Manning Ventures Plans Drill Program at Iron Ore Projects, Quebec
Vancouver, British Columbia – TheNewswire – September 20, 2021 – Manning Ventures Inc. (the “Company” or “Manning”) (CSE:MANN) (CNSX:MANN.CN) (Frankfurt: 1H5) is pleased to announce that it has finalized drill targets 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 29, 2021), the Phase 1 program successfully confirmed the analytical results of iron-formation at the Company’s Lac Simone, Hope Lake, and Broken Lake properties. 14 outcrop samples returned results of greater than 30% Fe (total).
Permitting is underway and drilling is expected to commence later this year, subject to permit approvals and community consultations. Drilling will test the thickness of iron formation, where positive surface sampling results have been obtained, and magnetic surveys have indications of thicker accumulations of iron-formation. The company expects to complete between five to eight drill holes on the highest priority target areas.
“We’re eager to begin to drill test the numerous targets on our properties,” said CEO, Alex Klenman. “We look forward to obtaining important information to progress the development of our iron-ore assets.” continued Mr. Klenman.
More information on the drill program will be released in the comings weeks.
Property Descriptions
The 3,584.1 hectare Lac Simone Property is situated proximal to the south of Fermont, Quebec, 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 Lac Simone 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 Lac Simone Property. The material was upgraded to a concentrate grade of 66.02% Fe (Ross 1956, Report GM06782A).
The Hope Lake Property comprises 3,287.4 hectares situated approximately 60 km south of Fermont, Quebec, 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).
Broken Lake is 4,524-ha property that features an approximately 18-km long trend of iron formation that has been historically drill-tested, and a well-mineralized interval exceeding 84 m reported, although no assays were documented (GM04504B). A 6 km long belt of highly magnetic rocks in the area, that has not yet been drill-tested, has been mapped as a magnetite-rich iron formation and represents a prime exploration target. The project contains magnetic signatures and geological mapping that suggest structural thickening and possibly over-turned sequences of rocks that have the potential to create favorable iron formation horizons.