Akie Project - 2008 Exploration Update
Vancouver, B.C. – Monday, August 11, 2008 – Mantle Resources Inc. (TSX Venture: MTS; Frankfurt: A0F7E1) (“Mantle” or the “Company)is pleased to provide an update on the 2008 exploration program on its 100% owned zinc-lead properties in northeastern British Columbia. To date, 7 holes have been completed (2,678.15 metres) and 2 are currently in progress (at 618 metres of a planned 1,250 metres), for a total achieved meterage of 3,296.15). The Cardiac Creek deposit has successfully been encountered in each of the completed holes over intervals ranging from 18 metres to 24 metres (core length). At present, one drill rig is tasked with testing the immediate strike extent of the Cardiac Creek zinc-lead mineralization while the second is now probing a new area of zinc-lead mineralization located some 2 kilometres to the northwest.
2008 Cardiac Creek Deposit Drill Program
The key objectives of the 2008 drill program are to determine both the updip and on-strike extent of the deposit as well as to better define the deposit in key areas. Information gained from this work will assist in planning for the 2009 exploration program that may include advanced underground drilling and sampling activities. It is anticipated that this year’s drilling campaign will encompass approximately 10,000 metres of drilling in 15 to 20 holes. The contractor for the program is Rodren Drilling Ltd. of
The planned 2008 drill program will be greatly aided by the completion of the new access road, facilitating the drilling required to explore the continuation of the Cardiac Creek deposit to the southeast to be carried out over a lengthened field season, with ground support and access to a reliable water supply.
Exploration Elsewhere at the Akie Property
In addition to the Cardiac Creek deposit drilling noted above, the Company has now commenced an exploration drill program along strike of the Cardiac Creek deposit where historical work combined with recent geological compilation has identified several high priority targets, including one referred to as the ‘North Lead Anomaly’.
About the North Lead Anomaly
The ‘North Lead Anomaly’ is a large (200 m x 1000 m), open-ended, lead-in-soil (70 to 624 ppm lead) anomaly located approximately 2 kilometres north of the nearest Cardiac Creek deposit drill hole. In 1996, the area was tested with one drill hole by Inmet Mining Corporation, encountering Gunsteel formation containing 45 metres of pyrite-bearing (5% to 12%), siliceous shale, followed by a 0.8 metre wide interval of massive sulphide mineralization consisting of pyrite, sphalerite and galena. The massive sulphide horizon yielded 11.60% zinc and 9.05% lead. This intercept is thought to represent a new and separate hydrothermal fluid focus, possibly leading to another sulphide depositional centre.
Drill hole A-08-62, currently in progress, is designed to test the continuity of the mineralization to depth, to approximately 100 metres vertically below the 1996 Inmet intercept. The Company has received an amendment to its existing Mines Act permit for the Akie project authorizing up to 8 drill holes to test the North Lead Anomaly.
In addition to the Akie property, Mantle also owns 100% of an extensive (78,526 ha.) regional exploration land package that covers prospective Gunsteel stratigraphy over a total strike distance of 160 kilometres. These rocks host a number of zinc-lead showings and occurrences and exhibit numerous gossans/ferricrete seeps indicating the presence of sulphide mineralization. Regional exploration (soil/silt sampling, prospecting, geologic mapping, data compilation) is ongoing over these highly anomalous zones. Subject to available resources and timing, the Company plans to drill at least one regional target in 2008.
Access Road Progress
The new access road is now complete to kilometer 6.5; while the remaining 2.2 kilometres is anticipated to be finished by September. Total length of this road and the upper drill access trail, which has been engineered to provide surface access to planned drill sites, will be approximately 12.2 kilometres
“The 2008 exploration program has met many of our expectations to this point and I am very pleased that the execution of the program is being carried out with the highest degree of professionalism. We are excited about the drilling progress and that we have encountered the target horizon in all holes. With drilling having commenced well outside of the Cardiac Creek deposit, our plan of testing new areas is now underway. We have always considered the probability of finding new mineralization to be high – any new discoveries will add significantly to the district,” commented
About the Akie Property
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.
Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Mantle in 2005, 2006 and 2007 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian ‘Gunsteel’ formation. The Company recently filed a NI 43-101 report supporting the estimated inferred resource of 23.6 million tonnes grading 7.6% Zn, 1.5% Pb and 13.0 g/t Ag (at a 5% Zn cut off grade). The complete NI 43-101 technical report, titled “Geology, Diamond Drilling and Preliminary Resource Estimation, Akie Zinc-Lead-Silver Property, Northeast British Columbia,
Two similar deposits, Cirque and South Cirque, located some 20 km northwest of Akie and owned under a joint venture by Teck Cominco and Korea Zinc, are also hosted by Gunsteel rocks and have a combined geologic inventory in excess of 50 million tonnes.
The Akie property is road accessible year round from Mackenzie and
John R. Fraser, P.Geo. (B.C.), Vice President of Exploration and a Director of Mantle Resources, is the Qualified Person for the Company, as defined by NI 43-101, and is responsible for the technical information contained in this release.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
MANTLE RESOURCES INC.
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN