WOODSTOCK MXE 2020

Perry MacKinnon, P.Geo, of Perry MacKinnon Consulting, Skir Dhu, Nova Scotia was commissioned by
Manganese X Energy Corp. (MXE) to complete an updated National Instrument 43-101 Technical Report
on its 100% owned manganese-iron (Mn-Fe) occurrence properties near Woodstock, New Brunswick.


On April 26th, 2016 Sunset Cove, now Manganese X Energy Corp. (MXE, see Press Release Dec. 1, 2016)
entered into an agreement with Globex Mining Enterprises Inc. to option the claims of license 5816 near
Woodstock, and license 5745 near Irish Settlement, New Brunswick, in order to acquire 100% ownership
of those properties (see Figures 1 and 2). According to the agreement, Sunset Cove could exercise the
option and earn 100% interest in the properties by making aggregate cash payments of $200,000 to
Globex, issuing an aggregate of 4 million common shares to Globex, incurring aggregate exploration
expenditures of one million dollars on the Property and delivering a preliminary Economic Assessment
(PEA) on or before the fourth anniversary of the Effective Date of April 26, 2016. The agreement also
included a 3% Gross Metal Royalty to be paid to Globex on all metals produced from the Property. This
transaction was completed on December 4th, 2018 with the PEA clause being dropped (see MXE Press
Release December 4th, 2018). An advance Royalty payment of $20,000 per year, payable to Globex by
Manganese X Energy starting on the 6th anniversary of the agreement, remains in place. Globex has
recently entered an agreement to sell 2% of its royalty to Electric Royalties Ltd., which is expected to
close in Q3, 2020. Both Claim Units (5816 and 5745) are now in the name of MXE.


License 5816 property (henceforth referred to as the Property, or Battery Hill, as it is the main focus of
this report) occurs entirely on privately owned surface lots, on predominantly open, hilly, agricultural
lands with some wooded sections. It is an “Early Stage” exploration property according to NI 43-101
definitions, as it has no current mineral resources or mineral reserves.


Permission to access the lands, for the four exploration programs the author has been involved with
since 2009, has not been an issue. Surface rights owner’s permission is a requirement before exploration
programs are to be implemented. Access is quite good on various dirt roads via the paved Iron Ore Hill
Road, located in the south-central area of the claim block. The northern portion of the claims can be
accessed along Route 560.

Woodstock MXE 2020 Technical Report

Read the acquisition press release

 

Copyright 2016 Manganese X Energy Corp. All rights reserved