Business
Manning Ventures Signs Definitive Agreement to Acquire Wabush Iron Ore Inc.
Vancouver, British Columbia - TheNewswire - February 25, 2021 - Manning Ventures Inc. (the “Company” or “Manning”) (CNSX:MANN.CN) (Frankfurt:1H5) is pleased to
About this update from Manning Ventures Inc
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - February 25, 2021 - Manning Ventures Inc. (the “Company” or “Manning”) (CNSX:MANN.CN) (Frankfurt:1H5) is pleased to announce, further to its news release dated January 18, 2021, it has signed a share exchange agreement dated February 24, 2021 (the “Definitive Agreement”) among the Company, Wabush Iron Ore Inc. (“Wabush”) and the securityholders of Wabush to acquire all of the issued and outstanding securities of Wabush (the “Transaction”). Wabush is a privately held Company based in Vancouver, British Columbia. Wabush is the beneficial owner of two mineral properties located in the province of Quebec: (i) the Lac Simone Property, which includes 46 mineral claims totaling 2,400.0 hectares, and (ii) the Hope Lake Property, which includes 47 mineral claims totaling 2,477.1 hectares. Both projects are located within the Fermont Iron Ore District of northeastern Quebec, home to several producing iron ore mines. The region benefits from readily available infrasctructure such as power and a rail link to port facilities near Sept-Îles. The Lac Simone Property is situated proximal to the south of Fermont, QC, and shares many of the same attributes as other more advanced staged properties nearby; however, it is significantly less developed. The magnetic signature of the Property, along with the regional mapping and historical work, indicates several iron formation horizons are present. Historical work between 1956 and 1964 by Jubilee Iron Corporation included test pits that produced bulk-sample with an average head grade of 35.51% Fe from iron formation at the north end of the Property. The material was upgraded to a concentrate grade of 66.02% Fe. The Hope Lake Property is situated approximately 60 km south of Fermont, QC, and is crossed at its western end by a privately owned rail-line which services Arcelor Mittal’s iron ore operations in the region. In 2011 and 2013 Champion Iron Mines explored the Hope Lake Property and collected a total of 16 samples of outcrop and reported average grades of 28.7% FeT and 33.7% FeT from each program, respectively, indicating the property hosts high-grade quartz-hematite +/- magnetite iron formation. In 2014, an assessment report completed by MRB & Associates Geological Consultants, on behalf of Champion Iron Mines, stated that “Careful per...