Mantra Exploration Inc.

An AsiaBaseMetals Inc. - Spin-Co: (Completed Pursuant To A Plan of Arrangement)

Mantra Exploration Inc. "(Mantra Exploration" and/or the "Company") is focused in the Mining sector for value driven projects/assets; globally. The Company led by an accomplished, successful, and entrepreneurial business and mining team operating under high standards of business conduct to build shareholder value is advancing its current projects and seeking to acquire, explore, and develop high quality mineral assets in safe, mining friendly jurisdictions.

The Company's current 100% owned Jean project ("Jean Project" - Iron Ore) is located in world-class mining district in Canada, one of the safest and mining friendly jurisdictions in the world (as outlined below under the heading Corporate Information & Operations - Company Operations).

The Company is continuing to diversify its asset portfolio via timely value-driven project acquisitions. The Company is reviewing advanced projects for base metals, alkali metals, and other resources in the current cyclical commodity markets down-turn, and advanced projects for precious metals (Gold & Silver) to cease and participate in the exceptionally favourable upcoming market conditions for precious metals; as generally expected and predicted by the market, likely resulting from the forecasted current global economic-enviornment and conditions.


"BUILDING & ENHANCING SHAREHOLDER VALUE"


Current Project(s)

The Jean Iron Ore Project, owned 100% by Mantra Exploration and located within the Thunder Bay Mining District in the northwestern part of the province of Ontario, Canada (approximately 65 kilometers to the southwest of the city of Thunder Bay & approximately 2 kilometers north of Whitefish Lake on Highway 588) encompasses approximately 1,760 hectares (89 mineral claims). A diamond drilling program, undertaken in 2012 by a previous owner, which included eight vertical NQ-size drill holes totaling 492.88m bounding 3km by 0.5km area verified the known surface geology with additional detailed stratigraphic information. All eight holes intersected iron bearing Lower Taconite Member, whereas two complete Lower Taconite Member vertical intersections were delineated in 2 holes. The average true thickness was estimated to be 57.06m. In 2015, the Company completed a surface sampling, trenching and channel sampling program on the Property (see further details provided below under section - Corporate Information & Operations - Company Operations).

Latest News:

Sep 2, 2010 ` Asiabasemetals, Mantra Exploration, Mantra Pharma And Mantra 2 Real Estate Annouce Closing Of Spin-Out Transaction


A Two-Decade & Three Generation History


Our History

The Company became a independent publicly reporting company effective Sep 1, 2020 upon completion of a court approved statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Plan of Arrangement") undertaken and executed by AsiaBaseMetals Inc. (Trading Symbol: TSX.V: ABZ). (see News Release - Sep 2, 2020).

In accordance with the Plan of Arrangement, among other things:

  1. the Company acquired the 100% interest in the Jean (Iron Ore) project; and
  2. in consideration of the foregoing, the shareholders of AsiaBaseMetals Inc., as of the record date, received one common share in the capital of Mantra Exploration Inc. for each share of AsiaBaseMetals Inc. held on the record date. As a result, Mantra Exploration ceased to be a wholly owned subsidiary of AsiaBaseMetals Inc. as of the record date, and the shareholders of AsiaBaseMetals Inc. also became shareholders of Mantra Exploration Inc., on a 1 share for 1 share basis.

“This journey started with a Capital Pool Company, and through two spin-out transactions the original shareholders have now been delivered a third generation of companies; at no additional cost. Along this journey the original ABZ Shareholders have participated in a recently permitted copper project (Sandfire Resources America Inc. – market cap approx. $200m), an exciting Cobalt/Zinc. exploration project adjacent to an established Zinc deposit (AsiaBaseMetals Inc. - market cap approx. $17m) and now as the third generation Mantra 2 Real erstate Inc., Mantra Pharma Inc., and Mantra Exploration Inc. on a 1 share for 1 share basis." stated Raj Chowdhry, CEO


A SUCCESSFUL & EXPERIENCED TEAM
DISCOVERING & ACQUIRING
VALUE-DRIVEN ASSETS


Rajinder (Raj) Chowdhry, CPA, CA.

Director

Rajinder (Raj) Chowdhry, CPA, CA.

Mr. Chowdhry, the founder, Chairman and Chief Executive Officer of Futura Capital Limited., a private venture capital company, has invested in and raised funds for various projects around the world. Mr. Chowdhry, currently a director of various publicly listed companies, has over 35 years' experience in the capital markets; being the founder, chairman, director, chief executive officer and president of several public companies trading on global Stock Exchanges including Stock Exchanges in the United States and Canada.

