Manganese X Energy Announces Fall Drill Program – Key To Pre-Feasibility Study at Battery Hill Manganese Project
Montreal, Quebec, Canada, October 11 2022– Manganese X Energy Corp. (TSXV: MN) (FSE:9SC) (OTC:MNXXF) (“Manganese X”, “MN”, or the “Company”) is pleased to announce plans to commence the pre-feasibility study in-fill and step-out drilling program at its wholly owned Battery Hill Project located near Woodstock, New Brunswick. Tendering for the proposed drilling program is underway with commencement tentatively scheduled for late October 2022.
The goal of the drill program is to in-fill and expand the Measured and Indicated resources in preparation for the pre-feasibility study (“PFS”) by upgrading the inferred category resource included in the Preliminary Economic Assessment (“PEA”) mine plan. The program will include an estimated 25 NQ drillholes totaling approximately 3,500 meters. The current mineral resources included in the mine plan of the PEA includes 12.2 million tonnes in the Measured and Indicated categories and 4.7 million tonnes in the Inferred category. A component of the program will also include step-out drilling to target high grade resources for inclusion in the mine plan for the PFS.
The planned PFS drill program is following recommendations of the NI 43-101 Preliminary Economic Assessment of the Battery Hill Manganese Project which is available on the company’s website (https://www.manganesexenergycorp.com/wp-content/uploads/2022/09/final-pea-revised.pdf). The PEA highlighted a robust project with:
- an after-tax Net Present Value using a 10% discount of $486 million
- an Internal Rate of Return of 25% with a payback period of 2.8 years
- average annual revenue of $220 million per year over the first 7 years (averages $177 million per year over the 47-year mine life)
- production averaging 84,000 tonnes per year of battery-grade high purity manganese sulphate over the first 7 years (68,000 tonnes per year over the 47-year mine life)
Martin Kepman, CEO of Manganese X, stated, “We are very excited to begin this drill program that will support our pre-feasibility study to demonstrate and highlight the robust potential of the Battery Hill deposit as indicated by the PEA. The completion of the in-fill drilling program this fall, will allow the Company to move quickly into the pre-feasibility stage in 2023. We intend to be at the forefront of a domestic Canadian high-purity manganese supply, readily available to North American battery manufacturers. Manganese X’s objective is to become the first publicly traded company in Canada and the US to commercialize high-purity electric vehicle (EV) quality compliant manganese.
In addition to this drilling program Manganese X is scoping the engineering, environmental and social studies to support the PFS work program. Geotechnical and hydrogeological drilling is planned for open pit mine design and to advance the understanding of ground conditions in proposed infrastructure sites. In preparation for this geotechnical work, scheduled for the spring of 2023, site visits and field work by the Company’s engineering consultants will be completed this fall. Additional environmental baseline data will continue to be collected through 2022 and 2023.
About Manganese X Energy Corp.
Manganese X’s mission is to advance its Battery Hill project into production, with the intent of supplying value-added materials to the lithium-ion battery and other alternative energy industries. The Company is also striving to achieve new environment-friendly more efficient methodologies, while processing manganese at a lower competitive cost. The company is the only publicly traded manganese company in North America moving rapidly toward commercialization of a manganese deposit and production of High Purity Manganese Sulphate.
Subsidiary Disruptive Battery Corp.’s mission is to develop an HVAC (heating, ventilation and air conditioning) air purification delivery system for cleaner and healthier air, aiming to mitigate COVID-19 and other contaminants on surfaces and in the air. For more information visit the website at www.manganesexenergycorp.com
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
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