Manganese X Energy Corp. Quarterly Update
Montreal, Quebec--(Newsfile Corp. - October 4, 2019) - 2019, Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) ("Manganese X" or the "Company") is pleased to present our quarterly updated review of our projects, accomplishments and goals. We are very encouraged and look forward to advancing each of our projects listed below during the fourth quarter:
Kemetco Research Inc:
On August 30th, 2019 Manganese X signed a contract with Kemetco Research Inc. ("Kemetco") to continue with the Ultra-Pure Metallurgical Project to produce high grade battery-eligible material for the North American li-ion and other alternative energy markets. The company, together with Kemetco, will now continue to develop a commercializable flow sheet to produce ultrahigh-purity (greater than 99.9 per cent) battery-grade manganese product for the growing electric vehicle and energy storage sectors, using the safe and sustainable North American mineralization at Battery Hill. Manganese X last week received an encouraging updated progress report from Kemetco. The time frame is on schedule with the estimated completion of the project in 6 to 10 weeks. Martin Kepman, Chief Executive Officer of Manganese X, stated: "We are very pleased by the progress of the project and look forward to more positive updates. We seem to be getting close to the goal line."
Disruptive Battery Corp.
Our standalone subsidiary, Disruptive Battery Corp., created for the purposes of accelerating a manganese thesis as it relates to fuel cells, is pleased to announce that it has been approached by and is in discussions with a Quebec entity to assist to develop and supply battery grade manganese materials for the North American lithium-ion battery (lib) market. Driven by the expected market penetration of electric vehicles, the number of lithium-ion batteries (lib) produced annually is expected to increase within the next decade by a factor of 10, at a minimum. This production surge will require the securing of stable supply chains for the key elements used in lib, such as lithium, iron, manganese, and phosphorous. These elements are available in certain Canadian provinces including Quebec and establishing local supply chains represents a unique opportunity for the Canadian industry to assume an important role in the rapidly developing lib market. The Quebec entity seeks to establish a national supply chain for lib cathode materials from the mine to the battery. To do so, they will develop partnerships with various battery themed companies and Manganese X has been selected to participate in the development and supply of lithium-ion batteries. Further updates will follow.
Mountain Springs Oil and Gas Limited (MSOG):
We have been advised by MSOG that they are in negotiations to finalize their initial letter of intent for a specific oil and gas property package which is located in Western Canada. There was a slight delay due to fact that the vendors have expressed an interest to include an additional oil and gas property which is also located in Western Canada; the parties have now agreed in both principle and terms to these oil and gas property packages. They are in final negotiations for royalties as well as more minor details. MSOG has committed to expediting the completion of this transaction. Manganese X presently owns 15% of MSOG and has an option of increasing ownership with an additional 10% interest, upon MSOG completing its current acquisition and with Manganese X board approval. The Company's strategy is to utilize the potential cash flow from dividends generated by its interest in MSOG's oil and gas production wells, to advance the Battery Hill manganese, Peter Lake copper-nickel-cobalt and Lac Aux Bouleaux (LAB) Graphite projects, as well as other potential opportunities.
Peter Lake Copper-Nickel-Cobalt Project (Quebec):
We are pleased to announce the completion of a MaxMin II-5 EM survey which started on the 15th of September 2019. The survey covered both the North and South occurrences and was completed under contract by Geosig Inc. of Quebec City. Upon receipt of the final survey report, which is expected in the coming weeks, the results will be analyzed in conjunction with previously completed induced polarization (IP) and soil geochemical surveys to prioritize targets for follow-up trenching and diamond drilling programs if warranted.
Lac Aux Bouleaux (LAB) Graphite Property (Québec):
The Company has initiated a fall exploration program at the LAB Graphite property located contiguous to the south of TIMCAL's Lac des Iles graphite mine. The program will consist of grid establishment, ground electromagnetic (EM) survey, drone surveys to collect elevation data and aerial imagery, and a detailed compilation of all previous work including historical geophysics and diamond drilling (from over 80 diamond drill holes). The fall exploration program is a strategic step towards updating the property's historic resource estimates and in preparation for future trenching and diamond drill programs. Further updates will follow.
The preparation of the technical information in this news release of Battery Hill, Peter Lake Cu-Ni-Co, Lac Aux Bouleaux (LAB) Graphite Property and update of the Kemetco Research Inc. metallurgical project has been reviewed and approved by Roger Dahn, P. Geo. Roger Dahn is a Qualified Person as defined by National Instrument 43-101.
Manganese's X 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. In addition our company is striving to achieve new methodologies emanating from environmentally and geographically ethical and friendly green/zero emissions technologies, while processing manganes .at a lower competitive cost. For more information visit the website at www.manganesexenergycorp.com
On behalf of the Board of Directors of
MANGANESE X ENERGY CORP.
CEO and Director
Cautionary Note Regarding Forward-Looking Statements:
Neither 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.
This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information. We seek safe harbor.
NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48488