Manning Ventures Outlines Exploration Plans at Its Quebec - Based Iron Ore Projects
Vancouver, British Columbia – TheNewswire - March 2, 2021 – Manning Ventures Inc. (the “Company” or “Manning”) (CSE:MANN) (CNSX:MANN.CN) (Frankfurt:1H5) is pleased to provide shareholders with proposed exploration plans at its two wholly-owned Iron Ore exploration projects, located in the province of Quebec, Canada.
Manning’s Iron Ore projects include Lac Simone, totaling 2,400 hectares, and Hope Lake, totalling 2,477 hectares, located near Fermont, QC, within the southern portion of the Labrador Trough, which is host to several operating iron ore mines.
The Company is currently planning a series of systematic exploration programs, to be completed in the coming months, to advance the Lac Simone and Hope Lake projects and better define drill targets. Initial work will consist of ongoing data compilation and analysis of historical exploration work near, and on, the current claims. The Company’s geological consultants are currently reviewing historical magnetic, gravity, and radiometric data as well as historical sampling and drilling results.
The compilation work will guide a follow-up reconnaissance sampling and mapping program, which is set to take place in the summer months. The ground work is also expected to include channel sampling if representative outcrops are located. Samples will be also tested for mineralogy which will indicate the suitability for well-known metallurgy and processing techniques.
A drill program, totalling approximately 10 holes (2,000 m), is anticipated to occur in the second half of 2021, dependent on logistical conditions which will be determined during the prior reconnaissance field program.
Figure 1: Manning Ventures Iron Ore Project locations, Quebec, Canada
“We are committed to advancing these projects forward,” said Alex Klenman, CEO. “We have a clear and concise plan and will be executing on this plan in the coming months. Recent events have brought iron ore back into favour for the first time in many years and we believe these projects and other additional corporate initiatives we’re pursuing in the area will have a positive impact on our market cap in the near future. It’s an exciting space and we’re pleased to be active within it,” continued Mr. Klenman.
The Company notes that it will carry out its field programs while adhering to all federal, provincial and regional restrictions in place due to the COVID-19 pandemic. Mineral exploration has been recognized as an essential service in Canada and the province of Quebec.
Qualified Person Disclosure
Darren L. Smith, M.Sc, P.Geo, Dahrouge Geological Consulting Ltd., a registered permit holder with the Ordre des Géologues du Québec and a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this news release.
About Manning Ventures Iron Ore Projects (Lac Simone and Hope Lake)
The Lac Simone Property is situated proximal to the south of Fermont, QC, 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 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 Property. The material was upgraded to a concentrate grade of 66.02% Fe.
The Hope Lake Property is situated approximately 60 km south of Fermont, QC, 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 NI 43-101, has been completed for 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 Property.
About Manning Ventures
Manning Ventures is a broad-based mineral exploration and development company with a focus in Canada. Manning is 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. In addition, Manning also has signed a definitive agreement to acquire 100% of Wabush Iron Ore Inc. Wabush is the beneficial owner of two mineral properties located in the province of Quebec, namely the Lac Simone Project, totalling 2,400 hectares, and the Hope Lake Project, which totals 2,477 hectares.
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 release.
FORWARD LOOKING STATEMENTS:
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the Canadian Securities Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.