Mantle Resources Inc.

Mantle Resources Inc.

January 16, 2006 07:30 ET

Mantle Resources Inc.'s Third Drill Hole Intersects 11.5 Meters of 12% Zinc-Lead at the Akie Deposit-High Grade Zone Continues Along Strike and Outside Deposit Defined by Inmet Mining

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2006) - Mantle Resources Inc. (TSX VENTURE:MTS)(FWB:A0F7E1) ("Mantle" or the "Company) is pleased to present the following assay results for hole A-05-33, the third drill hole completed during the initial phase of exploration on the Akie zinc-lead deposit located in northeastern British Columbia, approximately 280 kilometers north-northwest of the town of Mackenzie.

Hole: A-05-33.

From To Interval Zinc Lead Silver
(m) (m) (m) (%) (%) (gr/t)
558.55 577.75 19.20 8.71 (8.53) 1.83 (1.89) 16.01 (N/A)
Incl. 565.50 577.00 11.50 9.81 (9.52) 2.20 (2.23) 18.54 (N/A)
Incl. 571.00 577.00 6.00 11.97 (11.58) 2.79 (2.85) 22.00 (N/A)

For each of the zinc, lead and silver values presented above, the first figure has been derived from assay data from Acme Analytical Laboratories Ltd. ("Acme"), Vancouver, B.C., and the second, in brackets, has been calculated from confirmatory assays carried out on assay pulps from Acme by Global Discovery Labs, Vancouver, B.C. The silver assays were not checked. The true width of the mineralization reported above is estimated to be 72% of the core interval and is subject to revision.

Hole A-05-33 pierced the mineralized zone approximately 238 meters south of the first completed drill hole (A-05-30) or 416 meters south of the second completed drill hole (A-05-32) and again appears to have intersected the same high grade zinc-lead zone at about the same depth. The assay results for drill holes A-05-30 and A-05-32, previously reported in the Company's news releases dated November 23, 2005 and December 21, 2005, respectively, are shown below:

Hole: A-05-30.

From To Interval Zinc Lead Silver
(m) (m) (m) (%) (%) (gr/t)
531.75 568.80 37.05 10.98 (11.30) 2.61 (2.65) 21.2 (NA)
Incl. 543.47 567.30 23.83 15.02 (15.57) 3.27 (3.77) 28.5 (NA)
Incl. 543.70 561.40 17.93 17.22 (18.08) 4.20 (4.23) 30.1 (NA)

Hole: A-05-32.

From To Interval Zinc Lead Silver
(m) (m) (m) (%) (%) (gr/t)
555.20 581.90 26.70 11.95 2.74 22
Incl. 558.20 581.90 23.70 12.47 2.91 23.5
Incl. 570.40 581.90 11.50 16.16 3.95 29
Incl. 576.40 580.05 3.65 28.25 6.18 44

The true width of the mineralization reported above is estimated to be 72% of the core interval and is subject to revision.

This high grade zone is part of the Akie pyrite-sphalerite-galena-barite sedex deposit previously discovered in 1994-1996 through very wide spaced drilling by Inmet Mining Corporation.

In 1994-1995, Inmet cored four holes that pierced the layered sedimentary zinc deposit in a pattern that could be visualized as four corners of a distorted square or rectangle with the pierce points being about 400 meters (1/4 mile) away from each other both along strike and down dip. All four of these previous holes returned significant zinc-lead assays that revealed a laterally continuous layered deposit of approximately 10% zinc-lead sulfide mineralization which had a 6 to 10 meter thickness but most importantly indicated that Inmet may have been probing the apron of a much larger sedex system.

This third completed drill hole (A-05-33) has pierced the higher grade deposit approximately 200 meters south of and outside the area where Inmet had outlined its 10% zinc-lead resource. This higher grade section of the Akie deposit that has been discovered by Mantle is wide open to expansion in all four directions.

With the assay results for hole A-05-33 in hand, the Fall/Winter phase of the Akie drill program has been completed. All exploration activities, including drilling, are anticipated to re-commence in the Spring of 2006 and planning for this work program is already underway.

