Vancouver, British Columbia – TheNewswire – April 7, 2022 – Manning Ventures Inc. (the “Company” or “Manning”) (CSE:MANN); (CNSX:MANN.CN); (FRA:1H5); (OTC:MANVF) is pleased to announce that it has expanded, by staking, an additional 55 mineral claims totaling 2,555 hectares at its 100% owned Bounty Lithium Property (the “Property”), located in the James Bay Lithium District of northern Quebec. The Property now contains 144 mineral claims totaling 7,544 hectares.
Following additional regional research of the region it was determined that nine (9) additional pegmatite targets were present within favorable host-rocks. The project now contains 62 pegmatite target areas, many with previously defined indicator-mineralogy and indicator-chemistry for hosting Lithium-Cesium-Tantalum (LCT) style, spodumene-bearing pegmatites (Figure 2).
As previously announced on March 10th, 2022, the Company is planning to undertake initial exploration on the property as soon as is feasible, consisting of mapping and sampling the target areas. The work will occur as soon as the weather and snow-cover dictate in May or June of this year.
“The company is very pleased to secure such a large land position prospective for lithium pegmatites within the emerging James Bay Pegmatite District,” said CEO, Alex Klenman. “Given the ever increasing demand for lithium, Manning has decided to advance the Bounty Lithium Project as rapidly as weather permits. Given the number of known pegmatites at Bounty, we feel this truly represents a transformative opportunity for the company,” continued Mr Klenman.
The James Bay Pegmatite District of Quebec is known to host several large lithium pegmatite deposits, including a recent CV5 discovery (Figure 1) by Patriot Battery Metals (PMET.CSE) located to the east-northeast of Bounty. Additional lithium (spodumene) deposits in the area include:
James Bay Project of Allkem (AKE.TSE),
Rose Lithium-Tantalum Deposit of Critical Elements Lithium Corp (CRE.TSXV); and
Whabouchi Lithium Deposit.
Spodumene bearing pegmatites are important sources of hard rock lithium. With rising EV demand lithium hydroxide and lithium carbonatite prices have risen by over 200% during 2021. Despite the price rises the forecast lithium market imbalance will continue to increase dramatically in coming years (Allkem, CEO Presentation, 2021).
The Company anticipates undertaking an aggressive approach to exploration of the Property. Given its setting within the Eastmain Greenstone Belt, which is also prospective for gold occurrences, in addition to ground mapping and sampling, airborne geophysics can be used to highlight magnetically quite corridors favorable for pegmatite occurrences.
Further, the Company is continuing to evaluate additional opportunities in the battery mineral sector.
Figure 1: Manning’s property within the James Bay Lithium-Pegmatite District, Quebec.
Figure 2: Bounty Lithium Project with pegmatite target areas, indicator mineral and geochemistry anomalies, and recent staking.
Neil McCallum, B.Sc., P.Geo., of Dahrouge Geological Consulting Ltd., a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, supervised the preparation of the technical information in this news release.
About Manning Ventures
Manning is a broad-based mineral exploration and development company with a focus in Canada. Manning holds a 100% interest in two mineral properties located in the Province of Quebec, namely the Lac Simone Project and the Hope Lake Iron Ore Projects. The Company is also currently earning towards a majority interest in the Squid East Silver-Gold Property, located in the Yukon, and the Flint Lake Gold Project located in Ontario.
For further information contact:
Manning Ventures Inc.
Alex Klenman – CEO
Telephone: (604) 681-0084
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
FORWARD LOOKING STATEMENTS:
Completion of the acquisition is subject to a number of conditions, including receipt of appropriate regulatory approvals. The acquisition cannot close until all such conditions are satisfied. There can be no assurance that the Acquisition will be completed as proposed or at all.
Certain information in this news release may contain forward-looking statements that involve 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 of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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