TORONTO, June 24 /CNW/ - Mantis Mineral Corp ('Mantis'-CNSX 'MYN') is
pleased to announce that it is in the process of mobilizing a drill rig to its
Cree Lake gold property to test the Flint Rock gold occurrence where trenching
and sampling yielded gold values as high as 1,300 gpt (37.91 opt). The high
grade vein at the occurrence is hosted within an envelope of gold bearing
sheared volcanics, over a 2-meter width and 100-meter strike length. The drill
is expected to arrive June 29th.
A diamond drill program of up to 1200-meters has been designed to test
the high grade Flint Rock gold occurrence along a 200-meter strike length.
100-meters of this strike length will test the gold bearing system immediately
below the area stripped last fall that yielded the high grade surface sample
results. Targeted depths in this section will range from 50 to 100-meters. The
strike extension will be probed at 40 to 50-meter vertical depths.
The drill program is expected to last up to 4-weeks. Results should be
available by mid August.
The Flint Rock Occurrence
This occurrence was stripped and sampled by Mantis in the fall of 2008,
the results of which were reported in earlier press releases and returned high
grade gold mineralization including visible gold. Significantly, the recent
compilation has revealed that a single hole drilled in 1990 by Vanin Mining,
collared 25-meters northeast of the limit of the current stripping returned an
assay from the interval 82.6-85.0-meters of 31.3 gpt (1.0 opt). This
intersection correlates with upward projection to surface of the shear hosted
fault-fill veins, which returned spectacular high grade values up to 1,300 gpt
(37.91 opt) from spot-cut and grab samples at surface. Interestingly, this
hole was stopped in a shear. More importantly, this hole, in-conjunction with
the stripped area extends the strike length to 125-meters and highlights the
open ended potential along its east-northeast extent.
Commented Robin Ross, CEO, "We are very excited about drilling the high
grade Flint Rock gold occurrence, as this is the first time since 1962 that
the occurrence will be probed at depths exceeding the shallow drilling
conducted back then. These holes will be very crucial in determining the gold
bearing potential of the system".
Mantis completes private placement
Mantis is also pleased to announce it has closed a private placement of
11,300,000 units at a price of $0.05 per unit with HDL Capital Corporation as
agent for gross proceeds of $565,000. Each unit consists of one common share
and one-half of one share purchase warrant, each whole warrant entitling the
holder thereof to acquire one share at a price of $0.15 for a period of one
A total of $34,400, and 860,000 broker warrants were issued by Mantis in
commission in connection with the private placement. Each broker warrant
entitles the holder thereof to acquire one unit at a price of $0.05 per unit
for a period of one year.
Completion of the private placement is 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
This news release has been viewed and approved by Walter Hanych, senior
geologist and project manager, who is responsible for program design and
quality control of exploration undertaken by the Company.
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.
For further information:
For further information: Mr. Robin Ross, Chairman & CEO: (416) 362-1800,
firstname.lastname@example.org, or visit our corporate website at