Manganese X Energy Announces Fall Drilling Program


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Montreal, Quebec–(Newsfile Corp. – October 11, 2022) – Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC) (OTCQB: MNXXF) (“Manganese X”, “MN” or the “Company”) is pleased to announce its intention to commence the infill drilling and prefeasibility study extension program on its wholly owned Battery Hill project located near Woodstock, New Brunswick. Tendering for the proposed drilling program is ongoing and commencement is tentatively scheduled for late October 2022.

The objective of the drilling program is to 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 Appraisal Mine Plan. preliminary economic (“PEA”). . The program will consist of approximately 25 NQ drill holes totaling approximately 3,500 meters. The current mineral resources included in the PEA mine plan include 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 PFS mine plan.

The planned PFS drilling program follows the 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 has put forward a robust project with:

  • an after-tax net present value using a 10% haircut 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 in first 7 years (average $177 million per year over 47 year mine life)
  • average production of 84,000 tonnes per year of high-purity, battery-grade manganese sulphate in the first 7 years (68,000 tonnes per year over the mine life of 47 years)

Martin Kepman, CEO of Manganese X, said, “We are very pleased to commence this drilling program which 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 infill drilling program this fall, will allow the Company to move quickly to the pre-feasibility stage in 2023. We intend to be at the forefront of Canadian supply of high purity manganese, readily available to North American battery manufacturers. Manganese X’s goal is to become the first publicly traded company in Canada and the United States to market high-purity manganese that is compliant with electric vehicle (EV) grade.

In addition to this drilling program, Manganese X is handling engineering, environmental and social studies to support the PFS work program. Geotechnical and hydrogeological drilling is planned for the design of the open pit mine and to advance the understanding of ground conditions at the proposed infrastructure sites. In preparation for this geotechnical work, scheduled for the spring of 2023, site visits and field work by the Company’s consulting engineers will be completed this fall. Additional baseline environmental 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 goal of providing value-added materials to lithium-ion batteries and other alternative energy industries. The Company also strives to develop new, more efficient and environmentally friendly methodologies, while processing manganese at a lower competitive cost. The company is the only publicly traded manganese company in North America moving rapidly toward commercializing a manganese deposit and producing high-purity manganese sulfate.

The mission of the subsidiary Disruptive Battery Corp. is to develop an HVAC (heating, ventilation, and air conditioning) air purification delivery system for cleaner, healthier air, aimed at mitigating 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 of

MANGANESE X ENERGY CORP.

Martin Kepman
CEO and director
E-mail: [email protected]
Tel: 1-514-802-1814

Caution Regarding Forward-Looking Information:

This press release contains certain information that may constitute “forward-looking information” under applicable Canadian provincial securities laws. Forward-looking information includes, but is not limited to, the results of the EEP, including statements relating to net present value, future production, future development and commercialization, cash cost estimates, plans and proposed mining methods, cash flow forecasts, HPMSM recoveries, timing of obtaining permits and environmental assessments, ability to acquire surface rights at reasonable cost, completion of mineral resource estimates , capital and operating cost estimates, project and life-of-mine estimates, the ability to obtain permits on schedule, the timing and amount of estimated future production, exploration expenditures and potential benefits and alternatives, viability and efficiency of Manganese X’s proprietary extraction process, including its ability to pr produce a superior manganese product and its suitability for use in battery manufacturing. Readers should not place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Manganese X’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. forward-looking statements. The results of the PEA are estimates only and are based on a number of assumptions, each of which, if incorrect, could materially alter the projected results. There is no guarantee that the project will be put into production. Factors that could affect earnings include, among others: actual results of development activities; project delays; inability to raise the necessary funds to complete the development; general business, economic, competitive, political and social uncertainties; future HPMSM prices or project costs could differ materially and render any commercialization unprofitable; availability of alternative sources or manganese substitutes; actual manganese recovery; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; accidents, labor disputes, availability and productivity of skilled labor and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining necessary government approvals, permits or in completing development or construction activities; Mineral Resource estimates for the Project may prove to be inaccurate for any reason; additional but currently unplanned work may be required to progress to the feasibility stage; even if the project goes into production, there is no guarantee that the operations will be profitable; and risks related to the interpretation of the Gross Metal Royalty (“GMR”) set out in the Company’s option agreement dated April 22, 2016 with Globex Mining Enterprises Inc. (the “Option Agreement “, including with respect to: (i) the brevity and potential challenges that the Company and other parties may face with respect to the interpretation of the terms of the GMR; (ii) the determination of the reference prices which shall be used to value the metals and products that are produced from the Project; and (iii) the production stage in the metal processing and value chain deliverables within a production facility where the GMR becomes payable, which could have a significant impact on the determination of the GMR payable by the Company. of any litigation to date and, therefore, no finding or decision has been made by any court or arbitrator regarding the specific interpretation of the convention on option.

Although Manganese X has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results differ from those anticipated, estimated or expected. The forward-looking statements contained herein are made as of the date of this press release and Manganese X disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. , except as required by applicable law. securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140088

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