Mantle Acquires 100% Registered Interest In Akie Property And Now Controls 88,360 Hectares Of Prospective Sedex Zinc-Lead Geology In Kechika Trough
May 3, 2007
Vancouver, B.C. – May 3, 2007 – Mantle Resources Inc. (TSX Venture: MTS; Frankfurt: AOF7E1) (the ‘Company’ or ‘Mantle’) wishes to report that it has paid the final option payment due by its subsidiary, Ecstall Mining Corp.("Ecstall"), to Inmet Mining Corp. ("Inmet"), and consequently Inmet has transferred its 60% registered interest in the Akie Property to Ecstall. Accordingly, Ecstall is now the registered owner of a 100% royalty free interest in the Akie Property.
The Akie zinc–lead property, comprised of 22 contiguous mineral claims encompassing some 5,400 hectares, is located 280km north northwest of
, and is the most advanced of Mantle's properties. To date, approximately $10.15 million has been spent on exploration at Akie including approximately 20,000 meters of drilling collectively by Inmet during 1994 to 1996 and Mantle in 2005 to 2006, which resulted in the identification of a large body of barite SEDEX mineralization containing significant zinc+lead contents. Mantle is preparing to commence a major drill program next month using 3 high capacity diamond drill rigs, as described in Mantle's news release of April 3, 2007.
"We are pleased to have paid all obligations due to Inmet, and to now have, in return, the highly regarded Akie Property transferred and registered in our name. This is a significant milestone and it was accomplished well ahead of schedule" stated. Mr. Peeyush Varshney, President of Mantle.
Mantle's current land holdings in the Kechika Trough area of northeast British Columbia, through either 100% ownership or option, comprise a total of some 88,360 hectares (218,335 acres) distributed over a distance of approximately 180 km.
This land package encompasses highly favourable shales of Middle to Late Devonian ‘Gunsteel formation’ which is host to four major zinc-lead deposits and numerous (+25) showings and occurrences. The known deposits, which contain a combined geologic inventory in excess of 65 million tonnes averaging approximately 10% combined zinc+lead, consist of Akie, owned 100% by the Company, and Cirque, South Cirque and Driftpile, owned by Teck-Cominco. Included in these holdings is the Mount Alcock property, located 45 km northwest of the Akie deposit, where diamond drilling by previous operators encountered mineralized intervals of 10.5 m grading 6.8% zinc+lead, and 8.8 m grading 9.3% zinc+lead, including 3.6 m at 14.2% zinc+lead.
At present, the Company is engaged in a comprehensive review of all available information pertaining to the Kechika area, the results of which will be used to guide a major helicopter supported, regional exploration program expected to commence later next month.
The Kechika Trough is the southern-most part of the
, one of the most prospective and prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform baritic deposits. Exploration within the basin since the early 1950’s has resulted in discovery of a number of important large SEDEX zinc-lead-silver deposits.
John R. Fraser, P.Geo. (BC) is the Qualified Person for the Company and is responsible for the technical information contained in this release.
For further information regarding the Akie property, the reader is referred to a NI 43-101 report, titled Geological Report on the Akie Property, dated October 24, 2005, by D.G. MacIntyre, Ph. D., P.Geo.(BC)., which is filed on SEDAR at www.sedar.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
MANTLE RESOURCES INC.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Director