Mr. Chowdhry was one of the founding directors of America Mineral Fields Inc. [(Copper mining/production) -- name changed to Adastra Minerals Inc. and acquired in 2006 by First Quantum Minerals Ltd.]. Mr. Chowdhry was also the founding director, Chairman and CEO of International Thunderbird Gaming Inc. (Casino Gaming operations), Axion Communications Inc. (Internet operations), Sandfire Resources America Inc. [(Black Buutte Copper Project - Final Mine Operating Permit Granted) (prior to name change: Tintina Resources Inc.)], SolidusGold Inc. (Gold exploration), Camphor Ventures Inc. (Diamond exploration & mining/production), and a director of Mountain Province Diamonds Inc. (Diamond exploration & mining/production). Camphor and Mountain Province entered in to a business combination in 2007 to unify their existing joint venture with De Beers Canada, leading to commencement of diamond production in Canada in 2016.

Mr. Chowdhry, a Chartered Professional Accountant (CPA, CA) received a Bachelor of Commerce (B. Comm.) degree from The University of British Columbia ("UBC"), Canada, and his designation as a Chartered Accountant (CA) from the Institute of Chartered Accountants of British Columbia, Canada. He is also a charter member of the Vancouver chapter of The INDUS Entrepreneurs (TIE).

Henry Park

Director

Henry Park

Mr. Park, the Chief Investment Officer of Foundation Capital, was formerly a partner at Vulcan Mining, a mining private equity investment platform of Soros Fund Management. Prior to Vulcan Mining, Mr. Park held the position of managing director and commodity strategist at Electrum Group; after being for several years, the commodity analyst at Soros Fund Management where he focused on commodity investing in public and private equities and futures. Henry started his investing career at GE Capital where he was Assistant Vice President in the distressed debt business, followed by a long/short equity analyst in basic material sector for Highlander Fund Management (part of Ospraie Fund Management's Wingspan platform). Henry holds a Bachelor of Arts degree in Economics from University of Chicago and Master of Business Administration degree from Columbia University.

Terrylene (Terry) Penstock

Director

Terrylene Penstock

Terry Penstock has over 20 years of experience in the finance and securities industry. Terry started in finance, in the investment and insurance business, as a licensed insurance broker (1995-1998) going on to achieve an agency license with Northwest Life & iA Industrial Alliance Pacific Life. Terry focuses on entrepreneurial business development and finance. Having worked both with private and public companies, from the formation of business plans through to execution of financing and going public, she has guided the process of financial structuring, venture capital and public relations in the mining, bio-tech and technology sectors.

Ms. Penstock a founder and director of various publicly listed companies, all listed on the TSX Venture Exchange, is a co-founder and former director of Tintina Resources Inc.

Ionnis (Yannis) Tsitos

Director

Ioannis (Yannis) Tsitos

Mr. Tsitos, originally trained as a physicist-geophysicist, having over 27-year experience in the mining industry; 19 years with BHP Billiton group prior to his departure in December 2007 from his position as New Business Manager for Minerals Exploration with a global reach, has lived and worked in South Africa, Ecuador, Greece, United Kingdom and Canada. In addition to having been part of two discovery teams with BHP Billiton in porphyry-copper and nickel-sulphide deposits, he has been instrumental in the identification, negotiation and execution of more than 50 exploration agreements with juniors, majors, as well as with state exploration and mining companies.

Josko Vukic

Advisory Board Member

Joško Vukić

Mr. Vukićc, an entrepreneur with over 25 years of hands-on experience in business, in Canada and Croatia/Europe, in both the construction and agriculture industries currently manages and operates his two successful construction companies in Vancouver and the Lower mainland, British Columbia, Canada. Mr. Vukić also continues to focus on his land holdings and agricultural business activities in Croatia, a member country of the European union ("EU"). A native of Croatia, Mr. Vukić has strong economic and political relationships within Croatia, especially in the agriculture, medical/health and security industry sectors, both at the regional and national levels. Mr. Vukić has in-depth knowledge and understanding of both the civic and national governing bodies of Croatia. Mr. Vukić, prior to immigrating to Canada in 2004, was also a Croatian military employee in special forces under NATO from 1996 through to 2014. Mr. Vukić, co-founded an educational enterprise "Tulipan" a non-profit pre-school educational Centre within Croatia to give back to the community of his origin.

