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, British Columbia CANADA, April 16, 2008 /FSC/ - Mantle Resources Inc. (MTS - TSX Venture, MTSZF - OTCBB, AOF7E1 - FWB), (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.
"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 (-70 degrees), 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.
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.
* 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.
Source: Mantle Resources Inc. (MTS - TSX-V) (MTSZF - OTCBB)
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