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| | March 29, 2007
Manicouagan Indentifies High Priority Base Metal and Uranium Targets on the Lac Maugue Project; Plans Focused Follow-Up Program to Identify Drill Targets
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| | TORONTO, March 29, 2007 - Manicouagan Minerals Inc. (TSXV - MAM) announced plans today for a focused 2007 summer follow-up exploration program on priority copper-silver and uranium exploration targets on its Lac Maugue project. The Lac Maugue property is situated in the Dunphy-Romanet Lakes area of the central Labrador Trough region of northern Quebec, some 160 kilometres northwest of the all services town of Schefferville, Quebec. Work planned for the summer of 2007 is designed, in part, to delineate targets for drill testing in 2008.
Work done by MPH Consulting Limited, on behalf of Manicouagan Minerals, including evaluation of field prospecting, mapping and sampling activities completed during July to September, 2006. This work was integrated with the results of the Fugro Surveys magnetic and frequency-domain electromagnetic airborne geophysical survey which was also completed this summer. These results have identified a number of targets for follow-up.
Also, assessment file research completed by Manicouagan indicates that the Lac Maugue area was identified as an area of geological interest by uranium exploration groups in the 1970s. In 1978, Conwest Canadian Uranium Exploration reported mineralized boulders assaying up to 2.35% U308 in the Why Lake area of the Lac Maugue property. Pursuant to the provisions of NI-43- 101 it should be noted that this assay has not been confirmed by a geologist on behalf of Manicouagan and as such should not be relied upon. Given renewed interest in uranium exploration in the Central Labrador Trough an additional 169 claims (in aggregate approximately 8090 hectares) have been map staked to secure areas considered prospective for uranium mineralization.
A sketch showing the location of the project, related mining claims, the regional geology as well as detailed geology and sampling of the Lac Maugue showing area can be found with the copy of this press release posted on the Company's website at www.manicouaganminerals.com Also included on the sketch are the place names and locations of the various showings referenced in this news release.
The Lac Maugue copper-silver occurrence and its strike extension is the principal and highest priority target of interest. As previously reported on September 11, 2006 channel samples of dolostone/siltstone mineralized with chalcopyrite, bornite and malachite from bedrock trench 2006-1 located 97 metres northwest of trench 93-5 along the Lac Maugue copper-silver zone averaged 132 g/t silver, 0.86% copper over 4.85 metres. Included in this channel sample is a 1.0 metre section that assayed 237 g/t silver, 1.50% copper.
The second high priority target of interest comprises the Why Lake area which is considered prospective for uranium mineralization based on assessment file reports.
Other targets for follow up consist of the Two Hat and One Paddle lake areas where zinc, lead and copper (± silver) and lead-zinc (± gold) mineralization in boulders and outcrop was encountered as well as known copper showings in the North Copper and Lac Romanet West areas. All of these areas are associated with conductive airborne geophysical anomalies which constitute potential targets of interest warranting further exploration.
Work at Lac Maugue planned for the summer of 2007 will consist of establishing a cut line grid over the Lac Maugue copper-silver showings and presumed extensions as evidenced by conductivity contrast trends apparent on results obtained from the helicopter-borne electromagnetic and magnetic survey. A 52 line kilometre gradient array Induced Polarization (IP) survey is planned to evaluate prospective trends over a strike length of approximately 3 kilometres. Initially gradient array IP will be completed on lines 200 metres apart with IP section coverage done on every second line. This work in conjunction with detailed surface prospecting, mapping and geochemical sampling is aimed at defining potential drill targets for drill testing in early 2008.
IP and detailed prospecting, mapping and geochemical sampling is planned for the North Copper and Lac Romanet West showings. Additional prospecting and sampling is planned for the One Paddle and Two Hats lake areas.
An airborne radiometry (including magnetics and electromagnetics) survey is planned for the Why Lake area including the additional 169 map staked claims.
BACKGROUND
Occurrences of copper, silver, lead, zinc, gold and other metals are widespread throughout the central Labrador Trough and the Dunphy-Romanet Lake region has known metal associations (uranium, copper, gold) and a geological environment which is indicative of potential for iron oxide copper-gold type deposits in addition to the sediment-hosted copper-silver mineralization found at Lac Maugue.
The Lac Maugue copper-silver showings were originally explored by Outokumpu Mines Ltd. in 1993-94 over a largely overburden covered area with underlying bedrock consisting of magnetite rich argillite, dolomite and sandy dolomite encountered significant copper-silver mineralization in outcrop and boulders. One 3.19 metre section in bedrock trench 93-5, sampled by Outokumpu in 1993, assayed 0.61% copper and 135 g/t silver including a 0.5 metre section which assayed 1.26% copper and 267 g/t silver. Prospecting work some 800 metres northwest of, and along trend with, the above area in the early 1990's by Outokumpu Mines Ltd. reportedly discovered mineralized boulders that assayed up to 2.32% copper and 82.5 g/t silver. These results pre-date NI-43-101 requirements and the bedrock source of this material has not yet been discovered.
In view of the geological environment and the potential for large tonnage sedimentary-hosted deposits, Manicouagan Minerals total land holdings currently stand at 823 claims, including the original 88 claims acquired from the LSS (Labrador Silver Syndicate) and the previously mentioned 169 titles pending, covering approximately 39,440 hectares that secure selected areas of geological interest which are considered to have potential to host sedimentary hosted copper-silver deposits similar to the occurrences at Lac Maugue.
Exploration programs at Lac Maugue are being carried out under the supervision of Rod Thomas, Vice President -- Exploration of the Company. Mr. Thomas, a professional geologist, has reviewed and verified the technical content of this press release on behalf of Manicouagan Minerals and qualifies under the definition of "Qualified Person" set out in National Instrument 43-101. Analytical services were provided by ALS Chemex of North Vancouver, BC.
Manicouagan Minerals Inc. is a Canadian based exploration company with a diversified portfolio of properties. The Company currently holds four base metal projects located in Quebec and Saskatchewan, on which exploration programs are ongoing.
Additional information about Manicouagan Minerals, the Lac Maugue project and the Company's other exploration projects can be found at www.manicouaganminerals.com.
For further information contact:
Joseph Baylis, President and
Chief Executive Officer
(416) 542 - 3980
The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.
All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
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