Mantle Resources Inc.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | Suite 1304 - 925 West Georgia Street Vancouver, B.C. Canada V6C 3L2 |
| Tel No.: | (604) 684-2181 |
| Fax No.: | (604) 682-4768 |
| Web Site: | www.mantleresources.com |
| Corporate Email: | info@mantleresources.com |
| Contact Person: | Peeyush Varshney |
| Position: | CEO |
| Traded Market: | TSX-V |
| Traded Symbol: | MTS |
| Outstanding Shares: | 67,484,108 |
| Public Float: | 45 Million |
| 52 Week High: | $ 1.55 |
| 52 Week Low: | $ 0.54 |
| Present Price: | Click Here |
INTRODUCTION
Mantle Resources Inc. is a publicly listed mineral resource exploration company focused on zinc exploration and development in Canada. The Company has extensive property holdings (in excess of 100,000 hectares) in a world class zinc-lead basin in northeastern British Columbia, Canada.
Zinc is the third most used non-ferrous metal (after aluminum and copper) and the demand from countries like China and India, with robust expanding economies, are straining global zinc markets.
Lundin Mining Corporation (TSX:LUN) has recently purchased approximately a 10% equity interest in Mantle Resources.
The Company's gold is to prospect, develop and cultivate producing properties to maximize shareholder value.
PROJECT IN HAND
(1) Akie Property, Northeastern British Columbia
Mantle Resources has a 100% interest in the Akie property - which is emerging as one of the most prospective zinc deposits in Canada. The Akie sedimentary exhalative (SEDEX) zinc-lead property comprises approximately 5,400 hectares in the Omineca mining division of British Columbia and is located approximately 260 km northwest of the town of Mackenzie. The property contains a partly explored zinc-lead-silver-barite massive sulphide deposit. Between 1992 and 1996 approximately $5.4 million was spent by other parties exploring the property, including approximately 13,000 metres of diamond drilling. Over the past year and a half, Mantle has spent an additional $4.75 million exploring the property, including approximately 7,000 metres of drilling.
The Akie zinc-lead property is situated within the southern-most part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.
In 1995/96 Inmet Mining Corporation, the previous operator, estimated a zone of mineralization based on four widely spaced (+200 m) drill holes of approximate dimensions of 1,200 m strike x 450 m dip x 7 m width. The estimated grade of the core zone was 8.52% zinc, 1.47% lead and 13.2 g/t silver contained within a larger (+50 million tonnes) body of sphalerite-galena-pyrite-barite mineralization.
The Cirque deposit (owned by Teck Cominco and Korea Zinc), with a historical resource estimate in excess of 40 million tonnes grading 7.8% zinc, 2.2% lead and 48 g/t silver, and the Akie deposit, are located in similar geological settings some 18 km apart.
Another SEDEX zinc-lead-silver deposit of the same age that formed under very similar geological conditions to Akie is the Red Dog deposit, operated by Teck-Cominco and located in the Brooks Range of northern Alaska. Red Dog is the largest zinc mine in the world and is one of the largest accumulations of zinc and lead mineralization - more than 32 Mt contained zinc and lead metal.
The Akie deposit remains open to expansion in tonnage and grade both along strike and down-dip. The 2007 exploration program is currently underway at the Akie property.
(2) Mt. Alcock Claims, Northeast British Columbia
The Company has a 100% interest, subject only to a 1% Net Smelter Returns (NSR) royalty, in certain mineral claims located in the Mt. Alcock area of northeastern British Columbia. The 30 mineral claims encompass a total of approximately 8,400 hectares. The best reported drill intercepts are 10.5 metres grading 6.8% combined zinc and lead and 23.3 g/t silver, and 8.8 metres grading 9.30% combined zinc and lead and 41.1 g/t silver (including 3.6 metres of 14.2% combined zinc and lead).
The Cirque deposit (referenced above under "Akie Property") is located 22 km to the southeast of the Mt. Alcock Claims.
MANAGEMENT
Mantle Resources Inc. has a well management team with experience in different areas.
Peeyush Varshney, LL.B., CEO & Chairman
Mr. Varshney is a principal and director of Varshney Capital Corp., a public venture capital firm. He is currently a director or officer of several public companies listed on the TSX Venture Exchange and the TSX including Mountain Province Diamonds Inc. (MPV) and JER Envirotech International Corp. (JER). Mountain Province Diamonds is a partner in the largest new diamond mine under development globally. The project has the potential to become one of Canada's major high grade and long-life diamond mines.
