Manganese X
Energy Corp. (MXE) Announces Mineral Resource
Estimate for Battery Hill Manganese
Project
34.86
Million
tonnes of
Measured and Indicated Resources grading 6.42% Mn; plus 25.91
Million tonnes of
Inferred Resources grading 6.66% Mn
Highlights:
-
The mineral
resource estimate utilizes a 2.5% Mn cut-off grade that reflects
total operating costs having "reasonable prospects for economic
extraction."
-
Operating costs
applied in the pit optimization reflect an innovative processing
flow sheet designed by Kemetco Research.
-
Kemetco
will be applying
for a Provisional Patent on behalf of the Company to protect this
process. The process focuses on production of 99.95 %
High-Purity
Manganese Sulphate Monohydrate (HPMSM) for the electric vehicle
(EV)
and
back up energy storage sectors. The HPMSM will be devoid of
selenium, the bane of some 98% of current producers.
-
Based on the large
inventory of Measured and Indicated mineral resources defined to
date, MXE
will move quickly to acquire all information required to bring the
project to a Feasibility Study stage.
-
Current focus is on
the HPMSM market. The Company also
anticipates potentially recovering lower grade Mn
to produce
additional products such as those used in the agricultural
industry.
Montreal,
Quebec, Canada, July 7 --
InvestorsHub NewsWire -- 2021-
Manganese X Energy Corp. (TSXV:MN)
(FSE: 9SC2) (OTC:
MNXXF) ("Manganese" or the "Company") is pleased to
announce
the
first
Mineral
Resource
Estimate
for
its Battery Hill Manganese Project 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. The mineral resource estimate was prepared in
accordance with the CIM Definition
Standards
for
Mineral Resources and Mineral Reserves (2014)
and is tabulated in Table 1.
Table 1: Battery Hill Deposit Mineral Resource Estimate -
Effective
Date June
18th,
2021
Cut-off
Grade (Mn %)
|
Category
|
Rounded
Tonnes
|
Mn
%
|
Fe
%
|
|
2.5
|
Measured
|
11,260,000
|
6.75
|
10.96
|
|
Indicated
|
23,600,000
|
6.26
|
10.53
|
|
Measured Plus
Indicated
|
34,860,000
|
6.42
|
10.67
|
|
|
|
Inferred
|
25,910,000
|
6.66
|
10.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mineral
Resource Estimate Notes:
1)
Mineral resources
were prepared in accordance with the CIM Definition
Standards for Mineral Resources and
Mineral Reserves (MRMR) (2014) and CIM MRMR Best
Practice Guidelines (2019).
2)
Mineral resources
are defined within an optimized pit shell with average pit slope
angles of 45° and a 3.7:1 strip ratio (waste : mineralized
material).
3)
Pit optimization
parameters include: pricing of US$1500/tonne for
High Purity Manganese Sulphate Monohydrate - 32% Mn (HPMSM – 32 %),
exchange rate of CDN $1.30 to US$
1.00,
mining at CDN
$6.50/t, combined processing and G&A (1000 tpd) at CDN $86.22/t processed
and a
process recovery of Mn to HPMSM of 65%.
Fe content was not
included in the pit optimization.
4)
Mineral resources
are reported at a cut-off grade of 2.50 % Mn within the optimized
pit shell. This cut-off grade reflects total operating costs used
in pit optimization to define reasonable prospects for eventual
economic extraction by open pit mining methods.
5)
Mineral resources
were estimated using Ordinary Kriging methods applied to 3 m
downhole assay composites. No grade capping was applied. Model
block size is 5 m (x) by 5 m (y) by 5 m (z)
6)
Bulk density was
applied using a regression curve based on Mn % and Fe % block
grades.
7)
Mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, sociopolitical, marketing, or other relevant
issues.
8)
Mineral resources
are not mineral reserves and do not have demonstrated economic
viability.
9)
Mineral resource
tonnages are rounded to the nearest 10,000.
Martin
Kepman, CEO of the Company,
states
"This
is game changing news for the Company, having such a large resource
totalling 34.9
million Measured and Indicated tonnes and 25.9 million Inferred
tonnes
underwrites the project's long-term potential for supply of
manganese. In addition, our ongoing metallurgical testing is making
great strides toward achieving an economically optimized extraction
process. We look forward now to the completion by Wood Canada Ltd.
of a Preliminary Economic Assessment (PEA) for the project that
will incorporate this new mineral resource estimate plus the latest
metallurgical developments to provide important insight into the
economic viability of producing high purity manganese sulphate from
our Battery Hill deposit. We are buoyed by the knowledge that, with
a positive outcome from the PEA, there appears to be sufficient
tonnage of Measured and Indicated mineral resources to potentially
sustain long term production while we explore the potential of the
other Mn mineralization on our
1228-hectare
property. The EV
revolution is well underway and innovative battery chemistry is a
large part of the disruption. We believe manganese will have a
large influence over EV batteries going forward. Our Battery Hill
property could
potentially
have
a
long-life
cycle,
estimated at 25
years based on the Measured and Indicated Resource,
and
potentially
service
the
EV sector for years to come within the
North American
and European
supply
chain"
The Company has
undertaken several core drilling programs
over the past 5 years that
support the current mineral resource estimate. These include 53
holes totaling 9,697
metres over a deposit
strike length of approximately 2.0 kilometres to arrive at this
point. A
diamond drilling program is being planned to expand Measured and
Indicated mineral resources and to explore other known Mn showings
on the 7 kilometer long MXE property.