"We are very pleased with the results of the third completed drill hole," said Peeyush Varshney, President of Mantle Resources Inc. "The hole has intersected an 11.50 meter interval of 12% combined zinc-lead and 18.54 gr/t silver within a considerably thicker zone of 19.20 meters assaying over 10.5% zinc-lead and 16.01 gr/t silver. All of this has occurred in an even larger zone of mineralization of 32.70 meters that yielded over 7% zinc-lead and 11.22 gr/t silver. This strongly suggests that the three drill holes have discovered a sizable high grade slab of zinc-lead mineralization which is continuous over a quarter mile (400 meters) strike length and open in all directions."

"After stepping out a great distance from the first two completed drill holes, we have once again intersected high grade mineralization. It is an extremely significant development that Mantle has discovered what appears to be a continuous body of potentially economic mineralization of approximately 15% zinc-lead -- which has shown up in all three holes drilled during this program," continued Mr. Varshney. "What is also very exciting is that this third completed drill hole (A-05-33) is located outside the area in which Inmet had previously identified an inferred resource tonnage of 13 million tonnes. This expansion of the boundary of known mineralization is evidence that the deposit may in fact be much larger."

Separately, Mantle will be displaying the Akie project and drill core at the Vancouver Cordilleran Roundup in the Bayshore Hotel on Tuesday January 24, 2006 from 10:00am until 5:00pm.

Assay Samples and Assay Procedures:

All mineralized core is split by diamond saw and sampled, with a maximum of 1.5 meters of core collected for each sample. These are bagged and shipped in secure containers to Acme Analytical Laboratories Ltd. in Vancouver for analysis for zinc, lead and silver by aqua regia digestion followed by ICP analysis (Group 7A-ICP Multi-Element Assay). Hole A-05-33 samples were also submitted to Global Discovery Labs in Vancouver for check analyses using four acid digestion followed by AA analysis (Group 3).

Qualified Persons:

Exploration activities reported on in this release have been designed and supervised by Mr. Bernard Dewonck, P.Geo. (BC) and Mr. Marcus Vanwermeskerken, P.Geo. (BC), both Qualified Persons as defined by National Instrument 43-101. Mr. Chris Graf, P.Eng. (BC), the president of Ecstall Mining Corporation, was also involved in the initial program planning and responsible for spotting the location of the drill holes.

John R. Fraser, P.Geo. (BC), is the Qualified person for the Company and is responsible for the technical information contained in this release.

About the Akie Property:

The Akie property, which has been optioned from Ecstall Mining Corporation, comprises a total of 256 claim units, in 22 contiguous mineral claims encompassing some 5,400 hectares, situated in the Omineca Mining Division of British Columbia. Between 1992 and 1996, approximately $5.4-million was spent exploring the property, including approximately 13,000 metres of diamond drilling.

Variably siliceous, bluish-grey weathering, fine-grained clastic rocks of the Middle to Late Devonian 'Gunsteel formation' host a sheet-like body of laminated to massive pyrite and barite, with local finely laminated bands of sphalerite and galena, that has a strike length of 1,600 meters, a dip extent of at least 800 meters and a true width of up to 30 meters. Within this, Inmet Mining Corporation, the previous operator, identified an inferred resource, based on four widely spaced drill holes, of 13 million tonnes grading 8.52% zinc, 1.47% lead and 13.24 grams silver/tonne over a true width of 6.3 meters.

Note: This historical inferred resource estimate was prepared before the implementation of National Instrument 43-101. The Company's Qualified Person has not reviewed the estimate but believes it to be reliable and relevant as it was calculated by Inmet Mining Corporation, a respected international mining concern, using simple polygonal blocks. However, this estimate should be treated as a historical resource estimate and should not be relied upon until additional drill hole information is available.

The Akie deposit is open to expansion in tonnage and grade both along strike and down-dip.

Photos of the Akie zinc-lead property are available at the Company's website at

For further information regarding the Akie property, the reader is referred to a NI 43-101 report, titled Geological Report on the Akie Property, dated October 24, 2005, by D.G. MacIntyre, Ph. D., P.Geo. (BC)., which is filed on SEDAR at




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