Manitou Gold Intersects Visible Gold; Drills 3.3 g/t Au over 3.0m at Goudreau Project, Wawa, Ontario

SUDBURY, Ontario, Sept. 28, 2021 (GLOBE NEWSWIRE) — Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased announce that it has identified a new gold zone, the Bald Eagle Gold Zone (the “BEGZ”) on its Goudreau project in northeastern Ontario. The BEGZ has been intersected with six drill holes over a strike length of 150 meters.

Highlights:

• 
  Visible gold
  
  observed in the BEGZ hole MTU-21-43 with assays pending

• 
  New gold zone identified
  
  in the northeastern portion of the project area with wide drill intersections of gold mineralization

• 
  Intersection highlights of:
  
  
  • 
    3.3 g/t Au over 3.0 m
    
    , including
    
    5.2 g/t Au over 1.5 m
    
    within a wider gold mineralized interval of 20.6 m at 0.8 g/t Au in hole MTU-21-41; and
  • 
    1.4 g/t Au over 9.0 m and 2.8 g/t Au over 1.4 m
    
    within a wider gold mineralized interval of 22.8 m at 0.9 g/t Au in hole MTU-21-39

• Currently drilling high priority targets on the west side of the Baltimore Deformation Zone (the “BDZ”)
  

Surface work in late Summer of 2021 identified the BEGZ as a new gold zone in the northeastern portion of the Goudreau project, containing high-grade gold mineralization ranging from below detection limit up to 74.7 g/t Au, based on grab samples. The BEGZ has been identified as being part of a large-scale orogenic system within the boundaries of the Goudreau project (see Figure 2).

Approximately 67% of Canadian gold production is found within this type of geologic setting, with examples including the nearby Island Gold Mine operated by

Alamos Gold (TSX:AGI; NYSE:AGI)

and many deposits located in regions within the Canadian shield, including Timmins (>70 Moz), Kirkland Lake (>40 Moz) and Val d’Or/Noranda (>69 Moz).

Six holes totaling 1,800 metres were drilled at the BEGZ, with results for four holes having been received to date (see Table 1). All four holes intersected significant gold mineralization, with highlights including

3.3 g/t Au over 3.0 m

, including

5.2 g/t Au over 1.5 m

within a wider gold mineralized interval of 20.6 m at 0.8 g/t Au in hole MTU-21-41 and

1.4 g/t Au over 9.0 m and 2.8 g/t Au over 1.4 m

within a wider gold mineralized interval of 22.8 m grading 0.9 g/t Au in hole MTU-21-39.


Visible gold was encountered

in the fifth hole (MTU-21-43) at the BEGZ and assay results will be released as they are received.

Gold mineralization at the BEGZ occurs within a highly strained sericite-pyrite schist and is open along strike and at depth. Detailed ground geophysical and geochemical surveys are underway and further step-out and step-down drilling is planned once results for the ongoing surveys have been received.

Table 1: Highlight Drill Intersections

<sup>(

1)</sup>

Lengths are reported as core lengths. True thickness is estimated at 85% of reported intervals based on observed core angles.

Drilling is currently testing new priority targets, including coincident multi-line gold +/- copper soil geochemistry anomalies with strike lengths of up to 350 m and coincident IP anomalies in close proximity to prominent structural intersections. These new targets are located along the BDZ, which represents the interpreted fault offset continuation of the Goudreau-Localsh Deformation Zone (the “GLDZ”). The GDLZ hosts

Alamos Gold’s (TSX:AGI; NYSE:AGI

) Island gold deposit and

Argonaut Gold’s

Magino deposit, in addition to a number of smaller-scale past producing mines, including the past-producing Cline and Edwards mines.

Figure 1: Goudreau Project map



https://www.globenewswire.com/NewsRoom/AttachmentNg/9c1b392a-de93-477f-8810-1bdefe0bb6ab

Figure 2: Showing structures along the Baltimore Deformation Zone



https://www.globenewswire.com/NewsRoom/AttachmentNg/03159396-9568-48f0-b329-8b45d2a1a795

About the Goudreau Project

The Goudreau Project is located 50 kilometres northeast of Wawa, Ontario and is underlain by Archean-aged rocks of the Michipicoten Greenstone belt. The project area is traversed by several broad-scale deformation corridors (such as the BDZ and GLDZ), which host the majority of the important regional gold deposits and showings in the region.

The BDS is an eastward trending fault offset extension of the GLDZ, the later of which hosts two multi-million ounce gold deposits


<sup>(1,2


)</sup>


and has seen over 1,000,000 metres of drilling for gold. As such, the BDZ is extremely under-explored along its 18 kilometre-long trend, with only 4,400 metres of historic gold drilling.

The Goudreau project covers approximately 350 square kilometres in this re-emerging gold camp that hosts several multi-million ounce gold deposits

^(1,2)

.

Manitou’s key strategic shareholders include

Alamos Gold Inc.

(

TSX:AGI; NYSE:AGI


) at 19.9%

and

O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) at 9.9%,

each individually calculated on a partially diluted basis.

1. Azadbakht, Z. et al., 2021. Report of Activities, 2020 Resident Geologist Program. Ontario Geological Survey Open File Report 6374, 43 p.
   
2. Argonaut Gold Inc., (2021). Company website:
   
   https://www.argonautgold.com/English/home/default.aspx
   
   , September 26, 2021

Sampling and Quality Control

Samples were delivered to Activation Laboratories (“Actlabs”) in Thunder Bay, Ontario. At the laboratory, samples were crushed up to 80% passing 2 mm, riffle split (250 g) and then pulverized to 95% passing 105 microns. Gold was analyzed by fire assay with an AA finish, using the 50 g sub-sample. Over limit analysis was performed on all primary assay results >3 g/t gold. All over limits were tested by fire assay with gravimetric finish using a 50 g sub-sample. Actlabs is a certified and ISO 17025 accredited laboratory. Standards and blanks were routinely inserted into the stream of core and channel samples. At least 20 percent of the core and channel samples submitted to the laboratory comprise samples used for quality control. Actlabs routinely inserts their own certified reference materials for at least 20 percent quality control in each batch.

Richard Murphy, P.Geo is the qualified person responsible for the technical content contained in this release. He has reviewed and approved the content contained herein.

For further information on Manitou Gold Inc. contact:

Richard Murphy, President and CEO

Telephone: 1 (705) 698-1962

Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including regulatory risk related to the receipt of final approval of the TSX Venture Exchange for the Offering. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including with respect to the prospective nature of the Stover and Renabie-Easy Lake properties. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.