(TheNewswire)
Vancouver, British Columbia – TheNewswire - May 31, 2022 – Manning Ventures Inc. (the “ Company ” or “ Manning ”) (CSE:MANN ) ; ( FRA:1H5 ) ; ( US:MANVF) is pleased toannounce that its initial exploration program at the Company’s100%-owned Bounty Lithium Property (the “Property”), located inthe James Bay Lithium District of northern Quebec, hasconcluded.
The 7,544 hectare Property was staked due to itsprospective nature for hosting hard-rock, pegmatite-hosted lithiummineralization. It was selected as a result of a regional targetingmethod which included the review of pegmatite occurrences acrossQuebec with the appropriate indicator-mineralogy andindicator-chemistry for hosting Lithium-Cesium-Tantalum (LCT) style,spodumene-bearing pegmatites, within favourable host-rocks. TheProperty is host to several known pegmatite outcrops, but the projectremains underexplored as little to no lithium-focused work has everbeen conducted on the Property.
The initial reconnaissance scale exploration covered 30of the original 62 pegmatite target areas, with detailed examinationof each outcrop and the collection of 143 pegmatite and/or intrusiverock samples and 4 rock samples with sulphide mineralization forpossible gold or base metals potential.
All samples will immediately be shipped to SGSCanada’s laboratory in Lakefield, ON, for determination of thelithium and indicator mineralogy content and gold and/or base metalcontent. Results of the analytical will be reported as they arereceived, reviewed, and verified.
“We look forward to the analytical results of thisinitial sampling campaign as we roll out our lithium explorationstrategy in one of the most promising lithium districts in Canada,”said Alex Klenman, CEO. “We are located in the heart of the JamesBay Lithium district, home to several large-scale advanced-stageprojects and new discoveries, and we’ve only just begun to testBounty. We have a lot of ground left to explore and many morepegmatites to analyze,” continued Mr. Klenman.
The James Bay Pegmatite District of Quebec is known tohost several large lithium pegmatite deposits including:
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James Bay Project of Allkem,
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Corvette Property of Patriot Battery Metals,
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Rose Lithium-Tantalum Deposit of Critical ElementsLithium Corp; and
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Whabouchi Lithium Deposit of Nemaska Lithium
Spodumene bearing pegmatites are important sources ofhard rock lithium. With rising EV demand lithium hydroxide and lithiumcarbonatite prices have risen by over 200% during 2021. Despite theprice rises the forecast lithium market imbalance will continue toincrease dramatically in coming years (Allkem, CEO Presentation,2021).
Figure 1: Manning’s propertywithin the James Bay Lithium-Pegmatite District, Quebec
Figure 2: Bounty Lithium Projectwith pegmatite target areas, indicator mineral and geochemistryanomalies
Private Placement
The Company i s also pleased toannounce a non-brokered private placement of up to 18,181,818 units(the “ Units ”) of the Company at a price of $0.055 per Unit to raisetotal proceeds of up to $1,000,000 (the “ Offering ”).
Each Unit will be comprised of one common share in thecapital of the Company (a “ Share ”) and one half of one transferablecommon share purchase warrant (each whole warrant, a “ Warrant ”). EachWarrant will be exercisable into one additional Share (a“ Warrant Share ”) at an exercise price of $0.10 per Warrant Share for aperiod of 24 months from the closing date of the Offering.
All securities issued in connection with the Offeringwill be subject to a statutory hold period of four months and one dayfollowing the closing date of the Offering in accordance withapplicable securities legislation. Completion of the Offering issubject to a number of conditions, including, but not limited to, thereceipt of all regulatory approvals. The Company may pay a finder’sfee in connection with the Offering to eligible arm’s length findersin accordance with the policies of the Canadian SecuritiesExchange.
The Company intends to use the proceeds from theOffering for general working capital purposes.
The securities offered have not been and will not beregistered under the United States Securities Act of 1933, as amended(the “ U.S. SecuritiesAct ”), or any state securities laws and maynot be offered or sold absent registration or compliance with anapplicable exemption from the registration requirements of the U.S.Securities Act and applicable state securities laws.
QP Disclosure
Neil McCallum, B.Sc., P.Geo., of Dahrouge GeologicalConsulting Ltd., a registered permit holder with the Ordre desGéologues du Québec and Qualified Person as defined by NationalInstrument 43-101 – Standards of Disclosure for Mineral Projects ,supervised the preparation of the technical information in this newsrelease.
About ManningVentures
Manning is a broad-based mineral exploration and development company with a focus in Canada. Manning holds a 100% interest in six mineralproperties (iron ore, lithium) located in the province of Quebec, and four projects (polymetallic, rare earths,uranium) in Newfoundland. The Company is also currently earning towards a majority interest in the Flint Lake Gold Project located inOntario.
For furtherinformation contact:
Manning Ventures Inc.
Alex Klenman - CEO
Email: info@manning-ventures.com
Telephone: (604) 681-0084
www.manning-ventures.com
Neither the Canadian Securities Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the CanadianSecurities Exchange) accepts responsibility for the adequacy oraccuracy of this news release. The Canadian Securities Exchange hasnot in any way passed upon the merits of the proposed transaction andhas neither approved nor disapproved the contents of this newsrelease.
FORWARD LOOKING STATEMENTS:
Completion of the acquisition issubject to a number of conditions, including receipt of appropriateregulatory approvals. The acquisition cannot close until all suchconditions are satisfied. There can be no assurance that theAcquisition will be completed as proposed or at all.
Certain informationin this news release may contain forward-looking statements thatinvolve substantial known and unknown risks and uncertainties.Forward-looking statements are often identified by terms such as“will”, “may”, “should”, “anticipate”, “expects”and similar expressions. All statements other than statements ofhistorical fact included in this news release are forward-lookingstatements that involve risks and uncertainties. There can be noassurance that such statements will prove to be accurate and actualresults and future events could differ materially from thoseanticipated in such statements. Important factors that could causeactual results to differ materially from the Company’s expectationsinclude the failure to satisfy the conditions of the relevantsecurities exchange(s) and other risks detailed from time to time inthe filings made by the Company with securities regulations. Thereader is cautioned that assumptions used in the preparation of anyforward-looking information may prove to be incorrect. Events orcircumstances may cause actual results to differ materially from thosepredicted, as a result of numerous known and unknown risks,uncertainties, and other factors, many of which are beyond the controlof the Company. The reader is cautioned not to place undue reliance onany forward-looking information. Such information, although consideredreasonable by management at the time of preparation, may prove to beincorrect and actual results may differ materially from thoseanticipated. Forward-looking statements contained in this news releaseare expressly qualified by this cautionary statement. Theforward-looking statements contained in this news release are made asof the date of this news release and the Company disclaims anyintention or obligation to update or revise such information, exceptas required by applicable law.
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