Manganese X Energy Corp. (TSXV:MN) (the “Company” or “Manganese X”) is pleased to announce that it has been advised by Mountain Springs Oil and Gas Limited (“MSOG”) that it has completed its first oil and gas acquisition at the cost of $13 million dollars located in Western Canada that currently yields approximately $235,000 per month or $2.8 million per year pre- implementation of Schlumberger Heal Systems Technology.
Manganese X Energy Corp. (TSXV:MN) (the “Company” or “Manganese X”) is pleased to announce that it has been advised by Mountain Springs Oil and Gas Limited (“MSOG”) that it has completed its first oil and gas acquisition at the cost of $13 million dollars located in Western Canada that currently yields approximately $235,000 per month or $2.8 million per year pre- implementation of Schlumberger Heal Systems Technology. MSOG has also informed Manganese X that it is near completion of a second larger acquisition details to follow. Manganese X anticipates having the definitive agreement to purchase 15% of MSOG completed shortly.
The Peter Lake Property:
The Company is pleased to announce that the fall exploration program has commenced at its Peter Lake Property, located near the town of Sainte-Anne du Lac, Quebec. The exploration program totalling approximately $150,000 will consist of line cutting, soil geochemical and ground geophysical surveys (induced polarization and magnetics) a regional airborne magnetic survey, geology/prospecting, blast pit sampling, stripping and trenching. The results of the exploration work will be released in a timely manner. Special attention during the exploration program will be directed towards the cobalt and possible gold-platinum-palladium potential of the property. The above mentioned exploration program is to identify and prioritize potential targets for a follow-up diamond drill program.
Manganese X Energy Corp. is also pleased to announce that its previously announced metallurgical research project – Potential to Ore Upgrading and Purification Techniques Study to Produce Battery Grade material – in conjunction with the National Research Council of Canada has been initiated and the first of twelve test work tasks has been completed. The aim of the project, expected to be completed in early 2Q, 2019, is to determine to what extent ore from the Battery Hill deposit in New Brunswick can be upgraded from the 12% Mn content using a variety of mineral dressing techniques and also to explore with recent hydrometallurgical advances the potential to generate a high purity manganese sulphate commercial product suitable for precursor manufacturing for the burgeoning Li-ion battery industry, with emphasis on North American supply. To date mineralogical results from X-Ray Diffraction and Qemscan (scanning electron microscopy) have been received which will assist in determining and calibrating various processing routes. Together with previous metallurgical, hydrometallurgical and marketing studies undertaken by Manganese X over the past 18 months and involving total past and future expenditures approaching $300K, the company has been able to target a specific ore type within the deposit that demonstrates exceptional manganese leaching results in whole ore laboratory tests, where 96% extraction levels were rapidly achieved, despite the complex mineralogical composition.
About Manganese X Energy
Manganese X Energy’s mission is to acquire and advance high potential manganese as well as additional mineral 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