(TheNewswire)
Vancouver, British Columbia – TheNewswire - January 15, 2024 –Manning Ventures Inc. (the “ Company ” or “ Manning ”)(CSE:MANN ) ; ( Frankfurt:1H5) is pleased to provide acorporate update regarding its Iron Ore and Lithium explorationportfolios.
The Company is continuing to move its project portfolioforward with several exploration and drill programs planned for thecalendar year ahead. While Lithium prices have cooled over the pastsix months, supply deficits remain entrenched within the long-termoutlook. Manning remains committed to the development of its Lithiumprojects and is planning follow-up programs at its Quebec and Ontariobased projects.
Manning also retains three Iron Ore projects in theprovince of Quebec. While the underlying commodity price has beenvolatile over the past two years, it has recently moved to the upsideonce again having risen 54.5% over the last 12 months, hitting the$140 mark for the first time since June of 2022. Outlook for thecommodity price is positive and the Company is currently evaluatingpotential drill programs at one or more of its properties.
“We’re looking forward to 2024 and to deployingcapital in the ground to advance our projects,” said CEO, AlexKlenman. “With the rebound in iron ore prices we are in anexcellent position to get some drills in the ground. Our lithiumportfolio remains a main focus for us and contains some highlyprospective areas of interest we’re eager to test. Our coppertarget at Kaba is definitely a priority as well, with stronghistorical numbers we feel we can replicate. We’ll be announcingdetails of work programs shortly, the year ahead promises to be a busyone for Manning,” continued Mr. Klenman.
Iron Ore Projects
The Company controls three 100%-owned Iron Ore projects, located in the prolificWabush-Fermont Iron Ore District, Quebec, Canada.
Broken Lake is4,524-ha property that features an approximately 18-km long trend ofiron formation that has been historically drill-tested, and awell-mineralized interval exceeding 84 m reported, although no assayswere documented (GM04504B). A six-kilometer-long belt of highlymagnetic rocks in the area, that has not yet been drill-tested, hasbeen mapped as a magnetite-rich iron formation and represents a primeexploration target. The project contains magnetic signatures andgeological mapping that suggest structural thickening and possiblyover-turned sequences of rocks that have the potential to createfavorable iron formation horizons.
Heart Lake is a2,855-ha property featuring approximately 10-km of linear-style ironformation. Recent drilling, Hole TM15-01 (GM69425), intersected26.7% Fe over 25.6 m and ended in high-grade iron formation. Theclaims are along strike with Champion Iron’s ground whereiron- formation on the same trend, approximately6 km away, contains a drill hole with two separate iron formations of31.2% Fe over 50.8 m and 30.8% Fe over 42.2 m.
Hydro , a2,122-ha property, features approximately 12-km of linear-style ironformation. Several historical rock samples, amongst three separatezones, have been collected along the trend and average approximately32.5% Fe (GM67778). The trend does not have any documented historicaldrilling.
Figure 1: Manning’s propertieswithin the Wabush-Fermont Iron Ore District, Quebec
The Company cautions that no mineral resource, eitherhistorical or in accordance with National Instrument 43-101 Standards of Disclosure for MineralProjects (“ NI 43-101 ”) , has been completed for theBroken Lake properties. In addition, the Company has not yet completedthe necessary work to independent verify historical data, andtherefore, makes no assertions as to thevalidity of the historical statements with respect to resource oreconomic potential of the Broken Lake property.
Lithium and Copper ExplorationPortfolio
Throughout 2023 the Company assembled an energy metalsportfolio that includes several highly prospective explorationprojects. The footprint includes land positions in Ontario and Quebec,within established and growing lithium-based explorationdistricts.
Leaf River Lithium Camp -Quebec
Manning has established a significant presence withfour projects located within the emerging Leaf River lithium camp inNorthern Quebec. Other companies operating in the area and alreadygenerating positive early-stage results include Discovery Lithium, MaxPower Mining, Eureka Lithium and Targa Exploration (Figure 2).
