MANTLE
RESOURCES INC.
FOR IMMEDIATE RELEASE
info@mantleresources.com
MANTLE RECEIVES
INITIAL NI 43-101 INFERRED MINERAL RESOURCE ESTIMATE REPORT FOR THE CARDIAC
CREEK DEPOSIT
Vancouver, B.C. � June 5, 2008 � Mantle Resources
Inc. (TSX Venture: MTS; Frankfurt:
AOF7E1) (the �Company�) is very pleased to announce the
filing of the NI 43-101 compliant technical report entitled �Geology, Diamond
Drilling and Preliminary Resource Estimation, Akie Zinc-Lead-Silver Property,
Northeast British Columbia, Canada�.�
This report on the Company�s wholly owned Akie property, authored by D.G.
MacIntyre, P.Eng., and R.C.Sim, P.Geo., documents the work conducted by Mantle
over the past 2 � years and describes the methods used to generate the
previously announced resource estimate (see April 16, 2008 news release). This
resource estimate follows diamond drill programs carried out by the Company
during the period September 2005 to November 2007 and establishes the Cardiac
Creek deposit as one of the premier base metal projects in Canada.
The resources are summarized below.
Cardiac
Creek Deposit Mineral Resource
The Cardiac
Creek deposit inferred mineral resource -- at a series of zinc cut-off grades
(2% to 7%) -- is provided in the table below.�
The 23.595 million tonnes at a zinc cut-off grade of 5% contains 3.95
billion lbs of zinc, 0.78 billion lbs of lead and 8.95 million oz of silver.
Cardiac Creek
Deposit Inferred Mineral Resource
Cut Off Grade
% Zinc
|
Tonnes
(000�s)
|
Zinc
(%)
|
Lead
(%)
|
Silver
(g/t)
|
Zn+Pb
(%)
|
2
|
50,874
|
5.28
|
1.00
|
9.6
|
6.28
|
3
|
37,683
|
6.25
|
1.22
|
11.0
|
7.47
|
4
|
30,595
|
6.89
|
1.36
|
12.0
|
8.25
|
5
|
23,595
|
7.60
|
1.50
|
13.0
|
9.10
|
6
|
17,051
|
8.41
|
1.68
|
14.2
|
10.09
|
7
|
11,841
|
9.26
|
1.86
|
15.4
|
11.12
|
�������������������������������������������������������������
�������������Notes��������������������� �Base Case� cut off grade
of 5.0% Zn highlighted in table
������������������������������������������������������������������������������������������������������������������������
Resources are not mineral reserves as the economic
����� �������������������������������������������������������������������������������������������������������������������viability
has not been demonstrated
Cardiac
Creek Deposit
The Cardiac
Creek deposit occurs within a planar, steeply-dipping (-70o),
sheet-like zone of semi-massive to massive sulphides comprised of varying
amounts of pyrite, sphalerite and galena (+/- barite) which has been traced
over strike length of 6.5 kilometres and a downdip extent in excess of 800
metres. This mineralized zone ranges in thickness to as much as 40 metres. At
the 5% zinc cut-off limit, the deposit
has an
approximate 900 metre strike length and a dip length of 750 metres and has an
average true thickness of 10.8 metres in the area of potential economic
interest.
There are a
total of 56 drill holes on the property with a total core length of 26,957
metres.� Of these, 48 holes are within
the proximity of the resource model and utilized in the resource estimate.� The remaining 8 drill holes test the
mineralized horizon over a total strike length of +6.50 kilometres.
Mineral
Resource Estimate Criteria
Resources
are limited within a planar zone of mineralization (Minzone) interpreted from
drill hole assay sample data coupled with the understanding of the local geologic
features observed on the property. Grade estimates for zinc, lead and silver
are made using ordinary kriging with a nominal block size of 5x10x5 metres.
Potentially anomalous (outlier) sample grades have been identified through
statistical evaluation and limits appropriately applied during
interpolation.� Bulk densities have been
estimated in the block model from drill core measurements, using the inverse
distance squared interpolation method.�
Inferred mineral resources are limited to a maximum of 125 metres from a
drill hole.
Highlights
and Recommendations of the Report
The report
notes that the resources outlined at the 5.0% Zn cut-off level are considered
reasonable based on assumptions derived from operations with similar
characteristics, scale and location. The report further states that the
resource occurs as a relatively continuous zone which is favourable with
respect to selectivity and other factors when considering mining options.� This, when combined with the results of
previous geological, metal zoning and structural investigations, and the
results of drilling completed to date, suggest that the Cardiac Creek deposit
has economic potential sufficient to warrant additional expenditures on
exploration and development.
The report
recommends a 14 hole, 7,000 metre drilling program be completed to infill the
current base case resource (>5% zinc) to approximately 100 metre intervals,
allowing the present inferred resource to be elevated to the indicated
category, and to provide information on continuity of the Cardiac Creek zone
mineralization which would be necessary in order to design a future underground
exploration program.� Along with the
drilling program, continued metallurgical testing and environmental base line
studies are also recommended, for a total estimated cost of $6,187,500.
Additional
work beyond that recommended in the report is expected to include drilling
updip and on strike to ascertain the limits of the deposit for longer term
planning purposes.� There are additional
prospective exploration targets on the property that are also planned to be
drilled.
Mobilization
activities for the drill program have commenced and drilling is expected to be
underway by mid-June.� Field activities
related to environmental base line studies and mapping are currently in
progress.
J.W.
Mustard, President of Mantle, states �We are extremely pleased with the initial
mineral resource estimate of the Cardiac Creek deposit.� The receipt and filing of this report is a
key achievement for the Company and benchmarks the Akie property, and the
district, for its significant value and exploration potential.� The recommended exploration work program this
year will be focused on providing the additional building blocks to advance the
deposit.� Our 2008 program at Akie will
continue to establish the Cardiac Creek Deposit as one of the best base metal
deposits being explored in Canada
today.�
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.
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.
Qualified
Person
Independent
consultant Robert C. Sim, P.Geo., a Qualified Person as defined by National
Instrument (NI) 43-101, is responsible for the mineral resource estimate
summarized in this release.
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.
Note
- Mineral resources reported in
this release have been calculated as of April 11, 2008 in accordance with
the standards of the Canadian Institute of Mining and Metallurgy (December
11, 2005) and National Instrument (NI) 43-101. U.S.
investors should be aware that the SEC in the United
States
does not recognize these terms.
- It cannot be assumed that all
or any part of an Inferred Resource will be upgraded to a higher category
of Mineral Resource.
- There are no known factors
related to environmental, permitting, legal, taxation, socio-economic,
marketing or political issues which could materially affect the mineral
resource presented 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�
�����������������������������������������������������������
pEEYUSH vARSHNEY, LL.B
CEO
CAUTION
REGARDING FORWARD LOOKING STATEMENTS: This release includes certain statements
that may be deemed �forward looking statements�. All statements in this
release, other than statements of historical facts that address historical
fact, including, without limitation, statements regarding future plans and
objectives of Mantle,� are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove accurate and actual results
and future events may differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from Mantle�s expectations are detailed herein and from time to time
as filed with securities regulators.