NI 43-101 Compliant Resource Estimate Commenced
Montreal, Quebec--(Newsfile Corp. - February 16, 2021) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTC: MNXXF) ("Manganese" or the "Company") is pleased to announce assay results from the fall 2020 diamond drilling program at the Company's 100% owned Battery Hill project located near Woodstock, New Brunswick, Canada.
The program of 28 holes totaling 4509 meters was designed to increase the mineral resource in the Moody Hill area and to provide sufficient data to establish a NI 43-101 compliant mineral resource estimate expected in late Q1 2021. Upon completion of the resource estimate, the Company will initiate programs for a preliminary economic assessment (PEA) of the Battery Hill project.
Martin Kepman, CEO of Manganese X comments, "We are extremely pleased with the drill results from Moody Hill. This area is considered the initial development target for the project. The overall property hosts significant tonnage potential along its 7 km length with 3 of the 5 known manganese occurrences (including Moody Hill) having historical, non-compliant resource estimates. We are looking forward to the upcoming resource estimate and further metallurgical advancements in preparation for our PEA. Manganese X is the only Company in North America which is moving towards commercialization of a manganese deposit. Metallurgical work with Kemetco Research Inc. will continue to assist us in improving our recovery rate, reducing the overall processing costs, as well as upgrading our battery grade 99.95% purification process to produce EV (Electric Vehicle) compliant low contaminant manganese products. A "green wave" is sweeping the globe and we believe manganese will be a key component in driving greater technological efficiencies as it is relates to EV battery Companies like Tesla, who are pushing an agenda for manganese to replace cobalt."
A historic resource estimate covering the current Battery Hill property, by Sidwell in 1957, based on a gravity survey and limited drilling, totalled 39 million tonnes grading 9% Mn. Sidwell concluded that the Moody Hill area may contain at least 9,072,000 tonnes of approximately 9.5% Mn. At the Sharpe Farm occurrence, just to the north of Moody Hill, Sidwell estimated 7,257,000 tonnes of 9% Mn and at Iron Ore Hill 22,680,000 tonnes of 10% Mn (see Figures 1, 2 and 3).
Note: The above information has been taken from historic sources that were not prepared or reviewed by a Qualified Person for Manganese X Energy under NI 43-101 and are considered historic and should not be relied upon. Manganese X Energy is not treating the historical estimate as current resources or reserves.
Battery Hill Project and Drill Program Highlights:
- The recent drill program on Moody Hill, consisting of predominantly 50 m spaced holes, has confirmed significant widths of mineralization from surface to a maximum vertical depth of approximately 150 meters, over a strike length of 500 meters (Figure 1).
- Including the recent drill program, the Company has now completed 53 holes totaling 9,697 meters over a total strike length of approximately 2.0 kilometers (Figure 2).
- A new area of surface mineralization has been discovered in Maple Hill area approximately 4.4 kilometers north of Moody Hill. The average of five grab samples graded 20.8% MnO (Figure 3).
- Mercator Geological Services has commenced a mineral resource estimate and NI 43-101 technical report. Upon successful completion, this will form a critical part of a proposed Preliminary Economic Assessment (PEA).
- Highlights of selected drill holes (core width) from the Moody Hill program include:
- SF20-26: 11.62% MnO across 50.4 m from 72.6 m downhole, including 21.4 m of 14.17% MnO (Moody Central Zone)
- SF20-29: 11.85% MnO across 54.0 m from 147 m downhole, including 12.0 m of 20.50% MnO (Moody Central Zone)
- SF20-42: 10.99% MnO across 44.0 m from 120 m downhole, including 20.0 m of 14.36% MnO (Moody Central Zone)
- SF20-43: 12.9% MnO across 51.3 m from 57.7 m down hole, including 26.5 m of 16.49% MnO (Moody Central Zone; contains program high 27.69% MnO)
- SF20-44: 13.33% MnO across 32.0 m from 88 m down hole (Moody Central Zone)
- SF20-34: 11.81 % MnO across 32.0m from 68.0 m down hole, including 24.0 m of 13.32% MnO (Moody West Zone)
A comprehensive table of assay highlights are summarized in Tables 1 and 2. For drill hole location maps refer to Figures 1 and 2. Readers are encouraged to visit the Company's website at https://www.manganesexenergycorp.com.
To view an enhanced version of Figure 1, please visit:
Standard protocols and industry standard practices were employed in logging and sampling the core. QA/QC practices included insertion of Certified Standards, blanks and duplicates, each consisting of 5% of the total samples. Check assays of 5% of the samples are being sent to a second laboratory.
Samples averaged 2 metres in width. True width of the intercepts will be determined when further analysis of the drill program has been completed, however the structure is near vertical and the average core angle in the mineralization is 500. A small amount of additional sampling will be done in areas of the current core where assumed shoulder samples provided good values.
All initial half-core samples were taken by Company personnel to the Actlabs prep lab in Fredericton, New Brunswick where they were either forwarded, or prepped and the pulps forwarded, to Actlabs in Ancaster, Ontario where XRF-Fusion Whole Rock Analysis (Code 4C) was performed. Actlabs is an accredited analysis laboratory.
Figure 2: Battery Hill Project Drill Plan on Magnetics
To view an enhanced version of Figure 2, please visit:
Figure 3 Battery Hill Property Scale Magnetics with Mineralized Zones
To view an enhanced version of Figure 3, please visit:
Table 1: Moody Hill Central Zone Drill Results
To view an enhanced version of Table 1, please visit:
Table 2: Moody Hill West and East Zone Drill Results
To view an enhanced version of Table 2, please visit:
This News Release has been reviewed and approved by Perry MacKinnon, P. Geo., Vice President of Exploration with Manganese X Energy and a "Qualified Person" under National Instrument 43-101 guidelines with regard to Standards for Disclosure for Mineral Projects.
Manganese's X Mission is to advance our Battery Hill project into production, with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries, as well as achieving new carbon-friendly more efficient methodologies, while processing manganese at a lower competitive cost. We are the only manganese company in North America moving forward towards commercialization.
Subsidiary Disruptive Battery Corp.'s Mission is to develop an HVAC 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 of
MANGANESE X ENERGY CORP.
CEO and Director
Cautionary Note Regarding Forward-Looking Statements:
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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.
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