Drilling is underway at the Mountain Lake Resources Inc. (TSXV:MOA) Valentine Lake Property in Central Newfoundland, with two drill rigs currently turning and a third drill rig to be added before the end of the month.

As quoted in the press release:

A total of 40,000 metres of drilling is planned in 2012 with a focus on expanding the Property’s Leprechaun Gold Deposit along strike to the southwest and northeast as well as down dip.  The areas to be drilled will include the newly discovered J. Frank Zone located ~1.5 kilometers (km) southwest and along strike from the current SW boundary of the Leprechaun Deposit, and the Sprite Zone located ~800 metres (m) to the northeast of the current NE boundary of the Deposit.

The Valentine Lake Project is a 50/50 Joint Venture between Marathon Gold Corp. and Mountain Lake Resources Inc.  Marathon is the operator of the Project, and the Partners are jointly funding a work budget of $11.5 million in 2012 that will include:

• 40,000 meters of drilling to further define and expand the gold resource in the Leprechaun Deposit area;
• additional technical studies including further metallurgical work, environmental work and a geotechnical study;
• systematic exploration focusing on identifying new gold targets outside of the Leprechaun Gold Deposit, with an emphasis on the J. Frank and the Sprite Zones; and
• all the work will lead to a Preliminary Economic Assessment study planned for the end of 2012.

Click here to read the Mountain Lake Resources Inc. (TSXV:MOA) press release
Click here to see the Mountain Lake Resources Inc. (TSXV:MOA) profile.

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