Mantis Mineral Corp. acquires Potash permits in Saskatchewanadmin
Mantis Mineral Corp. is pleased to announce today that it has entered into an agreement with an arms length third party to acquire potash exploration permits (KP’s) which have been applied for in highly prospective potash areas of Saskatchewan. The KP’s are approximately 60 km to the north to the existing Lanigan Mine held by Potash Corporation of Saskatchewan. Mantis’ properties cover an area of 3,957 hectares.
Mantis’s KP’s are contiguous or regionally north of companies with Potash landholdings currently being explored / developed or mined. These include, BHP Billiton, Potash Corporation of Saskatchewan Inc.’s Lanigan Mine, Diamonds Inc., Canada Potash Corp., Prairie Potash Corp. and Athabasca Potash Corp..
The potash beds of Saskatchewan occur in the upper part of the Prairie Evaporate Formation. There are three main potash beds within the KP’s, the Patience Lake Member, the Belle Plaine Member and the Esterhazy Member. The potash in this area occurs as sylvite, and is contained within the Devonian Prairie Evaporite with intercepts of potash (sylvite) occuring between 800 to 1000 meters depth. The potash beds in this area contain multiple layers of 1 to 9 meter thick sylvite-rich potash beds.
Well log data, gamma ray response and physical examination of drill core from adjacent or regional properties obtained from the Saskatchewan government database and private sources have been used to correlate geometrically Potash potential. An independent report prepared by Petrolane Consulting (2007) Ltd. on Mantis’ KP’s reviewed seven wells found regionally for the existence of the Prairie Evaporate Formations. Potash Beds within the study area correlate to the existing Lanigan Mine to the south. Identifiers within the well logs were Gamma Ray Responses for the Upper and Lower Patience Lake Formations and the Belle Plaine formations. Four wells within the study area around the boundaries of Mantis’ KP’s all showed consistent intersections of Potash or equivalent gamma ray response. Based on the Petrolane report, a geometrical projection between the wells suggests there is a lateral extent for Potash potential to exist within Mantis’ KP’s covering 39.57 sq km’s at an average thickness of 4 meters containing potentially 623 million tons.
While the drill log data or gamma ray response herein reported are of a historical nature and do not conform to National Instrument 43-101 they are generally considered reliable according to local industry standards
Commented Robin Ross, CEO, “We are very excited to be acquiring this land position in known proximity to potash deposits.”
Terms of the Transaction
Under the terms of the agreement, the company has agreed, subject to CNQ acceptance, to acquire a 100% interest in the Potash exploration permits from an arm’s-length party for the following consideration:
The payment of $50,000 immediately, and the issuance to the vendor of 500,000 common shares in the capital of the company upon issuance by the Saskatchewan government of the potash permits.
The technical contents of this release were approved by Walter Hanych, the qualified person as defined by National Instrument 43-101.
About Mantis Mineral Corp.
Mantis Mineral Corp. is a dynamic Canadian based resource company, possessing a diversified portfolio of mineral properties across Canada, including direct participation in three major area plays: Tamarack, Orphan and Grass River. The company holds substantial land positions hosting gold, nickel, copper and platinum group metals.
For further information
Mr. Robin Ross, Chairman & CEO, (416) 362-1800, firstname.lastname@example.org
Source: Mantis Mineral Corp.