Manganese X to Acquire an Additional 500,000 Mountain Spring Oil and Gas Shares to Increase Interest to 25%
Montreal, Quebec–(Newsfile Corp. – October 18, 2018) – Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) (the “Company” or “Manganese X”) is pleased to announce that Manganese X has agreed in principal to purchase an additional 500,000 shares by way of a private placement at $1 a share .This will represent an additional ownership of 10% of Mountain Spring Oil and Gas Limited (“MSOG”) by Manganese X amounting to a grand total of 1,250,000 shares or 25% ownership of MSOG.
Peter Lake Cu-Ni-Co Project Update
Line cutting and soil geochemical sampling of the newly established grid covering the prospective Peter Lake property has been completed. Lines cutting totalling approximately 30 kilometers and 861 B-horizon soil samples have been submitted for laboratory analysis. The results of the soil geochemical survey are expected by the end of October and will be released in a timely manner. The North and South Copper-Nickel Occurrences have been traced intermittently on surface for approximately 2 kilometers. Results from nine blast pit samples collected from the Peter Lake North and South Occurrences during September 2018, returned assays of 5.38% Copper, 0.96% Nickel and 922 ppm Cobalt; as well as other anomalous samples (Manganese X news release dated September 27, 2018)The fall exploration program at Peter Lake continues with planned ground geophysical surveys (induced polarization and magnetics), a regional airborne magnetic survey and geology/prospecting to identify and prioritize potential targets for a follow-up diamond drill program.
Update on metallurgical project – To upgrade ore and purification techniques study to produce battery grade material
Manganese X Energy is pleased to announce that several more stages in its research project on the Battery Hill deposit in West – Central New Brunswick have been completed. The project is supported through an agreement with the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). Further upgrading technologies and product purification methodologies will be evaluated in the coming weeks and months including application of new flotation reagent schemes. Manganese X Energy anticipates that there should be a substantial increase in demand for high purity manganese sulphate within the various industries including the Li-ion battery business, thus possibly resulting in higher prices in the future due to supply and demand. Manganese X Energy mission is to become the first North American supplier of value added materials to the lithium ion battery and other alternative energy industries as well as the steel industry.
TSX Venture Exchange (the “Exchange”) has conditionally accepted the proposed private placement, pursuant to the specific terms for a non-brokered non-commissioned private placement financing to raise up to $400,000 (the “Offering”). The Offering consists of 2 million flow-through” shares (“FT Shares”) at a price of $0.20 per share to raise aggregate proceeds of up to $400,000. Deadline for filing final materials: Nov 26, 2018.
The preparation of the technical information in this news release of Peter Lake Cu-Ni-Co Project Update and the National Research Council (NRC/CNRC) metallurgical project update has been reviewed and approved by Roger Dahn, P. Geo. Roger Dahn is a Qualified Person as defined by National Instrument 43-101.
About Manganese X Energy
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 manganese at a lower competitive cost.
For more information, visit the website at www.manganesexenergycorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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.