Mar. 7, 2011 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 03/07/11 -- Manicouagan Minerals Inc. (TSX VENTURE:MAM) Manicouagan Minerals announced today the completion of a VTEM PLUS (Versatile Time Domain Electro Magnetic) survey over its 100% owned Brabant Lake property located in north central Saskatchewan, 175 kilometres north of the town of La Ronge.
The detailed 560 line kilometre airborne VTEM PLUS geophysical survey completed by Geotech Ltd. of Aurora, Ontario covered the entire land package of 28 square kilometres that includes the Brabant Lake Zinc Deposit. In 2010, the property was expanded to cover approximately 15 kilometres of the favourable horizon which hosts the deposit.
Joseph Baylis, Manicouagan's President and CEO, said, "the preliminary VTEM PLUS results have identified a number of significant anomalies that deserve further investigation."
The identified anomalies display characteristics similar to the response found over the Brabant Lake Zinc deposit which exhibits a significant time constant over a 1200 metre strike length. Once received, the final survey data will be interpreted by a third party geophysical consultant.
The NI 43-101 resource estimate for the Brabant Lake Zinc deposit with an effective date of July 27, 2008 is set out below:
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2008 MPH/P&E Resource Estimate (1), (2), (3), (4)
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Zn Cu Pb Ag
lbs lbs lbs mill-
Zn Cu Pb Ag Au mill- mill- mill- ions Au
Tonnes (%) (%) (%) (g/t) (g/t) ions ions ions ounces ounces
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Indi-
cated 1,475,000 9.18 0.79 0.23 32.6 0.15 298.5 25.7 7.5 1.55 7,100
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Infer-
red 2,975,000 5.55 0.55 0.13 13.9 0.10 364.0 36.1 8.5 1.33 9,600
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(1) The resource for the Brabant Lake Zinc deposit was estimated on the
basis of June 30, 2008 approximate $US three year trailing average metal
prices of $1.27/lb zinc, $3.02/lb copper, $0.86/lb lead, $12.49/oz
silver and $663/oz gold, and a US dollar exchange rate of $0.912. A NSR
cut-off of CAD$75/tonne for underground mining and milling was utilized
to report the resource.