EXPLORATION – NEWS ROUNDUP — Mountain Lake finds disseminated gold

Toronto-based Mountain Lake Resources (MOA-V) has reported the discovery of a new style of disseminated gold mineralization at its Valentine Lake project in Newfoundland.

Hole 98-97 cut two near-surface zones of gold mineralization consisting of quartz-iron carbonate-altered gabbro containing disseminated pyrite. Only three samples were assayed, as the intervals were not expected to contain anomalous gold. Two samples from the first zone returned 2.04 grams gold per tonne over 2 metres, while a single sample from the second zone assayed 3.08 grams over 1.6 metres. The zones are about 100 metres above the Leprechaun zone, where previous drilling returned 23.1 metres of 4.6 grams and 9.6 metres of 9.1 grams. The company says the different style of mineralization is the result of a reaction of the mineralized fluids with a gabbroic host rock, rather than the granitic host rock associated with the quartz-tourmaline vein stockwork previously encountered. More work is planned to test the new targets.