Manganese X Energy Starts Drilling For 'Electric Gold' At Battery Hill Manganese Deposit
Montreal, Quebec--(Newsfile Corp. - October 1, 2020) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTC: MNXXF) ("Manganese" or the "Company") is pleased to announce that drilling activity has started on the Battery Hill property in New Brunswick.
The company will drill approximated 25 holes totaling a minimum of 3,200 meters The average depth per hole ranges between 100 to 250 meters The intent of the drill program is to significantly expand and upgrade our current classification of mineralization to inferred or higher resource status. The program will focus on near surface, higher grade areas of the deposit such as the Moody Hill zones. The Company is exploring the property with the objective of future development through low cost open pit mining. Higher grade areas such as Moody Hill may represent candidate "starter pit" locations.
Martin Kepman, CEO of Manganese X Energy, comments, "We are accelerating our drilling agenda to take advantage of the current attention and demand on manganese as a key cathode component in battery chemistry. Tesla Battery Day was a call to action for companies in the energy metals sector. Elon Musk is looking to source battery grade manganese which we have dubbed "electric gold" from the North American chain. We feel our property, being 12 miles from the US border gives us a decided advantage. We are the only manganese property in North America on a fast track to commercialization."
Previous diamond drilling by the Company totals 5188 meters in 25 holes and has been completed over a 1.8 kilometer strike length of the prospective manganese occurrence trend. Most holes intercepted significant grades and widths of manganese mineralization such as 10.75% Mn over 52.6 meters in SF-16-05, 12.96% Mn over 32.85 meters in SF-16-08 and 9.39% Mn over 74.0 meters in SF-17-18 (all core lengths). Moody Hill was highlighted as a priority area for resource expansion.
Upon successful completion of the drill program and ongoing metallurgical studies recommended in the June 2020 NI 43-101 technical report, work will be initiated toward the completion of a preliminary economic assessment (PEA).
Manganese X Energy would like to acknowledge the financial support provided by the Province of New Brunswick through the New Brunswick Junior Mining Assistance Program (NBJMAP).
The Company further confirms it is well capitalized to execute on all corporate activities in the next eighteen to twenty-four months.
Manganese'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. In addition, our company is striving to achieve new methodologies emanating from environmentally geographically ethical and friendly green/zero emissions, while processing manganese 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.
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