Mansa Exploration (CSE: MANS) this morning announced that it has entered into an arrangement with that of Wheeler Resources to acquire the junior explorer. The company is currently focused on exploration within Newfoundland and Labrador.
Wheeler Resources currently holds a 100% interest in its flagship project, referred to as The Wheeler Property. Located in southwestern Newfoundland, the firms property consists of 790 mineral claims covering roughly 19,750 hectares near to the Bay of Islands Ophiolite Complex. Geologically, the property is prospective for nickel, copper, and platinum group metals.
A sampling program conducted on the property via an exploration alliance consisted of 367 stream-sediment samples collected by helicopter. Mineralization was found to be strongly anomalous for nickel, copper, cobalt and chromium. Mineralization was also found to contain high sulphur values, pointing to the potential for magmatic nickel-sulphide mineralization on the property.
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The property also contains the four highest nickel values collected in the province by the National Geomchemical Reconnaissance survey, with values of 4,980, 4,750, 4,390, and 4,230 ppm recorded on the property within lake sediment. Strong results for copper, cobalt, and chromium were also identified by the survey.
Speaking to the geology of the property, the targets on the property are said to be magmatic Ni-Cu-PGE mineralization within a layered mafic intrusion. Similar global operations in terms of geology include Voisey’s Bay in Newfoundland, Lynn Lake and Namew Lake in Manitoba, and Norilsk in Russia.
The go-public transaction is expected to be completed prior to July 31, 2021, subject to the approval by shareholders.
Mansa Exploration last traded at $0.155 on the CSE.
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