Drilling will target an area with no historic drilling where 2009 trenching
returned up to 32.7 gpt gold and 5.5% antimony in bedrock grab samples
HALIFAX, Nova Scotia--(Business Wire)--
Mountain Lake Resources Inc. (TSX-V: MOA) ("Mountain Lake" or the "Company") is
pleased to report that it has commenced the initial phase of drilling on its
Little River Property (the "Property") in southern Newfoundland.
The drill program is designed to test multiple mineralized zones with strong
gold +/- antimony identified in bedrock grab samples taken from the recently
completed trenching program. The highest sample values from three of the
mineralized zones ranged from 6.1 grams per tonne (gpt) Au to 32.7 gpt Au
averaging 15.8 gpt Au, and an additional twenty-three samples contained from 1
to 6 gpt Au. Strong antimony (Sb) values were discovered in two separate trench
areas. Five samples from a 2.5 metre wide sulphide zone in the first trench
ranged from 0.57% to 3.06% Sb (average of 1.6% Sb) and a sample from a pit dug
12 metres along strike contained an average of 1.31% Sb. Three samples from a 2
metre wide zone in the second trench area located 1.2 kilometres (km) to the
south contained 4.6%, 5.2% and 5.5% Sb. Notably, the 5.2% Sb sample also
contained 4 gpt Au. Both zones are hosted by a schistose felsic volcanic
containing numerous quartz-arsenopyrite-stibnite veins as well as disseminated
mineralization. See more information on antimony below.
No historic drilling has taken place in the area of the 2009 trenches and a
minimum of 12 holes are planned to test the highest priority targets.
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 world`s leading producer of antimony
producing 90% of total global output in 2008; and the latest available bid price
for a metric tonne of antimony (99.6% pure ingot) is US$ 6,300 or US$ 2.86 per
pound as compared to the latest spot price for copper of US$ 2.94 per pound.
Last month, Hunan Nonferrous Metals Corp., the largest integral metals producer
in China by production volume excluding aluminum, acquired 100% of
Newfoundland`s Beaver Brook Antimony Mine. Beaver Brook is the only primary
antimony mine operating in the United States or Canada and is located near
Gander ~150 km north of the Little River Property.
About the Little River Property
The Little River Property consists of 448 mining claims comprising 11,200
hectares over a strike length of ~33 km in the Baie D`Espoir 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 mining and
exploration company whose corporate strategy is to build shareholder value
through the exploration and development of economically viable mineral
properties. Current projects include: a 30% interest in the Valentine Lake gold
project (Newfoundland) with an option to acquire the remaining 70% interest from
Richmont Mines Inc.; a 100% interest in the Bobby`s Pond base metals project
(Newfoundland) with an option to acquire initially a 51% interest in the
surrounding claims from Cornerstone Resources; an option to earn a 100% interest
in the Little River gold exploration property (Newfoundland); and a 2,350,000
share (~6.5%) stake in Etruscan Diamonds Limited, an alluvial diamond operation
(South Africa).
For more information visit: www.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 in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Lytle & Associates
Greg Lytle,
North America toll-free: (866) 285-5817
International & Vancouver: (604) 839-6946
info@mountain-lake.com
Copyright Business Wire 2009
