TORONTO, April 21 /CNW/ - Mantis Mineral Corp. ("Mantis"-CNSX: 'MYN') is pleased to announce that Probe Mines Limited ("Probe"-TSX-V: 'PRB') has entered into an option agreement (the "Agreement") to acquire the Cree Lake Gold Project, subject to regulatory approval. Pursuant to the Agreement, Probe has an option to acquire up to a 70% interest in nineteen mining claims covering 4,032 hectares comprising the Cree Lake Gold Property. In 2009 Mantis discovered a new gold zone on the property characterized by thick, near surface, drill intersections of low-grade gold mineralization. This style of mineralization is not typical of the Swayze Belt and represents excellent potential for the delineation of a large tonnage, low-grade gold deposit. The project is located in Swayze Township, approximately 195 kilometers northwest of Sudbury, Ontario, and seven kilometres southwest of the past-producing Kenty gold mine. Probe is currently planning its first phase of drilling on the property, to begin as soon as ground conditions permit. Details of the drilling will be announced prior to commencement of the program.
Probe may earn a 51% undivided interest in the Cree Lake Gold Project by making an initial payment of 150,000 common shares of Probe within 10 days of the signing of the option agreement, fund expenditures of $1,000,000, which includes an IP survey and a diamond drill program, issue a total of 1,000,000 Consideration Shares in aggregate and completes and fund an additional 5,000 meters of drilling by April 2013. Upon completing all the payments mentioned above, Probe will have a second option to acquire an additional 9% undivided interest in the Cree Lake Gold Project by paying two million dollars ($2,000,000) on or before April 15, 2014 to Mantis. Probe will have a third option to acquire a further undivided 10% interest in the property by paying three million dollars ($3,000,000) on or before April 15, 2015 to Mantis. Four of the claims comprising the Cree Lake Gold Project are subject to a 1.5% net smelter return royalty in favor of previous vendors.
The Mantis occurrence represents a new gold discovery in the Swayze Belt. Recent drilling intersected a volcanic-hosted, quartz stockwork system carrying significant gold values along substantial drill hole widths, which include a 15.5-meter interval averaging 2.05 g/t Au from hole CL09-6 (see Mantis press release September 9, 2009). The zone comes to surface and represents excellent open-pit potential for a gold deposit of the high tonnage, low-grade type.
Follow-up trenching conducted by Mantis immediately west of hole CL09-6 exposed a 50-meter length of intermittent quartz veining and shearing over a 10-meter width. Grab samples within this zone yielded significant gold values ranging from 0.61g/t to 43.2 g/t, with an average of 6.47 g/t.
The property is situated along the Ridout deformation zone, a 130-kilometer long structure that hosts past producers such as the Jerome, Tyrranite and Kenty Mines, as well as numerous gold showings. The area has received recent attention with the identification of thick intervals of gold mineralization by Trelawney Mining on its Chester Gold Project, located approximately 60 kilometres southeast along strike in the Swayze Belt.
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, email@example.com, or visit our corporate website at www.mantismineralcorp.com