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Two copper occurrences on the property are intimately associated with the northwest trending Eastborne Hall
The Company also targeted the project for it’s Lithium potential. The Property is situated approximately 15kms east of the Barbara
Ground and magnetic surveys were completed on the Kaba ground in 1968 by Anglo-American. Two anomalies, 275m and 180m long, were outlined by magnetics. The EM survey indicated mineralization extended for 1200m. Drilling by Anglo highlighted 26.5m grading 1% Cu and 17.3m grading 0.54% Cu (MDI42E04NE00007). There were no analyses for gold.
Most copper assays were whited out in the assessment report. Other intervals include 2.02% Cu over 4.27m and 1.26% Cu over 3.65m. Chip samples in 1979 by
Very little systematic exploration and drilling has been completed along the copper-bearing structure with the last drill program completed in 1980 (3 holes for 172m). No assays are available.
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Figure 1:
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Figure 2: Late rift stage hydrothermal deposits related to the Mid Continental Rift
“When this project came to our attention we weren’t necessarily looking to add to our portfolio, however once we completed due diligence we felt it is a compelling exploration target worth pursuing,” said CEO,
The Company is currently planning an initial expoloration program for Kaba to be conducted in the coming weeks and will announce details shortly.
Terms
Pursuant to the terms and conditions of the Option Agreement and in order to acquire a 100% interest in and to the Property, the Company must:
pay the Owners an aggregate of
$90,600 in cash, over a three-year period following the excuection of the Option Agreement (the date of execution being referred to herein as theEffective Date”);issue the Owners an aggregate of 500,000 common shares in the capital of the Company Manning within five (5) business days of the Effective Date;
incur an aggregate of at least
$20,000 in exploration expenditures on the Propertyby the one (1) year anniversary of the Effective Date; andgrant the Owners a royalty equal to one and one-half percent (1.5%) of net smelter returns from the Property, which may be reduced at any time from one and one-half percent (1.5%) of net smelter returns to one percent (1.0%) of net smelter returns by the Company paying to the Owners an aggregate of
$600,000 .
All securities issued in connection with the Option Agreement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws.
Qualified Person
About Manning
Manning is a broad-based mineral exploration and development company with a focus in
For further information contact:
Email:info@manning-ventures.com
Telephone: (604) 681-0084
www.manning-ventures.com
FORWARD LOOKING STATEMENTS:
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “anticipates”, “plans”, “expects”,“intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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