Manitou Gold Provides Exploration Update on Canadian Business Journal, Goudreau Project in Northern Ontario

TORONTO, November 8, 2022 (GLOBE NEWSWIRE) — Manitou Gold Inc. (TSX-V: MTU) (“Company” Also “manitou”) is pleased to provide the latest information on its wholly owned 366 km.² The Goodreau Project in Northern Ontario.

highlight:

• A number of gold targets identified along Baltimore’s Transformational Corridor have never been drill tested.
• The recently completed first-of-three-hole nickel drilling program confirmed important nickel-cobalt discoveries similar to the Dumont and Crawford deposits.highlight the intersection of 252.1 m grading 0.27% NiEq In-hole MTU-22-19 and 208.2 m grading 0.27% NiEq In-hole MTU-22-18
• Commencement of metallurgical test work to determine nickel recovery

Manitou Gold’s Gudrow Project comprises a contiguous mineral claim in the eastern part of the Michipicoten Gold Belt in northern Ontario. The Goudreau project is located between Argonaut Gold’s Magino mines (Proved and Probable Reserves: 2.1 Moz @ 1.1 g/t Au; M&I Resources: 4.2 Moz @ 0.9 g/t Au).⁽¹⁾) and Alamos Gold’s Island Gold Mine (Proved and Probable Reserves: 1.3 Moz @ 10.1 g/t Au; M&I Resources: 0.3 Moz @ 8.1 g/t Au; Probable Resources: 3.5 Moz @ 13.6 g/t Au⁽²⁾) to the west, and to the east, the former producing Renabie mine (1.1 Moz @ 6.6 g/t Au)⁽³⁾) owned by Barrick Gold. Gold Camp’s primary geological structure is the Goudreau-Lochalsh deformation zone (“GLDZ”), which provides the primary control of gold mineralization and hosts both the Island Gold and Maginot deposits, and the Baltimore metamorphic zone (“BDZ”). ”). This represents an extension of the eastern fault offset of his GLDZ in the Manitou ground.Largest landowner in the belt, controlling 366km² Manitou is one of the fastest growing gold districts in North America, among promising mining areas surrounded by major gold deposits, and is uniquely positioned to discover additional gold deposits. In addition, recent exploration highlights the potential for large tonnage ultramafic host nickel deposits similar to the Dumont and Crawford nickel deposits.

The BDZ is a long-lived and deep-rooted structure that has been interpreted as responsible for the emplacement of large amounts of intrusive rocks along deformation corridors, including the recently identified nickel- and cobalt-bearing ultramafic intrusions. Her recently completed virgin three-hole nickel drilling program has confirmed the significant nickel-cobalt discovery at the Goudreau Project. All three boreholes intersected continuously mineralized and serpentinized intervals of ultramafic rock over 200 meters long. Highlights of pit MTU-22-18, located 900 meters west of discovery pit MTU-22-14, include 208.2 m of 0.27% NiEq grading and 0.32% NiEq grading starting at 84.9 meters downhole Includes 27m spacing. Results from pit MTU-22-19, 500 meters west of discovery pit MTU-22-14, include a continuous mineralization crossing of grade 252.1 m of 0.27% NiEq starting at the hole 90.5 meters below. (see news release dated October 4, 2022). and news release dated June 13, 2022).

Microprobe analysis of selected samples from discovery pit MTU-22-14 showed that nickel was predominantly hazelwoodite (70% nickel, 30% sulfur), polydymite (up to 70% nickel, 30% sulfur), and minor amounts. of nickel alloys (see news). Released September 7, 2022).

To determine potential nickel-cobalt recovery, the company will focus on completing initial metallurgical testing work through the remainder of 2022. The main objective of this program is to extract nickel and cobalt minerals in combination with flotation and magnetic separation. To this end, the scope of magnetic separation test work to assess the feasibility and optimal grind size of silica used during flotation, and to investigate the feasibility of recovering Ni-Fe alloys. includes investigating. Results he is due in early January 2023.

The northeastern part of the Goudreau project covers a future fault corridor of over 50 kilometers in strike length, containing over 30 individual ultramafic nickel-cobalt and numerous gold targets.

The company will continue to explore existing gold and nickel targets at Goudreau and plans to begin drilling the identified targets as early as January 2023. More specific details will be provided before drilling begins.

As previously announced, Manitou has recently engaged in a review of various opportunities to advance the recent nickel-cobalt-PGE discovery at the Goudreau Project, including the spin-out of the asset by a wholly-owned subsidiary. It also includes possibilities. After further discussion and consideration, the Company has decided to defer a decision on a potential spin-out at this time and will pursue other options to advance the nickel discovery in the near future, including joint ventures and other arrangements. I decided to. Further updates will be provided in due course.

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.

1. NI 43-101 Compliant, Magino Project, Ontario, Canada Feasibility Study Technical Report. Argonaut Gold Inc. Effective Date: November 8, 2017
2. Alamos Gold Inc., 2022. Alamos Gold announces expansion of Phase 3+ Island Gold to 2,400 tpd, with average annual gold production of 287,000 oz, industry low total maintenance cost of $576/oz, and a 31% net present value (“NPV”) increase to $2 billion at $1,850 per ounce of gold
3. Azadbakht, Z. et al., 2021. Activity Report, 2020 Resident Geologist Program. Ontario Geological Survey Open File Report 6374, 43 p.

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 known and unknown material 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. Some of which are beyond Manitou’s control, including with respect to the future nature of the Stover and Lennaby Easy Lake properties. The reader understands that the assumptions used in the preparation of such information, which were believed to be reasonable at the time of preparation, may prove to be inaccurate and therefore should not be used as forward-looking statements. Please do not place undue reliance on it.

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