July 29, 2021
Vancouver, British Columbia, July 29, 2021 – Manning Ventures Inc. (the “Company” or “Manning”) (CSE: MANN; Frankfurt: 1H5) is pleased to announce analytical results from its recent Phase 1 ground mapping and rock sampling program at three of its 100%-owned Iron Ore projects, located in the Wabush-Fermont Iron Ore District, Quebec, Canada.
As previously announced in a Company news release (June 23, 2021), the Phase 1 program successfully confirmed the presence of iron-formation at the Company’s Lac Simone, Hope Lake, and Broken Lake properties.
Results of the analytical sampling are summarized below:
- Iron Formation outcrop was sampled at three locations on the Lac Simone Property, each assaying greater than 15% Fe(total), which is the minimum cut-off grade used for many of the advanced projects in the region. In total, 8 samples collected returned assays greater than 15% Fe(total), including 4 that are greater than 25% Fe(total) (Figure 2, Table 1).
- The project consists of several, structurally complex iron-formation targets. While sampling has confirmed several targets, some of the targets remain un-sampled, due to low-lying topography and thus can only be tested by drilling.
- The sampling has confirmed excellent iron grades at two new discovery areas that have not had any documented work.
- Iron Formation outcrop was sampled at several locations along the 15-kilometre-long trend across the Property and returned assays greater than 15% Fe(total). In total, 21 samples collected returned assays of greater than 15% Fe(total), including 16 that are greater than 25% Fe(total) (Figure 3, Table 1).
- The project consists of linear-style of iron formation with greater exposure than that of Lac Simone, and thus more samples were collected. Drill testing will be the next step to determine the true thickness of the iron formation on the project.
- The sampling has confirmed excellent iron grades at three known prospect areas at the far west and east ends of the project. The current work program made a new discovery of iron-formation in the center of the project, where no historical work has been documented.
- Iron formation outcrop was sampled at the highest priority trend of the many target areas of the Broken Lake Project. In total, 5 samples collected returned assays of greater than 15% Fe(total), including 4 that are greater than 25% Fe(total) (Figure 4, Table 1).
- The samples were collected in the middle of a 6-kilometre-long magnetic trend. More work is needed to confirm the extent of the iron formation along the trend, and other trends on the project that remain to be explored.
The iron-formation, where outcropping, was sampled to assess the grade and mineralogy at each target area. Additionally, other low-grade iron-formation and other rock types were sampled to understand the whole-rock geochemistry of the project. The Company plans to conduct preliminary metallurgical testing of composite samples to determine the quality of each target area.
“These assay results, which are consistent with known deposits in the area, demonstrate the potential of these high-quality iron-ore projects. We’re pleased with the result so far as we continue to build value for our shareholders,” said CEO, Alex Klenman. “With iron-ore prices remaining at greater than $200 USD per tonne for the third consecutive month, we are well positioned to realize a commodity boom in the iron-ore markets,” continued Mr. Klenman.