Canadian Trading and Quotation System Inc.
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TORONTO, Oct. 25 /CNW/ - Robin Ross, CEO stated, "Over the last six
months, Mantis Mineral Corp. has worked diligently to develop an asset base of
exploration properties in discovery areas, with exciting upside. We now have a
plethora of high-impact targets to attack in the near-term."
Properties acquired by Mantis include strategically located ground in
three potentially world-class mineral and metal districts in Canada based on
recent discoveries. Mantis has also acquired a number of properties in
historic mining districts, about which the company is extremely excited.
Mantis is now readying to launch aggressive exploration programs on each.
A summary of the company's main projects, and upcoming work programs is
presented in this press release.
The Tamarack Project, located in the James Bay Lowlands, is situated
along the same geological horizon, 26km from Noront's Double Eagle property.
Previous drilling results on the project include a 7.8-metre section of
chalcopyrite-rich VMS mineralization grading 3.1% copper, and 2.4% copper over
Robin Ross commented, "The Tamarack property is a significant land
package relative to regional players - and to our knowledge one of the few
properties near the recent Noront discovery where massive sulphides have
already been intersected on Tamarack by Probe Mines Limited's ('Probe')
previous drilling program. We are planning follow-up drilling to explore the
extension of the original Probe copper discovery as well as a VTEM Airborne
survey on the southwestern boundary of the Tamarack claim group on the Sachigo
River Greenstone Belt."
VTEM Airborne survey planned for early November followed by a drill
program in early 2008.
The Orphan Gold Mine is located 30-kilometers west of Geraldton and 10
kilometers southeast of Kodiak Exploration's discovery holes at Hercules.
Historic highlights include:
- 1934-1935, 80-meter (262-foot) shaft, 150 foot level and 250 foot
- 3525 tons ore mined, returned average grade of 0.689 opt gold and
0.44 opt silver.
- "Main Vein" traced on surface for 117-meters (383-feet).
- Historical samples of "Main Vein" on surface assayed up to 11.52 opt
- Untested mineralized potential from surface to 250-foot level along
383-foot strike length.
- Open down dip potential beyond 250-foot level.
- Sub-parallel auriferous veins ("Aker" and "New") to north offer
- Aker vein, average of three historic samples yielded 2.80 opt gold.
- New Vein, historic drill intersection of 0.46 opt gold along
- Foisey Occurrence: dynamic hydrothermal system with a 750 metre strike
length already defined and historical assays up to 0.62 ounces gold
per ton and channel samples ranging from 0.61 to 2.04 ounces per ton
over widths of 3.0 to 5.8-meters
Robin Ross stated, "The Beardmore-Geraldton Gold Camp is once again the
subject of excitement given Kodiak's recent discoveries there. We are thrilled
to be right in the middle of this play, sitting on a historic mine with
historic grades all over surface at similar values to what our neighbour has
been reporting. We look forward to testing the anomalies at Orphan."
A Line cutting grid will be cut over the original Orphan Mine site and a
second grid will be cut on the Foisey System to the northwest followed by an
I.P. ground survey in November. Drilling is planned for early in the new year.
The 100% owned Grass River project consists of approximately 10,000 acres
comprising 20 claim dispositions ("The Grass River Claims") located near Snow
The property group is contiguous with VMS Ventures' Reed Lake property
where that company recently reported a drill intercept which encountered 4.38%
copper over 43.05 metres, including 10.50 metres of 11.19% copper.
Grass River claims numbers 2, 3, 4 and 5 directly adjoin the claim block
on which VMS reported its discovery hole, laying as close as 2.4 kilometres
from the discovery at the closest point.
Noranda explored a part of what now comprises the current Grass River
property in the 1990s as part of their larger property package at the time,
which included the present VMS Ventures project.
SPECTREM anomalies were identified by Hudson Bay Exploration and
Development Corp. in 1994 on the Mantis property.
The Grass River claims lay in the Flin Flon - Snow Lake Volcanogenic
Massive Sulphide belt which is one of the most prolific Proterozoic belts in
the world with over 20 producing and past producing Cu-Zn-Au-Ag deposits.
Robin Ross commented, "This exciting recent acquisition positions Mantis
as a central player in the Flin-Flon-Snow Lake VMS Belt. The Mantis Grass
River claims put the company in the closest proximity to the Reed Lake
Upon closing of this acquisition, Mantis anticipates following up on
previous work performed by Noranda in the 1990's with a deep penetrating VTEM
survey, and targeted drilling in Q1 2008.
The Rottenstone Project located in La Ronge, Northern Saskatchewan was
mined by Inco in the 1960's, producing approximately 40,000 tons of high-grade
ore grading 3.28% Ni, 1.83% Cu and 9.63 g/t PGE.
Extremely high Ni-Cu-PGE grades in association with high contained
sulphides (40% to 60%) hosted in a small ultramafic body strongly indicates
extension of a much larger ultramafic intrusive body hosting a much larger
high-grade Ni-Cu-PGE deposit in the area or at depth.
Dr. Larry Hulbert D. Sc., P.Geo (world renowned nickel geologist),
suggests the much larger magma source has yet to be discovered due to previous
drilling which was too shallow to encounter the source.
Robin Ross commented "We consider Rottenstone to be a flagship asset of
this company, and believe that there is tremendous potential here if we can
identify the feeder source to the high grade material ($1,800 rock value/ton
at current metal prices) that Inco pulled out of the top of the mountain at
Rottenstone in the 1960's."
Deep penetrating VTEM-B Airborne survey before the end of 2007, followed
by deep drilling in Q1 2008.
Work to date has identified multiple drill targets on our Thorburn and
Oke properties, and a drill program is being co-ordinated with our other
Mantis is planning a ground evaluation of our King Dodds Project to
locate the historical reported trenches and gold vein showings. This will be
followed by trenching and channel sampling of the historical reported system
by the Northern Miner.
Evaluation of our Cree Lake Property is ongoing and plans will be
announced shortly. The company anticipates more specific information will be
released in the coming weeks.
Commented Robin Ross, "Mantis has a team of senior geologists experienced
in all facets of mineral exploration and development including diamond
drilling companies, geophysical crews and consulting firms at our disposal.
With our recent funding, we plan on having a very aggressive as well as
exciting year ahead."
About Mantis Mineral Corp.
Mantis Mineral Corp. is a Canadian based resource and exploration company
traded publicly under the symbol MINE on the CNQ. Mantis is focused on
creating shareholder value through the exploration and development of its
suite of strategically located, high-impact Canadian exploration projects.
The CNQ 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