(TheNewswire)
Vancouver, British Columbia – TheNewswire - August 3, 2022 –Manning Ventures Inc. (the “ Company ” or “ Manning ”)(CSE:MANN ) ; (CNSX:MANN.CN); (OTC:MANVF); ( FRA:1H5)is pleased to announce the analytical results from the first pass ofexploration on its 100% owned Bounty Lithium Property (the“Property”), located in the James Bay Lithium District of northernQuebec.
A number of pegmatite targets on the property weresampled, and in total, 141 samples collected. The goal was to usethe first-pass sampling as a vectoring tool for detailed follow up. Given the distribution of lithium content of other pegmatites in theJames Bay Lithium District, the samples have been categorized intothree categories (Figure 1), as follows:
A) Very anomalous (greater than201 ppm lithium). Seven samples on the Property are categorized asvery anomalous, with up to 425 ppm lithium.
B) Anomalous (81 to 200 ppm ).Sixteen samples categorized as anomalous,and
C) Not anomalous (below 80 ppm).The remaining samples are considered not anomalous.
Those samples in the “very anomalous” categoryappear combined with elevated levels of tantalum, cesium, andrubidium, which confirms the Lithium-Cesium-Tantalum (LCT) stylepegmatite affinity for the Property. Additionally, the abundance oftourmaline amongst the common pegmatite mineralogy of feldspar, quartzand mica adds to the LCT affinity.
The Company is encouraged by these results and willfollow them up with a more refined and detailed program. There is anabundance of pegmatite outcrops on the project (Figure 2) that haveyet to be sampled, with many located along trend from those sampleswith highly anomalous LCT type pegmatite chemistries.
“Our initial ground work at Bounty has now confirmedthe presence of lithium within pegmatites on the property,” saidCEO, Alex Klenman. “The next step for us is to follow up theseresults with more focused exploration within these very anomalouszones. There is a healthy number of pegmatites that have yet to besampled and based on the positive results of the first program,we’re going to ramp up our efforts moving forward. Bounty is acompelling exploration opportunity, and now that we’ve establishedlithium is present, we’re going to get more aggressive in ourplans,” continued Mr. Klenman
The spatial distribution of the very anomalouspegmatites, clustering in the center of the property, within thevolcano-sedimentary country rock is thought to be a positiveexploration attribute, given the deposit model within the James BayLithium District.
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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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).
Further, the Company is continuing to evaluate a numberof additional opportunities in the battery mineral sector.
Figure 1: 2022 Sample Results
Figure 2: 2022 Pegmatite Outcrop
Figure 3: Bounty Property within the James BayLithium-Pegmatite District, Quebec
Quality Assurance / Quality Control(QAQC)
All rock samples were shipped to SGS Canada’slaboratory in Lakefield, ON, for standard sample preparation (codePRP89) which includes drying at 105°C, crush to 75% passing 2 mm,riffle split 250 g, and pulverize 85% passing 75 microns. Due tocapacity issues, SGS forwarded several sample batches to alternatepreparation labs in Sudbury, ON, and Burnaby, BC. The pulps wereshipped by air to SGS Canada’s laboratory in Burnaby, BC, where thesamples were homogenized (if preparation was not at Burnaby) andsubsequently analyzed for multi-element (including Li and Ta) usingsodium peroxide fusion with ICP-AES/MS finish (codeGE_ICM91A50).
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 mineralexploration and development company with a focus in Canada. Manningholds a 100% interest in two mineral properties located in theProvince of Quebec, namely the Lac Simone Project and the Hope LakeIron Ore Projects. The Company is also currently earning towards amajority interest in the Squid East Silver-Gold Property, located inthe Yukon, and the Flint Lake Gold Project located in Ontario.
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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