several distinct targets in a favourable section of the Baltimore deformation zone within a triple point junction and coincident low angle, crustal scale fault system. These drill targets were derived from the multi-million dollar geotechnical programs completed over a 10 km length of the BDZ in 2021. All drill targets rank as top priority with respect to the geological/structural setting, as well as their geophysical and geochemical signatures.”

The Company has recently been issued a permit to construct a bridge that will create access to several key targets on the BDZ identified through the 2021 targeting work. The recently granted permit allows the Company to access its key target areas between the triple junction of the Easy Lake, Harcourt and recently identified Meath Lake intrusion on the BDZ grid. This area has never before been drilled for gold.

The target area covers a six-kilometre segment of BDZ, extending east-northeast from the Meath Lake fault zone, where it is intersected by a low angle east-southeast striking splay. This structural intersection is the key target for orogenic-style gold mineralization and recent drilling success at the Stover zone, some 10 kilometres to the east-southeast, with wide drill intersections of 49.1 m @ 0.6 g/t Au incl. 3.3 m @ 3.5 g/t Au, highlights its mineralization potential.

Bridge construction is nearly complete, and the drill rig has been moved into the target area. The Company is expecting to begin drilling next week.

Gold mineralization at the BEGZ was initially identified during a surface program in late Summer of 2021, which returned up to 74.7 g/t Au from outcrops of highly strained and altered quartz-sericite schist proximal to a major structural intersection in the northeastern portion of the Goudreau project area. The surface program was followed up with a 33 line-kilometre induced polarization (“IP”) survey, which resulted in 1,804 m of drilling in six holes in the fall of 2021. The most significant results returned 3.3 g/t Au over 3.0 m, including 5.2 g/t Au over 1.5 m within wider gold mineralized interval of 20.6 m at 0.8 g/t Au in hole MTU-21-41 (see news release dated September 28, 2021), as well as 19.7 g/t Au over 1.0 m, 7.1 g/t Au over 1.0 m and 6.3 g/t Au over 1.0 m, all in hole MTU-21-44 (see news release dated September 28, 2021).

An additional 11 holes totaling 1,863 m were completed in the winter of 2021 to test the strike and down-plunge extensions of mineralization encountered in the fall of 2021. The most significant intersections are from holes MTU-21-56, which intersected the BEGZ approximately 50 m down-plunge of hole MTU-21-39 and returned 90.5 m at 0.3 g/t Au, including 3.0 g/t over 0.9 m, and hole MTU-21-59, which tested the BEGZ 250 m down-plunge of MTU-21-39 and intersected three broad zones of gold mineralization, between 299 m and 419 m down hole, with the best intersection returning 3.4 g/t Au over 2.5 m within a wider interval of 27.9 m at 0.6 g/t Au.

Table 1: Highlight Drill Intersections from the Bald Eagle Gold Zone

⁽¹⁾Lengths are reported as core lengths. True thickness of the newly announced intersections have yet to be determined but are typically estimated at 85% of reported intervals based on observed core angles.

All 17 holes completed at the BEGZ to date intersected significant gold mineralization and ongoing detailed ground magnetic data and pending results from detailed soil geochemistry survey will be integrated with the existing ground geophysical data and drill results to guide future drilling in the area.

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