Mountain Lake Resources Inc. (TSX-V: MOA) (Mountain Lake or the
Company) is pleased to report very encouraging results from the
2010 field exploration work on the Little River Property (the
Property) in southern Newfoundland.
Field work got under way this year in June and has focused on examining
the areas of the Property outside of the 2009/2008 soil sampling grid as
well as more detailed soil sampling within the existing grid area where
initial line spacing was at 200 metre intervals. Results have been
received from the infill soil sampling and many new gold anomalies have
been identified in addition to the delineation of several strong
multiline anomalies where only single point anomalies existed before.
Preparations are underway for trenching and sampling to prioritize
targets for a fall drill program.
Most significant this year, is the sourcing of a historical antimony +
gold (Sb+Au) vein that was originally discovered in the late 1970s by
Hudsons Bay Oil and Gas Company. Analytical results from the initial
bedrock samples taken from the vein prospect returned 34.9% Sb with 24.1
grams per tonne (g/t) Auand 27.6% Sb with 7.1 g/t Au. The vein is up to
30 centimetres wide and has been exposed by a series of hand dug pits
over a 40 metre strike length (see photo).
Results from subsequent bedrock samples taken from various spots along
the exposed vein have returned very high grade antimony with lower grade
gold including: 50% Sb with 219 ppb Au; 49.6% Sb with 483 ppb Au; 49.0%
Sb with 110 ppb Au; 36.5% Sb with 118 ppb Au (see photo).
The area is covered extensively by forest and bog and outcrop exposure
in the general area of the vein is less than 1%. Further results are
pending from detailed soil sampling, which has now been carried out for
300 metres in both directions along strike from the vein outcrop. The
vein prospect, located in the northeast portion of the Property, 11.5
kilometres (km) northeast of the most northeasterly hole drilled in
2009, has never been drill tested.
According to one of Mountain Lakes prospectors, who worked for Noranda
on the Beaver Brook property when antimony (stibnite) mineralization was
discovered in 1989, the vein at Little River is significantly larger
than the vein that was initially discovered on the Beaver Brook property
~150 km to the north. That discovery resulted in extensive exploration
and development and the Beaver Brook antimony mine being brought into
production in 1998. Beaver Brook is one of the largest antimony deposits
in the world, the only primary producing antimony mine in Canada or the
United States, and the largest outside of China.
Gary Woods, President and CEO of Mountain Lake, commented, It is highly
unlikely that the strongly mineralized fluids that travelled 100s to
1000s of metres from their source to deposit the almost solid stibnite
vein at Little River only resulted in one fracture being mineralized in
the area. For example, the Beaver Brook Mine deposit is located 500
metres from the initial site where antimony mineralization was
discovered.
Gary Woods, P.Geo., is the Qualified Person on the Little River project,
and has reviewed and verified the contents of this news release.
About Antimony
Antimony can occur in its native form, but is usually found in other
minerals and most commonly in the mineral stibnite. A silvery-white
crystalline metal, antimony is used to increase hardness and strength of
metal alloys. Antimony and its compounds are widely used in the
production of batteries, bullets, cable sheathing, flame-proofing
compounds, glass, ceramics, paints, pottery and in the semiconductor
industry. According to MinorMetals.com:
China is the worlds leading producer of antimony producing ~90% of
total global output in 2009; and the latest available bid price for a
metric tonne of antimony (99.6% pure ingot) is US$ 10,200 or US$ 4.63
per pound as compared to the latest spot price for copper of US$ 3.45
per pound.
About the Little River Property
The Little River Property consists of 452 mining claims comprising
11,300 hectares over a strike length of ~35 km in the Baie DEspoir area
of southern Newfoundland. The Property is close to local population
centres, is cross cut by major power lines, and can be accessed by way
of the Bishop Falls to Harbour Breton highway and secondary roads and
trails that exist on the Property. Mountain Lake has an option to earn a
100% interest in the Property.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior
exploration company, whose corporate strategy is to build shareholder
value through the exploration and development of economically viable
mineral properties. Mountain Lakes current projects include: a 30%
interest in the Valentine Lake gold Property (Newfoundland) with an
option to acquire the remaining 70% interest from Richmont Mines Inc.
(TSX/NYSE-Amex: RIC) and a subsequent sub-option and joint venture
agreement whereby Marathon PGM Corp. can earn a 50% interest in the
property; a 100% interest in the Bobbys Pond base metals property
(Newfoundland); an option to earn a 100% interest in the Little River
gold exploration property (Newfoundland); and a 2,350,000 share (~6.4%)
stake in Etruscan Diamonds Ltd., an alluvial diamond project (South
Africa). For more information visit: www.mountain-lake.com
For corporate, media, or investor inquiries, please contact:
Greg Lytle,
Lytle & Associates
Corporate Communications
North
America toll-free: (866) 285-5817
International & Vancouver: (604)
839-6946
Email: info@mountain-lake.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/Gary Woods
President & CEO
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER
(AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE)
ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE.
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Source: Business Wire