Mantis acquires 100% ownership of the Cree Lake Gold Propertyadmin
Mantis Mineral Corp announce that it now owns 100% interest in its Cree Lake Gold Property having fulfilled the terms of its option agreement. The terms of the agreement were 240,000 Mantis shares over a 3-year term, plus $100,000 in exploration expenditures by the expiration of the agreement June 6, 2010. The Vendors retain a 1 1/2% NSR (net smelter royalty).
The option agreement executed June 6th, 2007 affected four claims (4203275, 4203295, 4203296, and 4209811) comprising 48-units totaling 768-hectares which encompass the high grade Flint Rock gold occurrence and the Buffalo Canadian gold occurrence.
As of February 27, 2009, 100% interest in these mining claims has been transferred by the vendors to Mantis. This transfer effectively positions Mantis as the sole owner of the claims without any attached encumbrances other than fulfilling normal assessment reporting as required by the Ontario Mining Act.
Mantis recently reported (press release March 10, 2009), on Cree Lake’s consistent, high grade vein, hosted within an envelope of gold bearing sheared volcanic, over a 2-meter width and 100-meter strike length. Highlights from the trenching and sampling yielded gold values as high as 1,300 gpt (37.91 opt).
Mantis can now focus on its exploration strategy which will not only target the Flint Rock occurrence, but also the high gold potential area south of Cree Lake contained within the contact zone of a felsic intrusive. To this end, a spring summer program of prospecting, mapping, sampling and trenching with late summer drilling, followed by a winter drill program is being contemplated.
With the additional two new claims announced December 8, 2008, the Cree Lake Gold Property now consists of 18-claims (all 100% owned by Mantis)) totaling 3,904-hectares (9,647-acres). The property covers two zones of highly favorable geology and structure. One zone extends along an 8.5-kilometer east-west length incorporating the Flint Rock and Buffalo Canadian occurrences. Another zone, 2,000-meters south of this trend incorporates the highly prospective contact zone which hosts multiple sub-parallel, subzones of encouraging gold values along 1,200-meters of strike length.
Commented Robin Ross, CEO, “We are very pleased that Mantis has been able to meets its option conditions so quickly and so early in its evaluation of the Cree Lake Gold Property. Mantis now has 100% ownership of this very exciting high grade gold property. This is very exciting, as we now have a high grade gold project with a consolidated land package of highly favorable and diverse gold environments, which have demonstrated at an early stage of exploration significant large scale potential”.