Manado Commences Diamond Drill Program
November 15, 2013 (Source: Accesswire) — Manado Gold Corp. (“Manado”) (TSX-V: MDO) is pleased to announce that it has commenced its initial exploration work on the recently acquired Takla Property located in the Omineca Mining Division, British Columbia. The work program will include up to 1,000 meters of NQ diamond drilling which Manado has contacted More Core Diamond Drilling Services Ltd to complete.
The Takla Rainbow property is situated in north central British Columbia and is comprised of five mineral claims totaling 4,198 hectares. The region was first prospected in the mid-1800’s for its placer gold and after for the lode gold sources. The property was actively explored between 1969 and 1992 by such companies as Imperial Metals Corporation and Eastfield Resources Ltd. Geochemical sampling and geophysical surveying identified a number of zones of gold and copper-gold mineralization. Shallow diamond drilling (87 holes) was concentrated on three structurally-controlled zones of gold mineralization.
In 1988, Imperial Metals calculated a historical “geological reserves” of 220,000 tons grading 0.40 ounces per ton Au (Assessment Report #17013, 1988, R. Pesalj), which was revised to a historical “inferred and potential reserves” 321,101 tons grading 0.25 ounces per ton Au (Assessment Report #22,372, 1992, A.J. Buskas & D.G Bailey). The historical “geological reserves” and “inferred and potential reserves” cited above is mentioned for historical purposes only and uses terminology not compliant with current reporting standards. The reliability of these historical estimates is unknown but considered relevant by Manado as it represents a significant target for future exploration. The qualified person has not reviewed all pertinent original documents nor done sufficient work to classify the historical estimate as a current mineral resource and Manado is not treating this historical estimate as a current mineral resource. Historical “geological reserves” and “inferred and potential reserves” are not equivalent to mineral reserves or resources as they are not supported by at least a preliminary feasibility study. In order to verify this as a current estimate, Manado will need to conduct additional exploration work in the form of diamond drilling to verify the historic data.
Manado plans to commence verification of the historical resource estimate with the planned up to 1,000 meter diamond drill program. The diamond drill program is expected to take two weeks and the results of the program will be released as they become available.
Christopher Wilson, PhD, FAusIMM(CP), a director of the Company, is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and approved all technical information in this news release.
On behalf of the Board of Directors
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President and Chief Executive Officer
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.
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