(TheNewswire)
Vancouver, British Columbia – TheNewswire - September 27, 2022 – Manning Ventures Inc. (the “ Company ” or“ Manning ”) (CSE:MANN ) ; (OTC:MANVF); ( FRA:1H5) is pleased to announce that it has entered into aProperty Acquisition Agreement (the “ Acquisition Agreement ”) with independent prospectors (the “Vendors”) dated September 12, 2022, pursuant to which the Companyhas agreed to acquire a 100% interest in the Dipole Lithium Project(the “ Property ”).
During the first half of 2022, Dahrouge GeologicalConsulting (“DGC”) completed a regional metallogenic study ofsouthern Newfoundland and recommended the acquisition of The Propertydue to its prospective nature for hosting Lithium-Cesium-Tantalum typepegmatite- and/or tungsten mineralization.
The starting point for the study was the recentdiscovery of Kraken Lithium zone of Sokoman Minerals Corp (TSXV: SIC)and Benton Resources (TSXV: BEX), where the companies have uncovered alarge area of lithium mineralization across an apparent strike lengthof over two kilometers with surface sampling up to 1.93% Li2O andreconnaissance drilling of up to 8.4 meters over 0.95% Li20. TheProperty is located approximately 50 kilometers along strike of theKraken discovery and within the Hermitage Flexure. The HermitageFlexure is a regional-scale structural corridor containingvolcano-sedimentary rock units, which are a favorable host-rocks forspodumene-bearing LCT pegmatites. The Property is host to severalpositive indicators for lithium mineralization.
Historical work report from 1979 by Falconbridge Mines,while searching for base and precious metals, described thefollowing:
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Aplite dikes containing tourmaline and yellowmica,
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“Spod boulders” which may have been descriptions ofspodumene,
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Tungsten, molybdenum, and tin mineralization inboulders that returned up to 1.5% WO3 (with visible scheelite), 100ppm Mo and 238 ppm Sn. These elements are commonly associated on aregional-scale with LCT-style pegmatites in other areas, and
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Descriptions of “coarse grained megacrystic”granite which intrude the volcano-sedimentary belt, which may reflectLCT-style pegmatites.
In addition, a historical mapping campaign of O’Brien and Tomlin(1984), also describe lepidolite, a lithium-bearing mica, associatedwith the tourmaline-garnet bearing aplite dikes. Lepidolite is acommonly associated mineral at or near spodumene-bearing LCT-stylepegmatite(s).
The Property has not yet seen any lithium-specificexploration. The Company plans to aggressively follow up on thisopportunity in order to assess the lithium and / or tungsten potential.
“We’re pleased to add Dipole to our portfolio ofprospective lithium projects,” said CEO, Alex Klenman. “Muchlike out Bounty project, this is an underexplored project thatsuggests upside potential for lithium. We’re eager to get on theground and are currently formulating an exploration plan for the nearterm. We’ll announce plans shortly,” continued Mr.Klenman.
Terms
Pursuant to the terms and conditions of the OptionAgreement and in order to acquire a 100% interest in and to theProperty, the Company will:
(I) pay the Vendors atotal of $120,000 in cash, and issue the Vendors an aggregate of950,000 common shares in the capital of the Company (the“ Shares ”), as follows:
a. within 15 days ofexecuting the Option Agreement, pay $15,000 and issue 100,000Shares;
b. on the firstanniversary of the execution of the Option Agreement, pay $20,000 andissue 150,000 Shares;
c. on the secondanniversary of the execution of the Option Agreement, pay $35,000 andissue 200,000 Shares;
d. on the thirdanniversary of the execution of the Option Agreement, pay $50,000 andissue 500,000 Shares; and
(ii) upon thecommencement of commercial production, pay the Vendors a royalty equalto 2% of net smelter returns from the Property (the “ NSR Royalty ”),which may be reduced at any time from 2% to 1% by the Company payingthe Vendors an aggregate of $1,000,000. Following the Company’s exercise of the Option and prior tothe commencement of commercial production, the Company will pay theVendors advance NSR Royalty payments equal to an aggregate of $5,000per annum up to a maximum of $100,000.
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.
None of the securities issued inconnection with the Option Agreement will be registered under theUnited States Securities Act of 1933, as amended (the“ 1933Act ”), and none of themmay be offered or sold in the United States absent registration or anapplicable exemption from the registration requirements of the 1933Act. This news release shall not constitute an offer to sell or asolicitation of an offer to buy nor shall there be any sale of thesecurities in any state where such offer, solicitation, or sale wouldbe unlawful.
Figure 1: Dipole Lithium Property Location.
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 six mineral properties located in theProvince of Quebec, namely the Lac Simone Project and the Hope LakeIron Ore Projects, a portfolio of projects in Newfoundland, and theBounty Lithium Project, located in Quebec.
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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