- Shares in Manganese X Energy (MN) have jumped more than 25 per cent this morning ahead of an upcoming drill program at its Battery Hill Project
- The company has completed the tendering of drill contracts, with work expected to begin within the next three weeks
- Approximately 20 holes will be drilled over a minimum of 3,000 metres, targeting near surface mineralisation, such as the Moody Hill zone
- The results will be used to upgrade the current classification of mineralisation to inferred or high resource status
- Manganese X Energy (MN) is currently up 21.57 per cent and is trading at C$0.62 per share
Manganese X Energy (MN) has jumped more than 25 per cent, ahead of an upcoming drill program at its Battery Hill Project.
Located five kilometres northwest of Woodstock in Carlton County, in the south-western portion of New Brunswick, the project covers 1,228 hectares and consist of 55 claims.
Included within the property, either in whole or in part, are five manganese-iron zones, Iron Ore Hill, Moody Hill, Sharpe Farm, Maple Hill and Wakefield. This region is thought to be one of the largest manganese resources in North America, totalling approximately 194 million tonnes.
In today's announcement, Manganese X noted that it has concluded the tendering of contracts for the drill program, which will see roughly 20 holes drilled over a minimum of 3,000 metres.
This work is expected to begin within the next three weeks, targeting near-surface, high-grade areas of the deposit, such as the Moody Hill zone, with the intent of upgrading the current classification of mineralisation to inferred or higher resource status.
Upon conclusion of the drill program, as well as ongoing metallurgical studies outlined in a June 2020 technical report, Manganese X will then turn its attention to the completion of a preliminary economic assessment.
Previous drilling work carried out by Manganese X returned significant results. The company drilled 25 holes over a 1.8-kilometre strike length, intersecting 52.6 metres at 10.75 per cent manganese, 32.85 metres at 12.96 per cent manganese, and 74 metres at 9.39 per cent manganese.
Martin Kepman, CEO of Manganese X Energy, said the upcoming drill program will demonstrate the potential of the Battery Hill Project.
"The current market cycle favors all things electric and we want to participate by providing compliant and compatible manganese oxide for the EV battery market.
"Our resource property is aptly named Battery Hill and we are the only manganese themed company in North America aggressively moving to commercialisation," he added.
Manganese X Energy (MN) is currently up 21.57 per cent and is trading at C$0.62 per share at 10:25am.