Mr. Varshney obtained a Bachelor of Commerce degree (1989) and a Bachelor of Laws degree (1993) from the University of British Columbia.
Jim Mustard, P.Eng., President
Mr. Mustard is a geologist and Professional Engineer with extensive exploration, development and operating experience in North and South America including Canada with Cyprus Anvil Mining Corporation, Amax Group of Companies and Noramco Mining Inc. In South America/Mexico he has worked for Pacific Rim Mining Corp., Eldorado Gold and Barrick Gold.
From October of 1996 to September of 2007, he was Vice President and Senior Mining Analyst of Haywood Securities Inc.
His exploration experience ranges from project generation, prospect evaluation, drill definition, reserve estimates to economic valuation for underground and open pit mines. He has excellent knowledge of deposit models, mine site economics, engineering and computer modeling techniques and has several years of operation and engineering experience at both open pit and underground mines, including lead-zinc development projects and lead-zinc mines.
Mr. Mustard graduated with a Bachelor of Applied Sciences degree, Geological Engineering (1974), from Queens University, Kingston, Ontario, Canada.
John Fraser, P.Geo (BC), P.Geol. (NWT), Director
Mr. Fraser has been employed in mineral exploration since 1970, including 15 years with Noranda Exploration Co. Ltd., ending as Exploration Manager, Central Canada, and 7 years as Senior Geologist for Bow Valley Industries Ltd. In 1992, formed Fraser Geological Services Inc., a private company that has provided mineral exploration consulting services to a number of resource companies. He has also served as a director or officer of a number of public companies listed on the TSX Venture Exchange.
Henry Giegrich, P.Eng. (Mining), Director
Mr. Giegrich graduated from the University of British Columbia and is a Professional Mining Engineer. From 1982 to 1987, he was President and General Manager of Cominco Alaska Inc., and in this position was responsible for the development of the Red Dog Mine in northwest Alaska, the largest zinc mine in the world. In the past, has also been Project Engineer on the Black Angel Mine Project in Greenland, Project Manager on the Polaris Mine Project on Little Cornwallis Island, NWT (the furthest north metal mine in the world).
Marco Strub, Director
From 1997 to 2003, Mr. Strub was a partner of Exulta AG and is currently a principal of Sircon AG, both are portfolio management companies based in Zurich, Switzerland. He is currently a director of various private companies.
Dr. John Thomas, Ph.D., Director
Dr. Thomas has 34 years of experience in the mining industry - in both base and precious metals - and has worked in Brazil, Venezuela, Costa Rica, Kazakhstan, Russia, Canada and Zambia. His extensive experience covers a wide range of activities in the mining industry, from process development, the management of feasibility studies, engineering, and the management of construction and operation of mines.
Dr. Thomas is a graduate of the University of Manchester Institute of Science and Technology where he received a Bachelor of Science (Honours) in Chemical Engineering, as well as a M.Sc. and Ph.D.
Praveen Varshney, CA, Chief Financial Officer
Mr. Varshney is a principal and director of Varshney Capital Corp., a public venture capital firm. He is currently a director or officer of several public companies listed on the TSX Venture Exchange and TSX including Northern Canadian Uranium Inc. (NCA) and Carmanah Technologies Corporation (CMH). Carmanah is the largest solar-power company in Canada and one of the world's premier suppliers of energy efficient products with more than 250,000 installations in 110 countries. The company has experienced 80% average annual revenue growth over the years 1999 through 2006.
NEWS UPDATE
On January 7, 2008, Mantle Resources Inc. released assay results for hole A-07-49, the seventh hole completed in 2007 on the zinc-lead bearing Cardiac Creek zone (CCZ) mineralization at its 100% owned Akie property in northeastern B.C.
The intercept in hole A-07-49 delivers 11.41% zinc, 2.24% lead, 15.36 g/t silver over 20.19 metres, and represents a significant expansion of the CCZ.
On December 4, 2007, Mantle Resources Inc., further to it news dated Nov. 27, 2007, announced that it has received final TSX Venture Exchange acceptance with respect to the closing of its non-brokered private placements, raising $3,383,500.
