Vancouver, BC/ ACCESSWIRE / October 2, 2014 / Manado Gold Corp. ("Manado") (TSX-V: MDO) (TSX-V: MDO) is pleased to announce that it has completed its field work program as announced July 23, 2014.
The 2014 program was designed to follow up the 2013 diamond drilling program where drill hole number TR13-88 intersected a porphyry-style copper and gold-bearing mineralized zone with associated pervasive siliceous and potassic alteration. Drill hole TR13-88 intersected 24.52 metres (66.0 to 90.52 m, end of hole) of mineralization grading 2.011 gpt gold, 2.0 gpt silver and 0.18% copper, including a 6-metre section (66.0 to 74.0 m) with an average grade of 4.225 gpt gold, 4.0 gpt silver and 0.35% copper (Note: these intercepts are drilling lengths, not true widths).
The 2014 field work was conducted between July 21 and August 1. It concentrated on re-logging and sampling some of the more than 8,000 metres of unsampled diamond drill core that remains on site originating from the pre-1992 Imperial Metals and Eastfield Resources drilling programs. The work focused on identifying porphyry-style copper-gold mineralization. Manado also carried out prospecting, geological mapping, and rock geochemical sampling within the known South, Red, North and Rainbow Zones, and re-surveyed a number of historic drill hole collars that had been referenced to old, now overgrown, survey grids.
The geological mapping and rock geochemical sampling work resulted in the discovery of a known but ignored copper-gold mineral showing between the Red and Rainbow Zones. A 5-metre chip sample of the mineralized outcrop returned 0.292 % copper, 0.553 gpt gold and 10.9 gpt silver. The showing is situated near a prominent north-northeasterly trending fault structure that intersects the mineralized Twin Creek fault zone near the West Zone. Further surface work and drill testing will be required to evaluate this showing with considerable exploration potential for porphyry-style mineralization similar to the nearby zones.
The in-fill sampling of unsampled diamond drill core did discover several sections with significant copper, gold and silver values that had not been previously identified. Copper values ranged from 2.8 to 8110 ppm, gold values ranged from trace to 4.51 ppm, and silver values ranged from trace to 10.9 ppm. These results will be collated and compiled with the recent drilling database, and utilized to identify both strike and downdip extensions to the mineralization within the East and West Zones for future drill testing, such as that intersected by drill hole TR13-88.
The Company also announced the resignation of Dr. Christopher Wilson as a director of the Company. Dr. Wilson resigned in order to concentrate on his advisory business. The Company thanks him for his service and wishes him the best in his future endeavours.
Doug Blanchflower, P. Geo, is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects and is responsible for the work program on the Takla-Rainbow Property. Mr. Blanchflower has reviewed and approved the technical information in this news release.
About the Takla-Rainbow Property
The Takla-Rainbow Property is located in northcentral British Columbia, approximately 152 kilometres north-northwest of Fort St. James or 156 kilometres northeast of Smithers. The property consists of six mineral tenures that collectively cover 4,545.34 hectares (11,231.38 acres) along the Twin Creek drainage. All of the claims are owned 100% by CJL Enterprises Ltd. of Smithers, B.C., subject to the terms of an option to purchase agreement with Manado.
On behalf of the Board of Directors
Logan Anderson
President and Chief Executive Officer
Investor Relations - Dave Ryan
Forward-Looking Statements Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Manado cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Manado's control. Such factors include, among other things: risks and uncertainties relating to Manado's limited operating history; the need to comply with environmental and governmental regulations; and potential defects in title to Manado's properties. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Manado undertakes no obligation to publicly update or revise forward-looking information.
SOURCE: Manado Gold Corp.