The Snap,Crackle, Pop and Pow projectsrepresent over 65,000-hectares that target areas that comprise some ofthe highest (99% percentile) lithium, cesium, and rubidium lakesediment anomalies in the Government du Quebec lake sediment database(SIGÉOM).
Geology across all claim blocks consists of a mix ofleucotonalites, granodiorites, granites, paragneiss, amphibolites,gabbros, and basalts. The magnetic data highlights NW and WNWtrending structures which make excellent pathways for fractionatingfertile parental melts.
Figure 2: Manning project locationsand neighboring companies in the Leaf River Lithium Camp
Bounty Lithium Project -Quebec
The BountyLithium Project is a 4,659-hectare propertylocated in the James Bay Lithium District of northern Quebec.
In 2022 the Company carried out multiple samplingprograms targeting areas that contained anomalous LCT-pegmatites. The highest value so far on the property was collected, containing707 ppm lithium (0.15% Li2O). Additionally, it contains the highestamount of cesium (661 ppm Cs) and very elevated Rubidium (1163 ppmRb); both adding confirmation to the LCT-style pegmatite model on thenorthern end of the property.
Samples in the “very anomalous” category appearcombined with elevated levels of tantalum, cesium, and rubidium, whichconfirms the Lithium-Cesium-Tantalum (LCT) style pegmatite affinityfor the Property. Additionally, the abundance of tourmaline amongstthe common pegmatite mineralogy of feldspar, quartz and mica adds tothe LCT affinity.
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.
Figure 3: 2022 Bounty LithiumProject, James Bay Region, Quebec
Kaba Copper-Lithium Project -Ontario
The KabaCopper-Lithium Project is located 50km northeast of the town of Nipigon, Ontario. Twocopper occurrences on the Property are intimately associated with thenorthwest trending Hall Lake Fault, a product of late-stage MidContinental Rifting. The occurrences are contained within copper-richbreccia’s and veins. Chalcopyrite, bornite and pyrite associatedwith quartz breccia hosted within biotite granite and diabase. Groundand magnetic surveys were completed by Anglo-American in 1968. Twoanomalies were outlined by magnetics 275m and 180m long. The EM surveyindicated mineralization for 1200m. Drilling by Anglo highlighted 26.5m grading 1% Cu and 17.3mgrading 0.54% Cu (MDI42E04NE00007).
Most copper assays were whited out in the assessmentreport. Other intervals include 2.02% Cu over 4.27m and 1.26% Cu over3.65m. Chip samples in 1979 by Stinson reported 0.32% Cu over 9.14m(AFRI 42E04NE8355).
The Project is also located approximately 15kms east ofthe Barbara Lake Lithium-bearing Pegmatite field, where numerousrecent discoveries of Li-bearing pegmatites have occurred. The BarbaraLake area includes, among others, Imagine Lithium, which recentlydrilled 21m of 1.16% Li2O, and 5m of 1.12% Li20 ( Imagine Lithium, News Release, October 19,2022 ) and Rock Tech Lithium’s Georgia LakeProject, where the Northern Spodumene Pegmatite Area has a Measuredresource of 2.31mt at 1.04% Li2O and an Indicated resource of 4.31mtat 0.99% Li2O ( Rock Tech43-101 PEA, March 15, 2021 ).
Figure 4: Regional location and landholders in the Kaba Copper Project area.
The Company completed a GIS compilation of allhistorical work and drilling in the area, a preliminary reconnaissanceprogram, as well as a high-resolution heli-borne magnetic survey thataids in providing structural features that is integrally associatedwith the copper mineralization.
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 Ventures is a mineralexploration and development company operating in Canada. Manning’sproject portfolio includes multiple Iron Ore projects in Quebec, andLithium/Copper projects in Ontario and Quebec.
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”, “isexpected”, “potential”, “suggests” or variations of suchwords or phrases, or statements that certain actions, events orresults “may”, “could”, “should”, “would”, “might”or “will” be taken, occur or be achieved. Forward-lookingstatements and information are not historical facts and are subject toa number of risks and uncertainties beyond the Company’s control.Actual results 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.
Copyright (c) 2024 TheNewswire - All rights reserved.