Manitou gold crosses 230.6 meters of 0.25% nickel equivalent at Goudreau project, further confirming key nickel-cobalt discovery, Canadian Business Journal

TORONTO, October 4, 2022 (GLOBE NEWSWIRE) — Manitou Gold Inc. (TSX-V: MTU) (“Company” Also “manitou) analyzed the final drill hole from the company’s summer diamond drill program in support of the initiative to spin out nickel-cobalt-PGE commodities from the Goodreau Project to its newly formed subsidiary, Western Nickel Corp. I will report the results.

highlight:

• You have completed your first 3-hole drill program. All three boreholes continuously crossed serpentinized and mineralized intervals of over 200 meters of ultramafic rock.¹ Highlight intersection:
  • 230.6 m grading 0.25% NiEq MTU-22-17 tested the strongest part of the magnetic anomaly north of Discovery Hole MTU-22-14.
  • 252.1 m grading 0.27% NiEq In the previously released hole MTU-22-19, Drilling 500 meters west discovery hole MTU-22-14; and
  • 208.2 m grading 0.27% NiEq In the previously released hole MTU-22-18, Drilling 900 meters west of Discovery Hall.
• Broad intersection of nickel and cobalt Provides confirmation of the key nickel-cobalt discovery In a 100% owned Goudreau project.
• Only two of the four holes drilled so far (including the discovery hole) have been tested. 30 Nickel Penetration Targets Identified in the Goudreau Project So far (see Figure 2 below and dated press release) September 7, 2022).

Diamond drilling began in late August and 1,152 meters had been drilled by mid-September 2022. This program was designed as a follow-up to previous results that showed potential for significant nickel mineralization comparable to the Crawford deposit of Canadian He nickel at Timmins. , Ontario, and the Dumont nickel deposit near Val d’Or Quebec.

The completion of this three-hole virgin drilling program confirms the significant nickel discovery resulting from the winter drilling campaign. The most recently received analysis was from the MTU-22-17 hole, targeting the strongest part of the magnetic anomaly north of the MTU-22-14 discovery hole.

Newly reported assay results from drill hole MTU-22-17 include: 0.25% NiEq at 230.6m From 99.9m downhole. The hole is approximately 100 meters south of discovery hole MTU-22-14 (see Figure 1) and is intersected by a single strongly meandering ultramafic rock containing finely dispersed nickel sulfides and nickel alloys. was doing.

Previously reported drill holes MTU-22-18 and MTU-22-19 (see dated press release) September 26, 2022) It was designed to test another penetration on the west side of the 850m long and 200-300m wide discovery pit.

Highlights of borehole MTU-22-18, located 900 meters west of MTU-22-14, include: 208.2 m grading 0.27% NiEq, 27 m grading 0.32% NiEq including spacing It starts with an 84.9m downhaul. Results from borehole MTU-22-19, 500 meters west of discovery hole MTU-22-14, include: 252.1 m grading 0.27% NiEq It starts with a 90.5m downhaul.

Table 1: Highlighting Drill Intersections

Hall ID		from	To	core length2 (Moon)	Ni (%)	Co (ppm)	NiEq1 (%)
MTU-22-17		99.9	330.5	230.6	0.22	117	0.25
Released September 26, 2022
MTU-22-18		84.9	293.1	208.2	0.25	119	0.27
	tax included	150.5	177.5	27	0.29	127	0.32
MTU-22-19		90.5	342.6	252.1	0.25	99	0.27
	tax included	238	314	76	0.27	103	0.29

⁽¹⁾ Nickel Equivalent (NiEq) calculations are based on the three-month closing price of the London Metal Exchange on 29 September 2022 for (i) nickel (US$22,348 per tonne), (ii) cobalt (1 tonne USD 51,955 per person). Metallurgical properties have not yet been determined.
⁽²⁾ Length is reported as core length. The true thickness of the drill intersection is determined.

upon August 16, 2022 Manitou announced that its Board of Directors has approved in principle a strategic reorganization (“spinout”) of Manitou’s assets. As a result, Manitou will spin out the Nickel-Cobalt-PGE product from the Goudreau Project into the newly incorporated subsidiary. , Western Nickel Corp., later becoming a publicly traded company. Once the spinout is complete, Manitou will continue as a gold-focused exploration company.

