Even with the economy said to be improving on many fronts, thousands of investors still go for the safe haven of gold to wait out what’s left of the recovery. And it’s no wonder, with gold prices still firmly entrenched above the $1,100 U.S. mark -- and promising to stay there for months to come – prosperity is still there to be found in gold fields the world over. It’s simply a question of knowing where to look for those ore-rich fields.
Manitou Gold Inc. (TSX-Venture:MTU) is surely looking in the right places, and assay results presented just this week appear to bear out that assumption. Headquartered in Sudbury, Ontario, the town built by nickel, MTU came out on April 19 with news from its Sherridon Property, consisting of eight unpatented mining claims situated within the Kenora Mining Division of Northwestern Ontario.
Manitou Gold optioned the claims based on a property visit, where a series of newly discovered visible gold showings were examined. An initial prospecting program was completed to further evaluate the potential of the project. A total of 243 grab samples were collected along an east-west oriented structure trending across the property.
Numerous high grade gold assays were returned from six different areas along a two-kilometre-long trend. Assay sample results ranged from trace to a high of 617.0 grams per ton gold (g/t Au), and included 184.5 g/t Au, 176.5 g/t Au, and 123.0 g/t Au.
Manitou Gold Inc. is a gold exploration company focused with a dominant land position in the Gold Rock Mining Camp, located in the Kenora Mining District, in Northwestern Ontario.
MTU is well-funded, having recently completed a $2-million initial public offering. The Company's largest shareholder is Goldcorp Inc. (TSX:G), who holds a 15% interest in MTU.
Other MTU projects worthy of mention include the nearby Kenwest property -- where assay results ranged from trace to 197 g/t Au (2.7 oz/t Au) from waste rock around the Big Master deposit, and from trace to 88 g/t Au from all other areas – the Canamerica property -- highlights of the sampling program include gold assays of 197.5 g/t Au, and 36.1 g/t Au – and Higbee, still within Kenora, but closer to the town of Dryden.
It is here that over 200 widely spaced grab samples collected from different areas last fall, with assay results ranging from trace to 266 g/t Au.
MTU’s stock price sprang very quickly between peak and trough this past spring.
The price reached 66 cents -- its high for the last 52 weeks -- on March 25, before settling to a low of 35 cents on April 9. The latest news from Sherridon brought the price to around 50 cents, or about the middle of that range. But with discoveries the likes of the ones made in northwestern Ontario recently -- and with the backing of giants like Goldcorp., things are very much looking upward for this aggressive junior miner.
