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Mountain Lake Completes Drilling on Cornerstone Option, Central Newfoundland
Mountain Lake Completes Drilling on Cornerstone Option, Central Newfoundland
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nMountain Lake Completes Drilling on Cornerstone Option, Central Newfoundland\n\n\n Sep. 17, 2009 (Filing Services Canada) -- Mountain Lake Resources Inc (MOA - TSX Venture, MLKRF - OTCBB_Pink_Sheets), (\"Mountain Lake\" or the \"Company\") reports that it has completed the drill program on the mineral claims optioned from Cornerstone Capital Resources Inc., which are adjacent to Mountain Lake's 100% owned Bobby's Pond zinc-copper-lead+silver-gold deposit located approximately 45 kilometres (km) west by road of Teck Cominco's Duck Pond mine/mill operation.The Company drilled 3 holes totalling 647 metres on the Cornerstone Option in the vicinity of a new volcanogenic massive sulphide (VMS) zone encountered in last year's drill program. Two of the holes were drilled to test anomalies identified in a gravity survey carried out in June 2009, but did not reflect zones of VMS mineralization. The third hole, CS-09-03, which was collared 300 metres southwest of mineralization encountered in drill hole CS-08-03, was targeted on surface geochemistry and encountered a broad zone of silica and sericite altered felsic volcanics including a 1.5 metre zone of 0.73% Zn, 0.49% Pb, 0.15% Cu, 19.2 gpt Ag and 0.12 gpt Au at the volcanic/sediment contact where massive sulphide deposits typically form. The results indicate that the mineralized and altered zone extends over a 300 metre strike length and further drilling will be required to determine if the mineralization encountered to date sits at the edge of a significant VMS deposit at depth. Mountain Lake's exploration objective is to find new, near surface, ore bodies in close proximity to its Bobby's Pond deposit, where the latest independent NI 43-101 resource update (July 31, 2008) estimates that the deposit contains an indicated resource of 1,095,000 tonnes of 4.61% Zn, 0.86% Cu, 0.44% Pb, 16.6 gpt Ag, and 0.2 gpt Au in addition to an inferred resource of 1,177,000 tonnes of 3.75% Zn, 0.95% Cu, 0.27% Pb, 10.95 gpt Ag and 0.06 gpt Au. Mineralization on the Bobby's Pond deposit has been delineated to an approximate depth of 500 metres and remains open at depth. No further drilling is planned at this time as the Company is focused on its two Newfoundland gold properties, where exploration and resource expansion drilling is in progress on the Valentine Lake Gold Project and trenching and samplin...