Any spinout of the Nickel-Cobalt-PGE product is at the continued discretion of Manitou’s management and Board of Directors. Pursuant to the spin-out, Western Nickel common stock will be distributed to Manitou shareholders on a pro-rata basis. There is no additional consideration. Additionally, Manitou is expected to retain a maximum 19.9% ​​stake in Western Nickel Corporation. Holders of Manitou Warrants and/or Options outstanding as of the Record Date (if any) will not receive any Western Nickel Corporation shares, warrants or options. For example, a Manitou shareholder who owns 100,000 shares would receive his 80,100 shares of Western Nickel Corp. for free, assuming Manitou retains his 19.9% ​​of Western Nickel Corp. shares. Additional details regarding spinouts will be provided as they become available.

upon September 7, 2022 Microprobe analysis of selected samples from discovery pit MTU-22-14 revealed that nickel was primarily hazelwoodite (70% nickel, 30% sulfur), polydimite (70% nickel, 30% sulfur), and a small amount of nickel are shown to be hosted. alloy. The microprobe work also confirmed the lack of detectable nickel in the silicate phases of the rock. This indicates that the silicate-bound nickel was almost completely released.

The northeastern part of the Goudreau project covers a future fault corridor of over 50 kilometers strike length with over 30 individual ultramafic nickel-cobalt targets. A total of 10 high-quality targets were selected for immediate ground truth. Priority targets were checked on the ground in July and August 2022. Seven of these targets returned nickel values ​​ranging from 0.18% to 0.31% nickel and 70 ppm to 350 ppm cobalt. Samples collected from serpentinized ultramafic rocks have an average nickel grade of 0.24%. In addition to nickel, one sample returned 1.84 g/t palladium and 0.24 g/t platinum. Results for the remaining targets are pending and will be released when available.

Figure 1: Drill plan map on total field magnetic intensity map with linear color stretches (red – magnetic high, blue – magnetic low).
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb3e3caf-7841-4eb9-bbc1-8c4dc6829eb0

Figure 2: lan map showing regional structure and ultramafic intrusions
https://www.globenewswire.com/NewsRoom/AttachmentNg/44bf876b-f021-43da-afbc-fd9aabb63b8f

Manitou’s major strategic shareholders include: Alamos Gold Co., Ltd. (TSX: AGI; NYSE: AGI) 19.9% When O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) 9.9%, calculated separately on a partial dilution basis.

Richard Murphy (P.Geo) is responsible for the technical content included in this release. He has reviewed and approved the content contained herein.

Sampling and quality control

Samples were delivered to Activation Laboratories (“Actlabs”) in Thunder Bay, Ontario. In the laboratory, samples were crushed up to 80% through 2 mm, passed through a rippler (250 g), and then ground to 95% through 105 microns. Samples were analyzed by the multi-element sodium peroxide fusion ICP-OES technique at Ancaster, Ontario. Precious metals such as gold, palladium and platinum were analyzed by ICP-MS finished fire assay. Actlabs is an accredited and ISO 17025 accredited testing laboratory. Standards and blanks were periodically inserted into the core sample stream. At least 20% of the core samples submitted to the lab consist of samples used for quality control. Actlabs routinely inserts its own certified reference materials for at least 20% quality control per batch.

For more information about Manitou Gold Inc., please contact:

Richard Murphy, CEO
Phone: 1 (705) 698-1962
Email: [email protected]

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

Forward-Looking Statements – Certain information set forth in this news release involves substantial known and unknown risks and uncertainties, including regulatory risks associated with receipt of final approval of an offering by TSX Venture Exchange. It may contain certain forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Certain of these are beyond Manitou’s control, including with respect to the future nature of the Stover and Lennaby Easy Lake properties. Readers are cautioned that the assumptions used in the preparation of such information, although believed to be reasonable at the time of preparation, may prove to be inaccurate and, therefore, forward-looking statements may not be correct. Please do not place undue reliance on it.

¹ Length is reported as core length. We need to determine the true thickness of the newly announced intersections.

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