The property is a 50/50 joint venture between Mountain Lake and Marathon Gold Corp (TSE:MOZ), with Marathon as the operator.
A total of 47 drill holes have now been completed in 2012, the companies said, with current drilling focused on expanding the Leprechaun deposit to the southwest and along strike. Three drills are working on 1.5 kilometre area between the southwestern boundary of the current Leprechaun resource, and the J. Frank Zone.
Of the latest results, highlights included 4.31 grams per tonne (g/t) gold over 13.5 metres, including 25.42 g/t gold over 1.8 metres, and 8.85 g/t gold over 3.6 metres including 32.31 g/t gold over 0.9 metres in hole VL-12-393.
In addition, hole VL-12-395 returned 11.28 g/t gold over 7.65 metres, including 41.8 g/t gold over 1.7 metres, and 1.75 g/t gold over 14.45 metres including 17.87 g/t gold over 0.85 metres.
Hole VL-12-400 hit 2.41 g/t gold over 17.0 metres, including 16.84 g/t gold over 2.0 metres and 3.43 g/t gold over 5.7 metres, including 19.61 g/t gold over 0.95 metres.
The Valentine Lake property has a 30 kilometre strike length with the J. Frank Zone and Leprechaun deposit situated at the southwestern end of a gold-bearing mineralized corridor that extends for at least 23 kilometres in a northeasterly strike.
The Leprechaun deposit currently has a NI 43-101 compliant measured and indicated resource of 6.45 million tonnes grading 2.05 g/t gold for a total estimated 424,000 ounces of gold, plus an inferred resource of 5.74 million tonnes grading 1.65 g/t gold for an estimated 305,000 ounces of gold.
The mineral resource was estimated using a 0.5 g/t gold minimum cut-off over a 3 metre minimum width.
Mountain Lake Resources also holds a 100 percent interest in the Glover Island gold exploration property, an option to earn a 100 percent interest in the Little River gold-antimony asset and a 100 percent interest in the Bobby's Pond base metals property.