Manning Ventures Inc. [MANN-CSE] completed the acquisition of the Broken Lake, Heart Lake and Hydro properties pursuant to the terms of a property purchase agreement dated May 25, 2021. The properties are located in Quebec and consist of 180 mineral claims totalling 9,501 hectares.
In consideration for the acquisition and pursuant to the terms of the purchase agreement, the company issued an aggregate of 4 million common shares in the capital of the company to the vendors; granted an aggregate of four million common share purchase warrants to the vendors, each of which will be exercisable into one common share at an exercise price of 35 cents per warrant share for two years; and paid nominal cash consideration of $1.00.
In connection with the acquisition, the company issued 400,000 common shares to an arm’s-length finder as a finder’s fee.
The new properties represent priority early-stage exploration opportunities with positive historical drill hole and rock sample results that have established the presence of iron formations. Situated within the Wabush-Fermont iron ore district, the properties are also proximal to several known iron deposits and occurrences.
With the acquisition of the properties, Manning now controls five iron ore exploration projects – Hope Lake, Lac Simone, Broken Lake, Heart Lake and Hydro – for 311 claims totalling over 16,372 hectares.
“These acquisitions add dozens of priority target areas to our iron ore exploration portfolio,” said Alex Klenman, CEO. “The amount of deposits in the area is impressive and we are certainly in the right place to make a significant discovery. This expansion positions Manning as a key exploration company in what has become a robust global sector. We’re eager to get on the ground and begin meaningful exploration programs shortly.”
Recent drilling at Heart Lake, hole TM15-01 (GM69425), intersected 26.7% iron over 25.6 metres and ended in high-grade iron formation. The claims are along strike with Champion Iron’s ground.
Manning is a broad-based mineral exploration and development company with a focus in Canada. Manning holds a 100% interest in five iron ore properties located in Quebec and is also currently earning toward a majority interest in the Squid East silver-gold property in the Yukon, and the Flint Lake gold project in Ontario.