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Tuesday, June 14th, 2022 5:34 pm EDT
Manning Ventures Inc.’s initial exploration program at the company’s 100-per-cent-owned Bounty lithium property, located in the James Bay lithium district of Northern Quebec, will commence on or around May 20, 2022.
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.
Data compilation targeting efforts have outlined a total of 62 target areas, many with previously defined indicator-mineralogy and indicator-chemistry for hosting LCT-style, spodumene-bearing pegmatites.
This initial exploration program is designed primarily to map and sample newly identified target areas and is expected to last approximately one week.
“This reconnaissance program will provide critical data in moving Bounty forward,” said Alex Klenman, chief executive officer. “As has already been recognized, Bounty shows favourable geological characteristics that are conducive to lithium mineralization. With over 60 pegmatitic targets to test in an increasingly established lithium district, we like the way this project is developing. The positive exploration proposition at Bounty is abundantly clear,” 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.;
- Whabouchi lithium deposit of Nemaska Lithium.
Spodumene-bearing pegmatites are important sources of hard-rock lithium. With rising electric vehicle demand, lithium hydroxide and lithium carbonatite prices have risen by over 200 per cent during 2021. Despite the price rises, the forecast lithium market imbalance will continue to increase dramatically in coming years (Allkem, CEO presentation, 2021). Further, the company is continuing to evaluate a number of opportunities in the battery mineral sector.
Qualified person disclosure
Neil McCallum, BSc, PGeo, of Dahrouge Geological Consulting Ltd., a registered permit holder with the Ordre des Geologues du Quebec 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 Inc.
Manning is a broad-based mineral exploration and development company with a focus in Canada. Manning holds a 100-per-cent interest in six mineral properties (iron ore, lithium) located in the province of Quebec, and four projects (polymetallic, rare earths, uranium) in Newfoundland. The company is also currently earning toward a majority interest in the Flint Lake gold project located in Ontario.
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