Manning Ventures Inc. (the
“Company” or “Manning”) (CSE:MANN) (CNSX:MANN.CN) (Frankfurt:1H5) is
pleased to announce it has expanded claims in and around its two iron
ore exploration projects, Lac Simone and Hope Lake, located near
Fermont, Quebec.
The Company has expanded Lac
Simone by adding 887.4 hectares to the project ground through staking of
17 additional claims. Lac Simone now encompasses 63 claims over 3,287.4
hectares.
At Hope Lake, the Company has
increased the size of the property by acquiring 21 new claims, adding
1,107 hectares to bring the total to 68 claims over 3,584.1 hectares.
The Company is currently
planning preliminary exploration programs at both projects. These
programs will provide additional geological data, confirm the location
of historical outcrops where high grades of Fe have been documented, and
to collect structural measurements to guide future drilling work.
Preliminary metallurgical testing is also planned in order to
approximate a concentrate chemistry and determine the magnetite vs
hematite proportions.
“We are eager to get boots on
the ground and start advancing the exploration of these high-quality
iron ore assets,” said Alex Klenman, CEO of Manning Ventures. “With the
additional staking announced today, we have consolidated our land
positions at both projects, adding important ground to both. With
prices at 10-year highs, we are positioned to capitalize on the robust
dynamics of the iron-ore sector,” he continued.
Work programs are expected to
begin in the coming weeks. More details will be released closer to the
proposed start dates as the exploration plans are confirmed.
About Manning Ventures’ Iron
Ore Projects (Lac Simone and Hope Lake)
Manning has acquired 100% of
Wabush Iron Ore Inc. (“Wabush”) Wabush is the beneficial owner of two
mineral properties located in the Province of Quebec, namely the Lac
Simone Project and the Hope Lake Project.
The Lac Simone Property is
situated proximal to the south of Fermont, Quebec, and shares many of
the same attributes as other more advanced staged properties nearby;
however, it is significantly less developed. The magnetic signature of
the Lac Simone Property, along with the regional mapping and historical
work, indicates several iron formation horizons are present.
Historical work between 1956 and
1964 by Jubilee Iron Corporation included test pits that produced
bulk-sample with an average head grade of 35.51% Fe from iron formation
at the north end of the Lac Simone Property. The material was upgraded
to a concentrate grade of 66.02% Fe (Ross 1956, Report GM06782A).
The Hope Lake Property is
situated approximately 60 km south of Fermont, Quebec, and is crossed at
its western end by a privately owned rail-line which services Arcelor
Mittal’s iron ore operations in the region. In 2011 and 2013 Champion
Iron Mines explored the Hope Lake Property and collected a total of 16
samples of outcrop and reported average grades of 28.7% FeT and 33.7%
FeT from each program, respectively, indicating the property hosts
high-grade quartz-hematite +/- magnetite iron formation. In 2014, an
assessment report completed by MRB & Associates Geological Consultants,
on behalf of Champion Iron Mines, stated that “Careful perusal of all
available data on the Hope Lake claims suggests that the iron formation
that underlies the claim block contains a potential iron-ore resource.
The true grade and amount of iron-ore deposits most amenable to mining
have yet to be determined, but there exists a demonstrably strong
potential for deposits of economic grade” (Langton 2014, Report
GM68246).
The Company cautions that no
mineral resource, either historical or in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI
43-101”), has been completed for the Lac Simone Property or the Hope
Lake Property. In addition, the Company has not yet completed the
necessary work to independent verify historical data, and therefore,
makes no assertions as to the validity of the historical statements with
respect to resource or economic potential of the Lac Simone Property or
the Hope Lake Property.
Source: Manning Ventures |