The proceeds are planned to be used for further exploration of the Akie Sedex zinc-lead property and to explore the balance of the Company's portfolio of mineral holdings (102,220 hectares), located within the highly prospective Kechika Trough Sedex zinc-lead basin of northeastern British Columbia.
On November 27, 2007, Mantle Resources Inc. announced that it has increased the private placement offered on November 12, 2007, to up to 1,875,000 flow-through shares, at a price of $1.60 per share, for gross proceeds of up to $3 million.
Further, the Company announced an additional private placement with Lundin Mining Corp. of up to 295,000 shares, at a price of $1.30 per share, for gross proceeds of up to $383,500. Added to its current position, this would result in Lundin Mining maintaining an equity position just under 10% in Mantle Resources.
On November 20, 2007, Shear Minerals Ltd., International Samuel Exploration Corp., New World Resources Corp. and Mantle Resources Inc. announced that they have completed the stage 1 exploration program for the Afridi Lake diamond project that has confirmed eight initial priority geophysical targets suggestive of kimberlites ready for drill testing.
"The airborne gravity survey at the Afridi project was a huge success. It clearly defined the known kimberlites, as well as outlined a number of potential new targets that will be drill tested in the early spring of 2008," said Pamela Strand, President and CEO of Shear Minerals. "This region hosts a number of economic kimberlites and the Afridi project has not seen systematic exploration in a few years."
This program is part of a $1.2-million exploration program that includes the drill testing of priority targets scheduled for the spring 2008. All necessary land use permits are in place for this scheduled work.
On November 15, 2007, Mantle Resources Inc. announced that its annual general meeting will be held on Wednesday, November 21, 2007 at the Company's head office. Along with the previous year's directors, the Company has added Mr. Jim Mustard and Dr. John Thomas to the slate of director nominees.
On November 12, 2007, Mantle Resources Inc. announced that it has arranged a private placement of up to 1.25 million flow-through shares at a price of $1.60 per share for gross proceeds of up to $2 million. The proceeds are planned to be used for further exploration of the Akie zinc-lead property and to explore the balance of the Company's portfolio of mineral holdings (102,220 hectares), located within the highly prospective Kechika trough Sedex zinc-lead basin of northeastern British Columbia.
On October 7, 2007, Mantle Resources Inc. reported assay results for hole A-07-45, the third hole completed this year on the Cardiac Creek Zone mineralization on its 100% owned Akie zinc-lead property located in northeastern British Columbia.
Hole A-07-45 yielded 32.02 metres (512.35 to 544.37 metres) grading 15.35% zinc, 3.40% lead and 25.24 g/t silver, including 16.40 metres (524.80 to 541.20 metres) grading 18.42% zinc, 4.17% lead and 30.44 g/t silver.
"As the Cardiac Creek Zone remains open both on strike and down plunge, I believe our Akie property hosts one of the best base metal targets currently being explored anywhere in Canada," stated Jim Mustard, President of Mantle.
On October 4, 2007, Mantle Resources Inc. reported assay results for hole A-07-42, the second hole completed this year on the Cardiac Creek Zone mineralization on its 100% owned Akie zinc-lead property located in northeastern British Columbia.
Hole A-07-42 yielded 11.32 metres (666.9 to 678.22 metres) grading 13.83% zinc, 3.24% lead and 21.11 g/t silver. This high grade intercept represents an approximately 175 metres significant step-out.
In addition to the Main Cardiac Creek Zone mineralization reported above, Hole A-07-42 also intersected an upper zone of mineralization (the "hanging wall zone") of significance: 25.7 metres (632.8 to 658.5 metres) grading 3.87% zinc, 0.58% lead and 4.42 g/t silver. Mantle believes that this horizon could become a specific target of interest.
"We are very pleased with the results from the second hole of our expanded 2007 program," commented Mr. Jim Mustard, President of Mantle Resources. "The results provide further support to our belief in the exploration potential for the Main Cardiac Creek Zone: hole A-07-42 is 500 metres on strike from hole A-07-43 (27.61 metres grading 15.19% combined zinc and lead). The expanding Main Cardiac Creek mineralized zone will continue to be the focus of our drilling, but as seen in the hanging wall zone, and untested targets elsewhere on the property, exploration potential remains very high."