(TheNewswire)
Vancouver, B C - TheNewswire - May 18, 2023 - Manning Ventures Inc. (the “ Company ” or “ Manning ”) (CSE:MANN ) ( Frankfurt:1H5 ) ( OTC:MANVF) is pleased to announce that it has entered into an OptionAgreement (the “ OptionAgreement ”) with Gravel Ridge Resources Ltd.and Perry Vern English (collectively, the “ Owners ”) who arethe legal and beneficial holders of 44 mineral claims located in theProvince of Ontario (the “ Property ”) whereby the Owners have grantedthe Company the right to acquire a 100% interest in the Property.
The Kaba Project is an approximately 2,600-hectareCopper-Lithium exploration property located 50km northeast ofthe town of Nipigon, the junction of the Trans-Canada Highways 11 and17, in northwestern Ontario, Canada. Logging roads provide excellentaccess.
Two copper occurrences on the property are intimately associated withthe northwest trending Eastborne Hall Lake Fault, a product oflate-stage Mid Continental Rifting (Figure 2). The occurrences arecontained within copper-rich breccia’s and veins, with chalcopyrite,bornite and pyrite associated with quartz breccia hosted withinbiotite granite and diabase.
The Company also targeted the project for it’s Lithium potential.The Property is situated approximately 15kms east of the Barbara LakePegmatite field, where numerous discoveries of Li-bearing pegmatiteshave recently occurred. Currently there are multiple companies bothdeveloping and exploring for lithium in the immediate area (Figure 1).
Ground and magnetic surveys were completed on the Kaba ground in 1968by Anglo-American. Two anomalies, 275m and 180m long, were outlined bymagnetics. The EM survey indicated mineralization extended for 1200m.Drilling by Anglo highlighted 26.5m grading 1% Cu and 17.3m grading0.54% Cu (MDI42E04NE00007). There were no analyses for gold.
Most copper assays were whited out in the assessment report. Otherintervals include 2.02% Cu over 4.27m and 1.26% Cu over 3.65m. Chipsamples in 1979 by Stinson reported 0.32% Cu over 9.14m (AFRI42E04NE8355).
Very little systematic exploration and drilling has been completedalong the copper-bearing structure with the last drill programcompleted in 1980 (3 holes for 172m). No assays are available.
Figure 1: Kaba Cu-Li Projectlocation, NW Ontario, Canada
Figure 2: Late rift stagehydrothermal deposits related to the Mid Continental Rift
The Barbara Lake area includes, among others, Imagine Lithium, whichrecently drilled 21m of 1.16% Li2O, and 5m of 1.12% Li20 ( Imagine Lithium, News Release, October 19,2022 ) and Rock Tech Lithium’s Georgia Lake Project, where theNorthern Spodumene Pegmatite Area has a Measured resource of 2.31mt at1.04% Li2O and an Indicated resource of 4.31mt at 0.99% Li2O ( Rock Tech 43-101 PEA, March 15,2021 ).
“When this project came to our attention we weren’t necessarilylooking to add to our portfolio, however once we completed duediligence we felt it is a compelling exploration target worthpursuing,” said CEO, Alex Klenman. “The historical coppernumbers are excellent and the prospectivity appears evident, but thegeology, location, and recent lithium exploration success in theimmediate area also make the project highly prospective forlithium-bearing pegmatites, which fits firmly within our currentexploration focus. We’re going to get active on the property in nearterm and we’re looking forward to getting on the ground,”continued Mr. Klenman.
The Company is currently planning an initial expoloration program forKaba to be conducted in the coming weeks and will announce detailsshortly.
Terms
Pursuant to the terms and conditions of the OptionAgreement and in order to acquire a 100% interest in and to theProperty, the Company must:
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pay the Owners an aggregate of $90,600 in cash, over athree-year period following the excuection of the Option Agreement(the date of execution being referred to herein as the Effective Date ”);
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issue the Owners an aggregate of 500,000 common shares in thecapital of the Company Manning within five (5) business days of theEffective D ate;
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incur an aggregate of at least $20,000 in explorationexpenditures on the Property by the one (1) yearanniversary of the Effective Date ; and
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grant the Owners a royalty equal to one and one-halfpercent (1.5%) of net smelter returns from the Property, which may bereduced at any time from one and one-half percent (1.5%) of netsmelter returns to one percent (1.0%) of net smelter returns by theCompany paying to the Owners an aggregate of $600,000.
All securities issued in connection withthe Option Agreement will be subject to a statutory hold period offour months plus a day from the date of issuance in accordance withapplicable securities laws.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined inNational Instrument 43-101, has reviewed, and approved the technicalcontents of this news release on behalf of the Company. The QP and theCompany has not completed sufficient work to verify the historicinformation on the properties comprising the Kaba Property,particularly regarding historical exploration, neighbouring companies,and government geological work.
About Manning
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
FORWARD LOOKING STATEMENTS:
The Canadian Securities Exchangedoes not accept responsibility for the adequacy or accuracy of thisnews release.
This news release does notconstitute an offer to sell or a solicitation of an offer to sell anyof the securities in the United States. The securities have not beenand will not be registered under the United States Securities Act of1933, as amended (the “ U.S. Securities Act ”) or any state securities laws, and maynot be offered or sold within the United States, or to or for theaccount or benefit of any U.S. person or any person in the UnitedStates, unless registered under the U.S. Securities Act and applicablestate securities laws or an exemption from such registration isavailable. “ United States ” and“ U.S.Person ” are as defined inRegulation S under the U.S. Securities Act.
Some of the statements contained inthis news release are forward-looking statements and informationwithin the meaning of applicable securities laws. Forward-lookingstatements and information can be identified by the use of words suchas “anticipates”, “plans”, “expects”, “intends”, “is expected”,“potential”, “suggests” or variations of such words orphrases, or statements that certain actions, events or results“may”, “could”, “should”, “would”, “might” or“will” be taken, occur or be achieved. Forward-looking statementsand information are not historical facts and are subject to a numberof risks and uncertainties beyond the Company’s control. Actualresults and developments are likely to differ, and may differmaterially, from those expressed or implied by the forward-lookingstatements contained in this news release. Accordingly, readers shouldnot place undue reliance on forward-looking statements. The Companyundertakes no obligation to update publicly or otherwise revise anyforward-looking statements, except as may be required by law.
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