The
associated mineral resources now defined form the basis of the PEA being
prepared by Wood Canada Ltd. The PEA will characterize and
assess Commercialization
and Economic Viability Potential
for a future mining
and processing operation at the Battery Hill Property.
The Battery Hill
Deposit is comprised of the Moody Hill, Sharpe Farm, and Iron Ore
Hill Zones. On a contained tonnage basis the Moody Hill, Sharpe Farm,
and Iron Ore Hill Zones comprise approximately
56%,
29%, 15%, respectively, of the
Battery Hill Deposit mineral resource. The
Moody Hill and Sharpe Farm Zones, just a few hundred meters apart
(see Map, Figure 1), contain all of the Measured and Indicated
mineral resources for the Battery Hill Deposit. The grade/tonnage
sensitivity analysis that appears in Table 2 provides insight into
the character of Mn mineralization present within the Battery Hill
Deposit over the cut-off grade range of 2.5% Mn to 7% Mn. Although
iron (Fe) content has also been estimated and is currently reported
for the deposit, only manganese content was used in the pit
optimization process. The Company will further assess
Fe by-product opportunities
through future
metallurgical studies.
Table 2:
Tonnage/Grade Sensitivity Details (Pit Shell
Constrained) for the
Battery Hill Mn Deposit
Cut-off
Grade (Mn %)
|
Category
|
Rounded
Tonnes
|
Mn
%
|
Fe
%
|
2.5
|
Measured
|
11,260,000
|
6.75
|
10.96
|
Indicated
|
23,600,000
|
6.26
|
10.53
|
Inferred
|
25,910,000
|
6.66
|
10.92
|
5
|
Measured
|
8,680,000
|
7.52
|
11.73
|
Indicated
|
15,930,000
|
7.26
|
11.65
|
Inferred
|
18,630,000
|
7.71
|
11.92
|
6
|
Measured
|
6,250,000
|
8.32
|
12.44
|
Indicated
|
11,680,000
|
7.91
|
12.35
|
Inferred
|
14,130,000
|
8.41
|
12.64
|
7
|
Measured
|
4,460,000
|
9.06
|
13.11
|
Indicated
|
7,790,000
|
8.61
|
12.95
|
Inferred
|
10,610,000
|
9.05
|
13.30
|
Note: This
table shows
sensitivity of the June 15, 2021 Battery
Hill deposit mineral resource estimate to cut-off
grade.
The base
case at a cut-off value of 2.5% Mn is
bolded above for reference. The data presented is a
summary of the Mercator Geological Services Battery Hill Deposit
Mineral Resource Estimate. A complete version will be posted
to
www.sedar.com within 45 days.
Qualified
Persons
Mr.
Harrington, P. Geo., of Mercator Geological Services Limited
(Mercator) is responsible for technical disclosure in this press
release regarding the Battery Hill Deposit Mineral Resource
Estimate. Mr. Harrington is a qualified person ("QP") as defined
under NI 43-101 and both he and Mercator are fully independent of
Manganese X Energy Corp., as also defined under NI
43-101.
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"
as defined
under National
Instrument 43-101 Standards of Disclosure for Mineral
Projects.
Manganese X Energy Corp. at
Emerging Growth
Conference
July 7,
2021 :
9:30 AM Eastern
time
Manganese X Energy Corp., Martin
Kepman CEO and Perry Mackinnon VP
Exploration, will
be presenting their Companies latest milestone
at
the Emerging Growth Conference
July 7, 2021 :
9:30 AM Eastern
time Please
register here to ensure you are able to attend the conference and
receive any updates that are released.
https://goto.webcasts.com/starthere.jsp?ei=1477114&tp_key=6d2d562bcc&sti=mnxxf
About
Manganese X Energy
Corp.
Manganese X's
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 company in
North America moving toward commercialization utilizing the
novel Kemetco process.
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.
On Behalf of the Board of
Directors
Of
Manganese X
Energy Corp
Martin
Kepman,
CEO and Director
Email:
Martin@kepman.com
Ph: (514)
802-1814
Neither
the Toronto Stock Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Toronto Stock Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Cautionary
Note Regarding Forward-Looking Statements
Certain statements
contained in this news release, including statements which may
contain words such as "expects", "anticipates", "intends", "plans",
"believes", "estimates", or similar expressions, and statements
related to matters which are not historical facts are
forward-looking information within the meaning of applicable
securities laws. Such forward-looking statements, which reflect
management's expectations regarding Company's future growth,
results of operations, performance, and business prospects and
opportunities, are based on certain factors and assumptions and
involve known and unknown risks and uncertainties which may cause
the actual results, performance, or achievements to be materially
different from future results, performance, or achievements
expressed or implied by such forward-looking statements.
These factors
should be considered carefully, and readers should not place undue
reliance on the Company's forward-looking statements. The Company
believes that the expectations reflected in the forward-looking
statements contained in this news release and the documents
incorporated by reference herein are reasonable, but no assurance
can be given that these expectations will prove to be correct. In
addition, although the Company has attempted to identify important
factors that could cause actual actions, events, or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events,
or results not to be as anticipated, estimated, or intended. The
Company undertakes no obligation to publicly release any future
revisions to forward-looking statements to reflect events or
circumstances after the date of this news or to reflect the
occurrence of unanticipated events, except as expressly required by
law.
Figure
1: Plan Map – Moody
Hill and Sharpe Farm Zones
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