TORONTO, Oct. 25, 2012 /CNW/ - Mantis Mineral Corp. ("Mantis", CNSX: 'MYN') is pleased to announce that it has entered into an option agreement (the "Agreement") to acquire a 100% registered undivided interest in The East Lingman Lake Gold Property consisting of twelve (12) staked claims, totalling 538.3-hectares and located in the Kenora District, Province of Ontario, approximately 325-kilometers north of the Town of Red Lake. The twelve (12) staked claims surround the Lingman Lake Gold Property.
- Historical Gold Resource of 373,409 tonnes grading 6.86 grams per tonne.
- In excess of 5,000-meters of drill core available for re-assaying, (approximately 70% remains intact).
- Historical sampling restricted to vein and obvious alteration zones.
- Deposit is open at depth and along strike to the east and west.
- Potential for larger tonnage disseminated style gold mineralization with volcanic package and surrounding intrusive rocks.
The East Lingman Lake Gold Property surrounds the Lingman Lake Gold Property currently owned by Signature Resources Ltd. (TSX-V) which hosts the Lingman Lake gold mine, (4-patented claims) an underground infrastructure that includes a 126.5-meter shaft which serviced three levels, at 46-meters (150L), 84-meters (275L) and 122-meters depths (400L) and a reported HISTORICAL RESOURCE* estimate of 152,000 ounces of contained gold in five zones (D.S. McPhee, 1988).
Two of the East Lingman Lake Gold Property claims occur east and along strike of the five zones. One of these claims contains the east strike extension of the Lingman Lake Gold Mine resource and has a reported HISTORICAL RESOURCE* estimate of 373,409 tonnes grading 6.86 grams per tonne or 82,300 ounces of contained gold.(D.S. McPhee, 1988).
To the west of the four patented claims that constitute the Lingman Lake mine is a 2-unit claim belonging to the East Lingman Lake Gold Property, which forms a common north-south boundary with respect to the west portion of the 4-patented claims. This 2-unit claim potentially hosts the western extension of the North Zone. The remainder of the East Lingman Lake Gold Property claims occur north and south of the 4-mine patented claims, effectively surrounding the 4-patented claims of the Lingam Lake Gold Mine.
The East Lingman Lake Gold Property, like the Lingman Lake Gold Mine, host zones in sub-parallel stacked tabular bodies of silicified and quartz veined material within mafic metavolcanics proximal to quartz-feldspar porphyry intrusions that may be genetically related to a larger intrusion situated north of the zones. The North zone, the strongest of the zones on the property strike east-west, dips steeply south, and extends along a 330-meter strike length contained within a staked claim that shares a common north-south boundary with the east patented claims of the Lingam Lake mine. To the east of the above mention staked claim another staked claim potentially hosts the continued eastern extent of the North zone on the East Lingman Lake Gold Property
Like the Lingman Lake Gold Mine, the East Lingman Lake Gold Property ,in drill hole intercepts, hosts high (16.8 gpt over 0.76m), moderate grade but wider widths (7.7 gpt over 9.14m), lower grade (1.7gpt over 5.94m) gold mineralization within quartz vein networks and silicified zones in shear structures. Although the mafic metavolcanics and to a lesser extent the quartz-feldspar porphyry intrusions contain variable amounts of disseminated sulphides beyond the historically identified zones, the areas of disseminated mineralization have never been systematically or thoroughly sampled, offering the potential for lower grade but higher tonnage gold mineralization.
The East Lingman Lake Gold Property is situated within the Lingman Lake Greenstone Belt and approximately 64-kilometers south of Mega Precious Metals' Monument Bay project. This project located in the Sachigo Greenstone Belt is host to a published resource of 1.0M ounces of measured plus indicated and 1.7M ounces of inferred contained gold.
A work program of digital data compilation of the over 45-drill holes with multiple drill zone intercepts will be conducted over the next few months to generate a computer model of the mineralized zones within their geologic/alteration environment. A program of re-assaying intact drill core and twinning of holes to confirm historical resource will follow.
The Agreement provides that Mantis may acquire a 100% registered undivided interest in the East Lingman Lake Gold Property subject to a 3% Net Smelter Royalty, by making an initial payment of 1,000,000 common shares within 10 days of the signing of the Agreement, and further paying an aggregate of $800,000 in cash, or equivalent value in common shares of Mantis over four years. Any common shares issued by Mantis under the terms of the Agreement are to be priced at $ 0.05, subject to regulatory approval and a four month regulatory hold period from date of issue.
This news release has been viewed and approved by Walter Hanych,P.Geo., who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company.
*While assays presented are historical in nature and by definition do not conform to National Instrument 43-101 they are generally considered reliable according to local industry standards.
(Note: The issuer is not treating the Historical estimate as a Current mineral resources or mineral reserve. A qualified person has not done sufficient work to classify the 'historical' estimate as current mineral resources or mineral reserves).
About Mantis Mineral Corp.
Mantis Mineral Corp. is a Canadian exploration company with a portfolio of quality gold and base metal properties and trades publicly under the symbol MYN on the CNSX.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.
SOURCE: Mantis Mineral Corp.
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