Mansa Exploration - Update on Voltage Metals Transaction
TORONTO, Jan. 7, 2022 /CNW/ - Mansa Exploration Inc. (CSE: MANS) (the "Company" or "Mansa") is pleased to report that Voltage Metals Inc. ("Voltage") has made the final payment in the amount of $200,000 to Pancontinental Resources Corporation ("Pancon") pursuant to the purchase agreement dated June 20, 2020 as amended March 1, 2021, between Pancon and Voltage, whereby Pancon granted Voltage the option to acquire 100% of the St. Laurent, Montcalm, Nova and Gambler projects, located in Ontario, Canada - the option has now been fully exercised and Voltage owns a 100% interest in the projects.
In connection with the payment to Pancon, Mansa has advanced $200,000 to Voltage under a promissory note which shall become an intercompany loan upon completion of the transaction (the "Transaction") between Mansa and Voltage - see the Company's press releases of August 16, 2021, December 3, 2021 and December 31, 2021.
About Mansa Exploration
Mansa Exploration is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE) under the symbol MANS. Mansa currently has an option to acquire a 100% interest in the 1,900-hectare Skyfire property located in the Caribou mining area of central British Columbia, Canada. Mansa may earn 100% interest by incurring an aggregate of $1,250,000 in exploration expenditures on the property by December 31, 2022. Mansa is also exploring for Ni-Cu-PGE mineralization on its 100% owned, 19,750-hectare Wheeler Property located in southwestern Newfoundland and Labrador.
About Voltage Metals Inc.
Voltage is a mineral exploration company with a highly experienced team focused on the St. Laurent Project which covers 4,170 hectares and is located in St. Laurent Township, Northern Ontario, 160 kilometres northeast of Timmins, 50 kilometres south of Detour Lake Mine and 20 kilometres southwest of Casa Berardi Mine.
Past shallow drilling at the St. Laurent Project identified disseminated multi-element sulphide mineralization across notable widths trending towards a large gabbro-hosted magnetic feature. The Ni-Cu-Co-Au-Pt-Pd zone is open along strike and at depth. This mineralized zone, importantly, is coincident with a strong 600-metre long EM anomaly.
Drilling to date has not yet intersected massive sulphides, and the EM anomaly has not yet been explained. The disseminated sulphide halo provides an important vector to guide the upcoming future exploration work.
Trading in Mansa Shares
Trading in the Company's Shares on the CSE was halted in connection with the news release on August 16, 2021 announcing the Letter of Intent in respect of the Transaction. Trading in the Shares will continue to remain halted pending the review of the Transaction by the CSE and satisfaction of any conditions of the CSE for resumption of trading. It is likely that trading in the Company's Shares will not resume prior to the completion of the Transaction.
Completion of the Transaction is subject to a number of conditions, including CSE acceptance and Company shareholder approval. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Mansa should be considered highly speculative.
The CSE has not, in any way, passed upon the merits of the Transaction and associated transactions and has not, in any way, approved or disapproved of the contents of this news release. The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include statements regarding: the business of the Resulting Issuer, and the re-qualification for listing of the Resulting Issuer on the CSE. The forward-looking statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements.
Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty.
SOURCE Mansa Exploration Inc
Clayton Fisher, Director, Tel: (416) 218-2018, or by email at [email protected]
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