Manitou Gold Divests NonCore Assets and Strengthens Treasury While Advancing Exploration at Goudreau

In search of Canada’s next gold discovery, Manitou Gold ( MTU:TSXV) sees billion dollar deposit potential on their Goudreau project in Northern Ontario. They just executed a move that simultaneously raises funds and strengthens their treasury to focus on making such a discovery. Manitou divested themselves of a non core asset allowing them to develop more attention to Goudreau through the sale of their Dryden properties. Manitou Gold iis selling 100% Interest in its Dryden Properties for 7 Million that is a combination of cash and common Shares, Plus 1% NSR that has a .50% buyback for $1M. Not only that, Manitou becomes become a significant insider receiving 4,000,000 common shares of Dryden Gold, who will will be pursuing an initial public offering. This is what a win win situation looks like, strenghting the treasury, boosting shreholder confidence, releasing a non core asset and proving greater focus on Goudreau where they are determined to make a discovery

The Goudreau Project: The area known as the The Baltimore Deformation Zone ( think Destor -Porcupine fault and and Gold camp it has become), and you see why management believes they have multiple shots at finding a billion dollar deposit. The Baltimore Zone has a 10 km trend that has never been systematically explored, it is going to take allot of drilling and Manitou has demonstrated their commitment with multiple increases to their drill program in order to define a discovery.

Their commitment to drilling this vastly unexplored area may have just paid off. The company recently announced a high grade discovery in their newly named Bald Eagle Gold Zone with 19G/t gold over a meter. The six holes drilled all encountered mineralization and the success is leading to an even greater commitment to drilling as a second rig is being added to the BEGZ to define a greater area of mineralization as the winter drill program progresses.

If that isn’t enough to garner your attention, Manitou isn’t doing it alone. Supported by 2 majors in Alamos (AGI) and O3 Mining (OIII ) who are providing Board Representation, Treasury Support and Technical Guidance for the drill program.

Lastly, Manitou isn’t alone in the area. They are surrounded by Majors, one who also happens to be Alamos ( operator of the high grade Island Gold Mine and Manitou partner ) and Argonaut Gold (AR) who are preparing for production in 2023.

Sit back and enjoy this great interview with CEO Richard Murphy as explains why Manitou is the next Smallcap stock to own in one of Canada’s more opportunistic gold camps.