Mantle Resources Announces Non-Brokered Private Placement


Vancouver , British Columbia , Canada – Wednesday, July 18, 2007 – Mantle Resources Inc. (TSX Venture Exchange: MTS; Frankfurt : A0F7E1) )(“Mantle” or the “Company”) is pleased to announce a private placement of up to 3,500,000 flow-through shares at a price of $1.50 per share for gross proceeds of up to $5,250,000 and of 550,000 shares at a price of $1.25 per share for gross proceeds of $687,500.  A finder’s fee of 5% will be paid on a portion of the private placement.  The private placement is subject to TSX Venture Exchange approval.

Lundin Mining Corp. (TSX: LUN) will be purchasing 550,000 shares pursuant to the private placement. Added to its current position, this would result in Lundin Mining maintaining a just under 10-per-cent equity position in Mantle Resources.

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 .

The 2007 drill program is currently underway. Two drill rigs, positioned within the Cardiac Creek Zone, are progressing well with current depths of 386 m (target: 670 m) and 407 m (target: 550 m), respectively. A third rig is set up on the South Zin c soil anomaly, a large (2 km x up to 0.5 km wide), strong, previously untested geochemical feature, and will commence drilling within several days.  It is anticipated that 20 to 25 holes will be completed in this year’s program for a total of approximately 15,000 metres of drilling.

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 Mantle in 2005 and 2006 has identified a significant body of baritic SEDEX mineralization (Cardiac Zone) containing average combined zinc+lead contents in excess of 10%. The deposit is hosted by variably siliceous, fine-grained clastic rocks of the Middle to Late Devonian ‘Gunsteel formation’.

Three similar deposits, Cirque, South Cirque and Driftpile (all owned by Teck-Cominco), with a combined geologic inventory in excess of 65 million tones averaging approximately 10% combined zinc-lead, occur in ‘Gunsteel’ rocks to the northwest of the Akie deposit.

On behalf of the Board of Directors


“Peeyush K. Varshney”

Peeyush K. Varshney

President and Director




ZincX Resources receives LiDAR survey datasets from the Akie and Mt. Alcock Properties

arrowRead More

ZincX Resources Provides Update on Metallurgical Test Work By Tongling

arrowRead More

ZincX Resources announces completion of the Airborne LiDAR Survey over the Akie and Mt. Alcock [...]

arrowRead More

arrowView All News

Stay up to date with our latest news:

What are you searching for?