MANNING VENTURES Plans Follow Up Exploration Program at the Bounty Lithium Project
Vancouver, British Columbia – TheNewswire - September 21, 2022 – Manning Ventures Inc. (the “Company” or “Manning”) (CSE:MANN); (FRA:1H5) is pleased to announce that it is set to commence a follow up exploration program at the Company’s 100%-owned Bounty Lithium Property (the “Property”), located in the James Bay Lithium District of northern Quebec. The program is set to commence in early October.
The 7,544 hectare property was staked due to its prospective nature for hosting hard-rock, pegmatite-hosted lithium mineralization. It was selected as a result of a regional targeting method which included the review of pegmatite occurrences across Quebec with the appropriate indicator-mineralogy and indicator-chemistry for hosting Lithium-Cesium-Tantalum (LCT) style, spodumene-bearing pegmatites, within favourable host-rocks. The Property is host to several known pegmatite outcrops, but the project remains underexplored as little to no lithium-focused work has ever been conducted on the Property.
The Company executed a first pass sampling recon program at Bounty in May of this year, with data compilation focused within multiple target areas. Results of this initial program included confirmation of very anomalous lithium (201 ppm to 425 ppm lithium) present within several pegmatites. Those samples in the “very anomalous” category appear combined with elevated levels of tantalum, cesium, and rubidium, which confirms the Lithium-Cesium-Tantalum (LCT) style pegmatite affinity for the Property. Additionally, the abundance of tourmaline amongst the common pegmatite mineralogy of feldspar, quartz and mica adds to the LCT affinity.
There is an abundance of pegmatite outcrops on the project that have yet to be sampled, with many located along trend from those samples with highly anomalous LCT type pegmatite chemistries. These areas will be targeted in this follow up exploration program.
The spatial distribution of the very anomalous pegmatites, clustering in the center of the property, within the volcano-sedimentary country rock is thought to be a positive exploration attribute, given the deposit model within the James Bay Lithium District.
“We’re excited to get back and continue the early exploration strategy at Bounty,” said CEO, Alex Klenman. “The first pass gave us a taste, and we are eager to see what the next block of pegmatites yield. The project is highly prospective and vastly underexplored for lithium. Given what we know about the area geology, Bounty demands more detailed exploration,” continued Mr. Klenman.
The James Bay Pegmatite District of Quebec is known to host several large lithium pegmatite deposits including:
James Bay Project of Allkem.
Rose Lithium-Tantalum Deposit of Critical Elements Lithium Corp; and
Whabouchi Lithium Deposit of Nemaska Lithium
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).
Figure 1: Manning’s property within the James Bay Lithium-Pegmatite District, Quebec
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 six mineral properties (iron ore, lithium) located in the province of Quebec, and four projects (polymetallic, rare earths, uranium) in Newfoundland.
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.
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