TORONTO, Oct. 5 /CNW/ - Mantis Mineral Corp., ('Mantis'-CNSX 'MYN') is pleased to announce it has entered into an option agreement to acquire 100% of the Case pegmatite, a lithium-tantalum rich pegmatite located 75-km east of Cochrane, Ontario in Steele township. The project consists of 5-claims totaling 580-hectares. Access to the site is excellent via an all weather provincial roadway and 3-km of good bush road.
Historical data indicates that the North and Central Dikes of the Case pegmatite complex are spodumene bearing and collectively host a tonnage of pegmatite material exceeding two million (2,000,000) tons. From this data an average lithium content for the spodumene bearing zones expressed as Li(2)O is 1.22%.*
The Case pegmatite system has been well documented. It was investigated in 2001 for its tantalum potential by Platinova A/S ('Platinova'), and more recently included in a study of pegmatites conducted by the Ontario Geological Survey culminating in two published reports; Open File Report ('OFR') 6099, 2003 and OFR 6195, 2006.
The Case pegmatite is the fifth largest lithium bearing pegmatite in the Superior geologic Province of Ontario (ref: OFR 6195 page- 109) consisting of three dikes dimensionally summarized below;
South Dike(1) (10-meter thickness by over 250-meter strike length)
Central Dike (39-meter thickness by over 350-meter strike length)
North Dike (12-meter thickness by over 100-meter strike length)(2)
(1) Note: South Dike does not contain the lithium mineral spodumene.
(2) Note: reference source OFR 6195 page 113.
From the drilling conducted by Platinova in 2001, cross-sections reveal that the Central dike, the larger of the two spodumene bearing dikes was intersected at vertical depths of up to 70-meters. Drill intersections of the spodumene zones of the dike ranged from 7.4-meters to 28.3-meters, averaging 23.5-meters. Lithium content (Li(2)O) from channel cuts, grab samples and one drill hole within the spodumene zones of the dike ranged from 0.30% to 2.96% averaging 1.22 %.
As the pegmatite system remains open along strike and at depth Mantis' future plans for assessing its potential includes geological compilation, sampling and diamond drilling.
Commented Robin Ross CEO, "From a conceptual perspective, based on the historical data, the Case pegmatite has a high potential to host a significant lithium mineral component exceeding 2 million tons and averaging 1.2% Li(2)O. As the electrification of the automobile gears up, and battery technology adopts the lithium ion cell, the demand for lithium is expected to increase. Mantis is in a very strategic position to take advantage of this demand with the acquisition of the Case pegmatite. The size and richness of the pegmatite coupled with its proximity to established infrastructure bodes very favorably for developing this resource."
* Cautionary note: Tonnage and grades are conceptual and do not imply or indicate a resource as defined by National Instrument 43-101. The property requires a program of definition drilling before any resource estimates are attached to it.
In consideration for Mantis' 100% interest in the Case Pegmatite Property subject to a 2% Net Mineral Royalty, Mantis must fund an aggregate of $ 75,000 payable to the Optionor over three years. Mantis will also pay the sum of $3000 and issue one hundred fifty thousand (150,000) common shares immediately subject to regulatory approval, including satisfaction of the requirements of the CNSX.
While the historical assays reported do not conform to National Instrument 43-101 they are generally considered reliable according to local industry standards.
Walter Hanych is the qualified person for all technical information in this release.
About Mantis Mineral Corp.
Mantis Mineral Corp. is a Canadian based resource and exploration company traded publicly under the symbol MYN on the CNSX. Mantis is focused on creating shareholder value through the exploration and development of its suite of strategically located, high-impact Canadian exploration projects.
The CNSX has not reviewed and does not accept responsibility for the
adequacy of this release.
SOURCE Mantis Mineral Corp.
For further information: For further information: Mr. Robin Ross, Chairman & CEO: (416) 362-1800, firstname.lastname@example.org, or visit our corporate website at www.mantismineralcorp.com