Montreal, Quebec–(Newsfile Corp. – February 27, 2018) – Manganese X Energy Corp (TSXV: MN) (“Manganese X”) is pleased to provide an update on preliminary geological modeling of the Battery Hill manganese project completed by Mercator Geological Services (Mercator) of Dartmouth, Nova Scotia. The primary objective of this initial study was to establish the potential magnitude of a cumulative “exploration target”, as defined under NI 43-101, for the three main mineralized zones present on the property (Moody Hill, Sharpe Farm and Iron Ore Hill). The secondary objective was to define additional exploration work deemed necessary to support a future mineral resource estimate and associated technical report for the project in accordance with National Instrument 43-101(NI 43-101).
The technical study examined results of Manganese X’s confirmation drilling programs that consist of 25 holes totalling 5188 meters that were completed between November of 2016 and June of 2017. These holes assessed the potential magnitude of mineralization encountered, expressed as an “exploration target”, as defined under NI 43-101, and identified 6 target areas for further drilling. The exploration target for the Battery Hill project, inclusive of all three mineralization area, is indicated as:
14 million to 31 million tonnes grading between 8% and 10% Mn and 12% and 14% Fe.
The potential quantity and grade ranges for the current exploration target were derived from a Surpac GEOVIA Ver. 6.8 block model developed for the project by Mercator using inverse distance squared (ID2) grade interpolation supported by 3 meter downhole assay composites, with interpolations constrained within wire-framed solid models developed by Mercator. Minimum metal thresholds of 5% and 8% Mn were applied. As defined under NI 43-101, the potential quantity and grade of an exploration target is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Conclusions and Highlights of Drill Programs and Study
- Potential quantity and grade range of the exploration target is 14 to 31 million tonnes grading between 8% and 11% Mn and 11% and 15% Fe;
- Results indicate that the Moody Hill sector hosts higher grades such as 13.45% Mn over 23.6 meters (SF17-16) from 32.4m downhole, and significant amounts of red mineralization that is considered preferable with respect to metallurgical recovery of Mn (see Manganese X press release dated August 10, 2017);
- Mineralization remains open for expansion with 6 target areas identified for further drilling;
- The Company is currently evaluating forward plans for the Battery Hill project which may include more drilling on specific zones to support future delineation of mineral resources in accordance with NI-43-101 and the CIM Standards, as well as further metallurgical test work on the mineralization;
- The property is being explored with the objective of assessing its potential forfuture development using low cost, open pit mining methods.
Mercator has advised that additional drilling is necessary on the property to allow inclusion of all currently recognized mineralized zones in a future mineral resource estimate prepared in accordance with NI 43-101 and the CIM Standards.
The Company is also continuing with its aggressive pursuit of acquiring assets to yield positive cash flows which will enable Manganese X Energy the opportunity to finance additional projects as well as continue to develop its Battery Hill property.
About Mercator Geological Services Limited
Mercatoris a Canadian geological consultancy firm offering a full range of professional services to clients for both domestic and international projects.Our team of professional geologists has extensive experience with strengths in mineral deposit modeling, resource estimation and technical reporting, mineral explorationand project management.
Qualified Persons and QA/QC
Roger Dahn, B.Sc., P.Geo (New Brunswick), Manganese X Energy’s Vice President of Exploration, is designated as the Qualified Person in compliance with National Instrument 43-101 with respect to this release and has reviewed the contents for accuracy.
About Manganese X Energy
Manganese X Energy’s mission is to acquire and advance high potential manganese prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries as well as the steel industry. In addition, our company is striving to achieve new methodologies emanating with environmentally friendly green/zero emissions processes and producing manganese at a lower competitive cost.
For more information, visit the website at www.manganesexenergycorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.