Manganese X to Acquire an Additional 500,000 Mountain Spring Oil and Gas Shares to Increase Interest to 25%
December 4, 2018
Montreal, Quebec- Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) (the "Company" or "Manganese X") is pleased to announce that it has acquired a 100% interest in its flagship Battery Hill Houlton Woodstock Manganese property located in the top-tier global mining jurisdiction of New Brunswick, by making cash payments of $200,000, issuing 4.0 million common shares and spending $1.0 million on exploration over a 2 year period. The property is subject to a 3% Gross Metal Royalty on production, payable to Globex Mining Enterprises Inc.
The Battery Hill property includes the historical Moody Hill, Sharp Farm, Iron Ore Hill and Maple Hill manganese-iron zones located in central New Brunswick. The property is strategically situated 12 kilometers from the US (Maine) border, near existing power transmission lines, railway and road access that provide suitable transport to major shipping lanes on the Atlantic Ocean and Saint Lawrence Seaway.
The Company is currently focusing efforts on the metallurgical aspects of the Battery Hill mineralization, including a "cost-shared" research project in conjunction with the National Research Council of Canada titled "The potential of ore upgrading and purification techniques to produce battery-grade material (high purity: 99.999 per cent)". The aim of the project is to determine to what extent ore from the Battery Hill project could be upgraded and to explore the potential to generate a high-purity manganese product suitable for the battery industry.
On February 27, 2018 Manganese X announced a technical study completed by Mercator Geological Services which examined the results of confirmation drilling programs consisting of 25 holes totalling 5188 meters that were completed between November 2016 and June 2017. These holes assessed the potential magnitude of mineralization encountered in the "exploration target" and identified 6 target areas for further drilling. The "exploration target" (as defined by NI 43-101) for the Battery Hill project is indicated as 14 million to 31 million tonnes grading between 8% and 10% Mn and 12% and 14% Fe (Manganese X News Release dated Feb 27, 2018). As defined under NI 43-101, the potential quantity and grade of an exploration target is conceptual in nature; there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Battery Hill Project Summary / Highlights
Property consists of 55 claim units totalling 1,228 hectares, located close to key infrastructure (road, power and railway);
The Company is exploring the property with the objective of assessing its potential for future development using low cost, open pit mining methods focusing on higher grade areas;
Confirmation drilling programs totalling 5188 meters in 25 holes have been completed;
Results indicate that the Moody Hill sector hosts higher grades such as 13.45% Mn over 23.6 meters (SF17-16) from 32.4m downhole, and significant amounts of "red/mixed" mineralization that is considered preferable with respect to metallurgical recovery of Manganese;
Potential quantity and grade range of the exploration target is 14 to 31 million tonnes grading between 8% and 10% Mn;
Mineralization remains open for expansion with 6 target areas identified for further drilling;
Metallurgical studies are in progress.
Qualified Persons and QA/QC
Roger Dahn, B.Sc., P.Geo. (New Brunswick), Manganese X Energy's Vice President of Exploration, is designated as the Qualified Person in compliance with National Instrument 43-101 with respect to this release and has reviewed the contents for accuracy.
About Manganese X Energy
Manganese X Energy's mission is to acquire and advance high potential manganese as well as additional mineral prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries as well as the steel industry. In addition, our company is striving to achieve new methodologies emanating with environmentally friendly green/zero emissions processes and producing manganese at a lower competitive cost.
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