MANTLE RESOURCES INC.
FOR IMMEDIATE RELEASE
info@mantleresources.com
MANTLE REPORTS INITIAL INFERRED
MINERAL RESOURCE ESTIMATE FOR THE CARDIAC CREEK DEPOSIT OF 23.6 MILLION TONNES
GRADING 7.60% ZINC, 1.50% LEAD, 13.0 g/t SILVER
Vancouver, B.C. � April 16, 2008 �
Mantle Resources Inc. (TSX Venture: MTS; Frankfurt: AOF7E1) (the �Company�) is very pleased to report the initial resource
estimate for the Cardiac Creek SEDEX zinc-lead deposit on its 100% owned Akie property in northeastern
British Columbia, Canada.�� 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 estimate has been prepared by Robert C. Sim, P.Geo. (B.C.),
an independent Qualified Person (QP) as defined by National Instrument (NI)
43-101.� A Technical Report will
be filed on SEDAR within 45 days.
Cardiac Creek Deposit Mineral Resource
The Cardiac Creek deposit inferred mineral resource -- at a series of
cut-off zinc grades (2% to 7%) -- is summarized 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
|
Tonnes
|
Zinc
|
Lead
|
Silver
|
Zn+Pb
|
% Zinc
|
(000's)
|
(%)
|
(%)
|
(g/t)
|
(%)
|
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
|
|
viabilty has not been demonstrated
|
|
�We are extremely pleased with the
initial mineral resource estimate of the Cardiac Creek deposit,� commented Jim
Mustard, President of Mantle Resources.� �The significant tonnage and contained metal
within this estimate is very encouraging in light of the expansive geological
setting that not only occurs at the Akie property
itself, but throughout the 180 kilometre stretch of geology that Mantle
largely controls.� This first ever NI
43-101 compliant mineral resource estimate benchmarks our achievement� over the past 2.5 years and truly establishes
the Akie property and the district for its
significant exploration potential.�
��I am particularly proud and
happy to be associated with our very professional exploration team which has
achieved significant progress over the past year to reach this milestone.� By continuing our progress at the Akie property and focusing on regional exploration within
the extensive land holdings in the Kechika district -
where we see tremendous potential for additional discoveries - we look forward
to creating further value for Mantle shareholders.�
�It is important to note that the Cardiac Creek deposit remains open in
all directions. An aggressive drill campaign is planned for this year which we
anticipate will lead to an expansion of the deposit.�
Mineral Resource Estimate Criteria
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. The
mineralized zone ranges in thickness from less than 1 metre to as much as 40 metres and has an
average true thickness of about 20 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.
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.
At the 5% zinc cut off limit, the deposit has an approximate 900 metre strike length
and a dip length of 750
metres.�
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.
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.
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
Chief executive officer