Montreal - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTCQB: MNXXF) ('Manganese X', 'MN' or the 'Company') is pleased to announce that Mercator Geological Services Limited, on August 20th 2021, has posted a complete Mineral Resource Estimate for the Battery Hill Manganese project on www.sedar.com.
This detailed, 133-page Technical Report summarizes all exploration work on the property including historical and recent diamond drilling by Manganese X, that forms the basis of the MRE and makes recommendations for further exploration and development work on the Project.
Manganese X retained Mercator to complete the MRE for the Project located in New Brunswick, Canada to document the resource in accordance with the CIM Definition Standards for Mineral Resources and Reserves and National Instrument 43-101 ('NI 43-101'). The purpose of this Technical Report is to provide technical disclosure in support of the Company's first MRE for the Battery Hill Project.
The Battery Hill Project includes Mineral Claim 5816, which consists of 55 mineral claim units (1,228 hectares) located near Woodstock, New Brunswick, and Mineral Claim 5745, consisting of 8 mineral claim units (179 hectares) located 10 km to the southwest. Both titles are 100% owned by Manganese X.
Perry Mackinnon VP of Exploration comments, 'The completion of the Technical Report and Mineral Resource Estimate for our Battery Hill property confirming a significant Mineral Resource is a major step in the development of this deposit and is highly supportive of our confidence in this project. The MRE will serve well as a key component of our Preliminary Economic Assessment, and we look forward to the completion of that next important step.'
Within the Technical Report, Mercator recommends preparation of a Pre-Feasibility Study for the Battery Hill project upon receipt of a positive economic evaluation from the Preliminary Economic Assessment ('PEA') currently in progress.
Battery Hill project mineral resource estimate consists of 34.86 million tonnes of Measured and Indicated mineral resources grading 6.42% Mn, plus an additional 25.91 million tonnes of Inferred mineral resources grading 6.66% Mn utilizing a 2.5% Mn cut-off grade that reflects total operating costs having 'reasonable prospects for economic extraction.'
Sensitivity analysis of the Battery Hill deposit to cut-off grade indicates 12.25 million tonnes of Measured and Indicated mineral resources at 8.77% Mn and 10.61 million tonnes of Inferred mineral resources grading 9.05% Mn utilizing a cut-off grade of 7% Mn.
The PEA will evaluate the economic and commercial viability of the Project to produce premium ultrahigh-purity battery-grade manganese products for the burgeoning North American electric vehicle and energy storage sectors.
Project economics will be maximized by optimizing production schedules and starter pit outlines towards higher grade material such as indicated above.
The very large mineral resource base underlines the Project's potential to sustain long term production.
Martin Kepman, MN's CEO said 'We are all extremely encouraged by this important step towards our Battery Hill Project becoming a unique North American supplier to these vital industries.'
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 manganese company in Canada and the USA moving rapidly toward commercialization of a manganese deposit.
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.
Cautionary Note Regarding Forward-Looking Statements
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.