(TheNewswire)
Vancouver, B C - TheNewswire - February 8, 2023 - Manning Ventures Inc. (the “Company” or “Manning”)(CSE:Mann) is pleased to announce that it hasreceived the sampling results from the Dipole Lithium Project (the“ Property ”) located in southern Newfoundland, Canada ( Figure1 ).
Prospecting samples taken from the property confirmhighly elevated lithium assays of greater than 300 ppm Li that weretaken during the reconnaissance program designed to evaluate theproperty.
The geology in the area of the Dipole Property isdescribed as a white intrusive Granite that varies from fine to coarsegrained with alteration of sericite, yellow mica, and various amountsof tourmaline. The finer grained units appear to be aplitic andpossible part of an evolved pegmatite system. Five grab samples weretaken across strike for approximately 100 meters with assay resultsyielding 0.07% to 0.10%Li 2 O ( Table 1 , Figure2 ).
The highly anomalous lithium in the samples representsa new anomalous area, and more work is required to fully understandthe significance of the find. The lithium bearing zone is locatedwithin the Cochrane Pond Granitic Suite that was mapped by theNewfoundland Government Geological team of O’Brien and Tomlin in1984. During the mapping program lepidolite was noted in the area.Also, further mapping and sampling is required to explore thepossibility of additional pegmatite dyke swarms within thevolcano-sedimentary rock units which are located to the south of thenewly discovered lithium occurrence.
Six other Samples were taken in the area of thehistorical sampling by Falconbridge which was located in sedimentslocated to the south. These samples did not return any significantassays for lithium.
In relation to the Kraken Lithium discovery locatedapproximately 50 kilometres away discovered by Benton Resources(TSXV:BEX) and Sokoman Resources (TSXV:SIC), on the same regionalgeological structure, the “Hermitage Flexure”, the Company isencouraged ( Figure 1 ). The samplinghas confirmed lithium-enriched intrusives on the property, andadditional work will expand into the core of the volcano-sedimentaryrocks where the deposit model suggests LCT-style pegmatite may belocated.
Sample | Li (ppm) | Li2O (%) |
392901 | 406 | 0.09 |
392902 | 472 | 0.10 |
392903 | 348 | 0.07 |
392904 | 471 | 0.10 |
392905 | 367 | 0.08 |
392906 | 41 | <0.02 |
392907 | 38 | <0.02 |
392908 | 35 | <0.02 |
392909 | 39 | <0.02 |
392910 | 48 | <0.02 |
392911 | 11 | <0.02 |
“We’re pleased with the results of the first passat Dipole, this is a very positive initial step,” said CEO, AlexKlenman. “The property was acquired as being prospective forlithium. Our first sampling program has now confirmed the presenceof elevated lithium values. We’re now planning an aggressive followup with the goal to map all pegmatites on the property while wecontinue the sampling. With the recent finds at our Bounty projectin Quebec, and now Dipole, we are developing two grassroots lithiumprojects with excellent potential,” continued Mr. Klenman.
Figure 1. Regional Location of Dipole Lithium Property,Southern Newfoundland
Figure 2. Sample Location Map, Dipole Lithium Property
Rock samples were submitted for sample preparation toEastern Analytical, located in Springdale, Newfoundland. Samples arecrushed with up to 80% passing 2 mm, riffle split into 250-gramaliquots and pulverized using mild steel to 95% passing 105 microns.Samples for lithium and related elements (Tantalum, Niobium, Tin) areanalysed by ICP-OES using Eastern Analytical Lithium Procedure after adigestion of 3 acids (Nitric, Perchloric, and Hydrofluoric). Splitsof the pulverized material were also sent to Activations Laboratory ofAncaster, Ontario and tested with UT-7 multielement analysis. TheUT-7 procedure is based upon a sodium pyrophosphate total dissolutionand analysis by ICP-MS. The lithium results of the two methods bytwo independent laboratories are statistically similar and validateeach-other.
Chief Financial Officerappointment
The Company has appointed Brian Shin as Chief FinancialOfficer and Corporate Secretary of the Company, replacing Heidi Gutte,who stepped down to pursue other opportunities. Mr. Shin specializesin providing financial reporting, corporate finance, auditing,corporate strategy, risk management and other accounting services toboth public and private companies in various industries. He holds theprofessional designation of Chartered Professional Accountant (CPA) inB.C. and Canada and Certified Management Consultant (CMC). Mr. Shinhas had extensive experience as a consultant, auditor, controller andCFO for numerous publicly traded and private corporations in severalindustries in multiple countries such as Canada, Hong Kong and SouthKorea.
The Company would like to thank Ms. Gutte for herefforts to date and wishes her all the very best with her futureendeavors.
The Company also granted 300,000 stock options (the“Options”) to purchase common shares of the Company (the “OptionShares”) to Brian Shin. The Options vest on the date of issuance andare exercisable for a period of five years from the date of issuanceat an exercise price of $0.10 per Option Share.
QP Disclosure
Neil McCallum, B.Sc., P.Geo., of Dahrouge GeologicalConsulting Ltd., supervised the preparation of the technicalinformation in this news release.
About ManningVentures
Manning is a broad-based mineralexploration and development company with a focus in Canada. Manningholds a 100% interest in the Bounty Lithium Project, located inQuebec, and the Dipole Lithium Project, in Newfoundland. The Companyalso retains interest in six Iron Ore properties located in theProvince of Quebec, and portfolio of polymetallic projects inNewfoundland.
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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