Kashmir (Kash) Heed

Advisory Board member

Mr. Kashmir (Kash) Heed

Mr. Kashmir Heed is a businessman, public policy advisor, and a former Canadian politician, who was elected to the British Columbia Legislative Assembly (2009 to 2013). Kash was appointed the Minister of Public Safety and Solicitor General (2009 to 2010). Prior to entering politics, Mr. Heed had a distinguished law enforcement career spanning over 31 years. He was the Chief Constable of the West Vancouver Police Department (2007 to 2009) and Superintendent of the Vancouver Police Department where he held several high-profile command positions over the years. Mr. Heed holds a Master of Arts degree from the School of Criminology (2005) and a Bachelor of General Studies degree in the field of Leadership in Public Safety (2001) from Simon Fraser University (SFU).


Corporate Information & Operations


Corporate Information

Common Shares: *
- Issued & Outstanding:
- (Sep 1, 2020)

43,224,651

Stock Options: *
- Outstanding:
- (Sep 1, 2020)

- NIL -

Warrants: *
- Outstanding:
- (Sep 1, 2020)

- NIL -

Reporting Status: *
- (Sep 1, 2020)

Publicly Reporting
Company

(British Columbia, Canada)

Contact Information:
- (E-Mail Address):
* Contact Company for current up to date figures/status.

RChowdhry@FuturaCapitalLtd.com

Company Operations

The Company is advancing the Jean Iron Ore Project prudently as it reviews other mining assets.

The Jean Iron Ore Project, owned 100% by AsiaBaseMetals Inc, located within the Thunder Bay Mining District in the northwestern part of the province of Ontario, Canada (approximately 65 kilometers to the southwest of the city of Thunder Bay & approximately 2 kilometers north of Whitefish Lake on Highway 588) encompasses approximately 1,760 hectares (89 mineral claims). A diamond drilling program, undertaken in 2012 by a previous owner, which included eight vertical NQ-size drill holes totaling 492.88m bounding 3km by 0.5km area verified the known surface geology with additional detailed stratigraphic information. All eight holes intersected iron bearing Lower Taconite Member, whereas two complete Lower Taconite Member vertical intersections were delineated in 2 holes. The average true thickness was estimated to be 57.06m. In 2015, the Company completed a surface sampling, trenching and channel sampling program on the Property.

Weighted Assay: Lower Taconite Member -May-June 2012 Drilling Program

DDH No.Length (m)Fe%Mn%SiO2%P2O5%
JN12-0149.7121.650.34643.400.03
JN12-0210.5024.360.29944.100.05
JN12-0356.81 (complete)24.390.33747.540.03
JN12-0429.6224.310.25950.530.04
JN12-0557.722 (complete)23.880.28747.760.04
JN12-0629.6725.020.36446.240.04
JN12-0749.0522.030.52947.370.03
JN12-0831.8723.370.57044.920.04
Weighted Average23.440.37746.660.04

KEY HIGHLIGHTS

  • Lower Taconite Member of Lower Gunflint Formation is the main and most economically-interested iron formation member within the property and was intersected in all eight holes. Two holes completely intersected Lower Taconite Member and true thickness was estimated to be 57.06m.
  • The iron content (Fe%), pursuant to samples/exploration results of Lower Taconite Member ranges from the low 23.44% Fe to the high of 26.16% Fe (23.44% Fe in fresh drill cores to 24.44% Fe in oxidized drill-core to 26.16% Fe in surface oxidized samples, and finally 25.71% Fe in mixed surface and drill-core samples). The feed grade of DDT test done on Lower Taconite Member varies from 24.05% Fe to 24.58% Fe.
  • 2015 Exploration work results of eight grab rock samples indicate that iron oxide is in the range of 12.29% to 41.03%. The results of five trenches show consistent values of iron, in the range of 22 to 36% iron oxide.

Under industry standards, the key economic parameters for magnetite ore being generally economic in BIF are, the crystallinity of the magnetite, the grade of the iron in the host rock, and the contaminant elements which exist within the magnetite concentrate. To make a magnetite-bearing banded iron formation economic, typically, a minimum iron grade of 25% Fe is required. A concentrate grade of 64% iron by weight or more is viable with a 33% to 40% recovery yield of magnetite (Source: Rai Technology University - World Economic Geography - Section 2.1.3 - Magnetite Ores).

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