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Manganese X Energy Completed Its Diamond Drill Program
December 21, 2016 6:00 AM EST | Source: Manganese X Energy Corp.
Montreal, Quebec--(Newsfile Corp. - December 21, 2016) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTC: SNCGF) (the "Company") is pleased to announce that it has completed its diamond drill program at its Houlton Woodstock manganese property located in Carleton County, New Brunswick. The drilling program consisted of 16 holes totaling 3,589 meters, and was completed as an initial test of three primary areas on the property: Iron Ore Hill, Sharpe Farm and Moody Hill manganese occurrences. The drill targets were based on the results derived from gravity and magnetometer surveys completed in October of this year. The drill core samples for assay have been sent to an independent laboratory, Activation Laboratories Ltd. in Ancaster, Ontario. The results from the drill program are expected towards the end of January, 2017.
Total tonnage projected by Sidwell for Moody Hill, Sharpe Farm and Iron Ore Hill, all located on our current claims, (see previous Press release dated November 30, 2016) was 43,000,000 tons (39,009,000 tonnes) with an average Mn content of 9%. Note: The above estimates are from Sidwell, 1957 using limited drilling and a widely spaced gravity survey. The author has not done enough work to verify these resources, therefore the above reserves are historical in nature and the company, Manganese X Energy Corp., should not treat this historical estimate as current mineral resources / reserves as defined under NI 43-101. Neither quality assurance (QA) nor quality control (QC) can be performed because the entire old drill core has been lost. Additional systematic surface drilling is required to verify the historical estimates and possibly upgrade part of the whole historical estimate into current resources. For further information please refer to our NI 43-101 Technical Report on our website www.manganesexenergycorp.com or refer to our previous press release dated November 30, 2016.
Option Terms
In June 2016, the Company entered into an option agreement with Globex Mining Enterprises Inc. (TSX: GMX) (FSE: G1M) (OTCQX: GLBXF) ("Globex"), for its Houlton Woodstock manganese property located in Carleton County, New Brunswick (the "Property"). The Company has an option to earn an undivided 100% right, title, and interest in the Property (the "Option"), subject to a 3% Gross Metal Royalty, by making aggregate cash payments to Globex of $200,000 ($100,000 already paid), issuing an aggregate of 4,000,000 common shares (1,000,000 have been issued), incurring aggregate exploration expenditures of $1,000,000 on the Property, and delivering a Preliminary Economic Assessment to Globex on or before the fourth anniversary of the Option.
Manganese X Energy's mission
In our pursuit of the Company's mission statement our long term goal is to concentrate on other high potential Manganese prospects which are located in North America, as well as exploring various opportunities with the intent of integrating and supplying value added materials to the lithium ion battery and other alternative energy industries. Manganese X Energy will focus on Electrolytic Manganese Dioxide (EMD), which is defined as converting manganese into a very pure high quality electrolytic manganese dioxide of 99.7% purity. At present, to the best of our knowledge, there are no operating North American Manganese mining producers.
Our company is focusing on new opportunities associated with Li-ion batteries as well as Electrolytic Manganese Dioxide (EMD) using manganese as a key value added component.
The demand for Manganese is expected to increase in the future because of the following.
● | Manganese is the critical component of the cathode material in modern alkaline, lithium, and sodium batteries including electrochemical capacitors and hydrogen production. |
● | Manganese in terms of environment (green/clean energy = 0% emissions) as well the requirements as getting away from fossil fuels. |
● | Manganese is likely to remain the preferred energy material for the future generation, as it has been in recent decades. |
● | EMD is a value added material to manganese which is presently in demand. |
● | Manganese is a critical component of the battery cathode in today's alkaline & lithium ion batteries. |
● | Manganese is also well suited for cathode mix in bulk energy storage & energy management for portable power and integrating solar and wind renewable energy. |
Market Growth Demand
● | Surge in demand in Electric Vehicles ("EV") last year. EV sales grew by about 60 percent worldwide. That is annual growth rate that Tesla forecasts for sales through 2020. |
● | Solar panels are following a similar curve at around 50 percent growth each year. |
The technical information contained in this news release has been reviewed and approved by Perry MacKinnon, P.Geo, who is a Qualified Person regarding the Company's Houlton Woodstock manganese property located in Carleton County, New Brunswick.
Manganese X Energy's mission is to acquire and advance high potential manganese mining prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. For more information visit the website at www.manganesexenergycorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Martin Kepman
Interim CEO and Director
martin@kepman.com
1-514-802-1814
Cautionary Note Regarding Forward-Looking Statements:
Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Manganese X Energy. Actual results may differ materially from those currently anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.