(TheNewswire)
Vancouver, British Columbia – TheNewswire - March 5, 2024 –Manning Ventures Inc. (the “ Company ” or “ Manning ”) (CSE:MANN; Frankfurt: 1H5) is pleased to announce that it has entered intoan Option Agreement (the “ Option Agreement ”) with Claremont MinesNevada, LLC (the “ Optionor ”) who is the legal and beneficialowner of 66 unpatented lode mineral claims located in the State ofNevada (the “ Copper HillProject ”) whereby the Optionor has granted theCompany the right to acquire a 100% interest in the Copper HillProject, located within the Walker Lane Trend, Nevada, USA.
The Company is eager to expand its energy metalsexposure, and increasing its footprint in copper at this time isstrategically significant. “Supply deficits, declining grades, andgeopolitical instability combined with a widening supply imbalance andincreased demand are fueling what appears to be a very strong coppermarket in the years ahead,” said Alex Klenman, CEO. “Newsupplies from proven geopolitically sound jurisdictions must besecured to meet demand estimates over the next few decades. We likethis project in Nevada, which has seen strong historical results. This is an excellent addition to our portfolio, and we’ll announcephase one exploration and drilling plans shortly,” continued Mr.Klenman.
About the Copper HillProject
Copper Hill hosts copper-gold-molybdenum mineralization in bothporphyry and skarn styled deposits in Mineral County, Nevada. Theproperty consists of 66 mineral claims covering an area of 2.3 miles.The property is located 22 miles north of Hawthorne, Nevada and isaccessible using well-maintained County Roads.
The Project is centered on a Jurassic Age quartz monzonite porphyryintruding Triassic age Luning Limestone. The claims cover 2.3 sq milesand are 33 miles east of the Yerington Copper District which hosts theYerington Copper Mine (Anaconda 1952-1978), Ann Mason Deposit, BearDeposit, MacArthur Deposit, and the Pumpkin Hollow Mine.
Image 1: Location of the Copper HillProject, Walker Lane Trend, Nevada, USA
Historically at Copper Hill, reported high-grade copper was mined fromunderground shafts from skarn and porphyry-copper styledmineralization at the Copper Mountain Mine. Between 1914 to 1926mining from the “Copper Mountain Mine” produced an estimated1,000,000 pounds of copper from shallow underground workings. Historicreporting from the period of production describes ore zones of contactskarn- type and porphyry-type mineralization with shipping gradesranging from 3.5 to 11.0% copper*.
*Historic Minning information wassummarized from an “Unpublished Report on the Carson Sink Area,Nevada by F.C. Schrader, U.S. Geological Survey (Field work 1911-1920)1947”. Manning Venturescautions investors that the historic exploration and productioninformation is believed to be accurate but has not been verified by aqualified person.
The Copper Hill mineralizing system forms a topographic high surrounded and partially covered by youngervolcanic rocks. Mineralization identified at Copper Hill are bornite,chalcocite, chalcopyrite, chrysocolla, copper-native, covellite,cuprite, gold, malachite, molybdenite, silver, sphalerite (rare), andtetrahedrite.
The Copper Mountain area was explored between 1959 to 1979 by IdahoMinning Corp. and Walker-Martel who conducted ground geophysics,underground mapping, prospecting and reported 6000 feet of Rotarydrilling. Since that time ground magnetics were conducted in 2007.
Rock sampling collected at this time returned values from selectsamples of 7.2% and 12.7% copper and 1.06 g/t gold and 1.19 g/t goldrespectively.
The target being sought at Copper Hill is a porphyry styledcopper-molybdenum-gold deposit.
Image 2: Copper Hill ProjectGeochemistry - Cu in Rocks
Terms
Pursuant to the terms and conditions of the OptionAgreement dated February 27, 2024, and in order to acquire a 100%interest in and to the Copper hill Project, the Company must pay the Optionor an aggregate of USD $1,500,000 in cash (the“ Exercise Price ”) on orbefore the thirteenth anniversary following the execution of theOption Agreement (the “ OptionTerm ”) (the date of execution being referred to herein as the“ Effective Date ”).
During the Option Term, the Company shall pay the Optionor annualminimum payments, which shall each constitute partial payment ofExercise Price, on or before the following dates: I) USD $15,000 on the Effective Date of the OptionAgreement; ii) USD $25,000 on or before the first anniversary of theEffective Date; iii) USD $50,000 on or before the second anniversaryof the Effective Date; iv) USD $60,000 on or before the thirdanniversary of the Effective Date; v) USD $80,000 on or before thefourth anniversary of the Effective Date; vi) USD $100,000 on orbefore the fifth anniversary of the Effective Date; and vii) after thefifth anniversary of the Effective Date, USD $100,000 on or beforeeach subsequent anniversary of the Effective Date.
Upon exercise of the Option, the Optionor will retain aroyalty equal to two percent (2%) of net smelter returns from theCopper Hill Project, which may be reduced at any time from two percent(2%) to one percent (1%) by the Company, or its permitted assign, bypaying the Optionor an aggregate of USD $1,000,000.
Warren Robb P.Geo., is the designated Qualified Personas defined by National Instrument 43-101 and is responsible for thetechnical information contained in this release.
AboutManning
Manning Ventures is a mineral exploration anddevelopment company focused metals and materials critical to thegrowing Energy Metals space. Manning’s project portfolio includesLithium/Copper projects in Ontario and Quebec, in addition to multipleIron Ore projects in 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.
Certain statements in this pressrelease may contain forward-looking information (within the meaning ofCanadian securities legislation), including, without limitation, theCompany’s payment of theExercise Price during the Option Term, the granting of the net smelterreturn royalty to the Optionor, and the Company’s payment of theannual minimum payments to the Optionor. These statements addressfuture events and conditions and, as such, involve known and unknownrisks, uncertainties, and other factors, which may cause the actualresults, performance, or achievements to be materially different fromany future results, performance, or achievements expressed or impliedby the statements. Forward-looking statements speak only as of thedate those statements are made. Although the Company believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results may differ materially from those in theforward-looking statements. Factors that could cause the actualresults to differ materially from those in forward-looking statementsinclude regulatory actions, market prices, and continued availabilityof capital and financing, and general economic, market or businessconditions. Investors are cautioned that any such statements are notguarantees of future performance and actual results or developmentsmay differ materially from those projected in the forward-lookingstatements. Forward-looking statements are based on the beliefs,estimates and opinions of the Company's management on the date thestatements are made. Except as required by applicable law, the Companyassumes no obligation to update or to publicly announce the results ofany change to any forward-looking statement contained or incorporatedby reference herein to reflect actual results, future events ordevelopments, changes in assumptions, or changes in other factorsaffecting the forward-looking statements. If the Company updates anyforward-looking statement(s), no inference should be drawn that itwill make additional updates with respect to those or otherforward-looking statements.
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