- Cook Zone displaying remarkable continuity and predictability geologically.
- DDH GH11-49 represents the deepest intersection in the Cook Zone to date at -330m.
- Potential to define an economic gold resource is considered to be high.
Vancouver, British Columbia, June 7, 2011: Mineral Mountain Resources Ltd. (MMV.TSX-V) (“Company”) is pleased to report more positive gold assays have been received from the ongoing drill program targeting the Cook Zone on Block A. Final assays have been received for drill hole GH11-49 that undercuts hole GH11-48 by 25 m on section 10125 E. These results correlate well with earlier reported holes GH11-44 (6.9m grading 5.17 g/t Au) and GH11-45 (4.0m grading 8.38 g/t Au). The Cook Zone is located in MacMurchy Township along a 4.5 Km extension of the Tyrrell Shear Zone, a regional scale structure.. This mineralization exhibits remarkable continuity typical of Archean mesothermal gold deposits. This deposit model is a major source of gold production in Canada and globally. In the Timmins gold district, the Hollinger (19 million ounces), the McIntyre (10 million ounces) and the Dome (15 million ounces) are world class mesothermal deposits. All results are summarized in Table 1 below.
The Company has recently acquired a 60% interest in Block A and has a further right to earn an additional 10% by spending an additional $1,000,000 CDN by March, 2014. The Company is assuming all obligations of an option that Benton Resources Corp.(BTC.TSX-V) had originally signed with Golden Harp Resources Inc. (GHR.TSX-V) (see news release of October 26, 2010 on the Company’s website www.mineralmtn.com).
The Cook Zone is comprised of a pervasively brecciated and altered alkaline porphyry with associated sulphide bearing (pyrite dominant), strong quartz carbonate veining. The porphyry is hosted within silicified and carbonate altered mafic and ultramafic volcanic rocks. . Drilling continues to intersect significant, wide gold mineralization. The higher grade mineralization of 7.12 g/t Au over 1.5 m represents the lower zone within the broad interval of 0.653 g/t Au over 133.3 m. This lower higher grade mineralization has remarkable continuity and lies proximal to a northwest striking diabase dyke intersected in all holes drilled to date.
“Our modelling confirms that the Cook Zone is improving in width and grade to depth. Going forward, drilling will continue to target the expansion of the higher grade lower zone. All 14 holes reported to date by Mineral Mountain Resources demonstrate excellent continuity and grade.” said Nelson Baker, President of Mineral Mountain Resources Ltd.
This release covers diamond drill hole GH11-49 (dip-60) drilled on the same section as previously release holes GH11-46 (dip -45), GH11-47 (dip -50) and GH11-48 (-55).
Mineral Mountain Expands Exploration Team
Due to the Company’s increased exploration activities including extensive diamond drilling planned for all three of its gold projects, the Shining Tree and Straw Lake areas of Ontario and the Kootenay Arc project in southeastern British Columbia later this month, Mineral Mountain has expanded its exploration and technical support team.
Pursuant to the Company’s stock option plan, Mineral Mountain announces that it is granting a total of 800,000 options to its consultants, employees and to a director. Each option is exercisable at a price of $0.50 for a period of five years from the date of grant.
Mineral Mountain has implemented a quality assurance/quality control (QA/QC) procedures for all of the Shining Tree Gold Project drill programs. Details of the QA/QC procedures are described in our first news release dated Jan 11, 2011 and can be found on the Mineral Mountain Resources Ltd website (www.mineralmountain.com).
The Shining Tree Project is managed by Joerg Kleinboeck, P.Geo., and is supervised by Wally Rayner, P.Geo., the Company’s Vice President of Exploration who has verified the contents of this press release and is the Qualified Person for this project.
About Mineral Mountain
Mineral Mountain is a well-funded explorer and developer of precious metals with approximately $ 6.5 million in its treasury. The Company has three major gold projects that meet Mineral Mountain’s long term objectives of becoming a strong mid-tier resource company. In south eastern British Columbia, the Company’s 100%-owned 89,000-hectare, 70 km by 15 km Kootenay Arc Project has a geological environment suitable for sediment-hosted precious metal deposits similar to those found in the Carlin Trend of Nevada and in the Selwyn Basin of Yukon. In the emerging Shining Tree mining camp, 100 km south of Timmins, Ontario, the Company, through its joint venture with Golden Harp Resources Inc., has become a key explorer in the district. The 145 km² Golden Harp Main Block (60%) and Block A (70%) options host large gold systems that offer above average potential to host both high grade and large bulk tonnage gold deposits. The third project , the recently acquired 11 km by 4 km Straw Lake Property and the Whetstone Mineral claims, located 70 km northeast of the Rainy River deposit offers great potential to host both Hemlo-style and Hammond Reef-style bulk tonnage gold deposit models.
Table 1 Summary of drill results
Mineral Mountain Resources Cook Zone 2011
|Hole #||From (m)||To (m)||Length||Au g/t|
ALL INTERVALS IN TABLE I REPRESENT CORE LENGTHS AND NOT TRUE WIDTHS
On Behalf of the Board of Directors of
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W.Baker”, President and CEO
For further information, please contact
Brad Baker, Vice-President Corporate Development & Director
Telephone: (604) 714-0111
Kin Communications (604) 684-6730
“Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.