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Manganese X Energy Corp
Symbol C : MN
Shares Issued 65,909,995
Close 2019-07-11 C$ 0.13
Recent Sedar Documents

Manganese X to acquire Lac Aux Bouleaux property

2019-07-12 02:15 ET - News Release

Mr. Martin Kepman reports

MANGANESE X ENTERS INTO AGREEMENT TO ACQUIRE LAC AUX BOULEAUX (LAB) GRAPHITE PROPERTY IN QUEBEC, CANADA

Manganese X Energy Corp. has entered into an agreement to acquire a 100-per-cent beneficial interest in Lac Aux Bouleaux graphite property in Quebec. The property consists of 14 mineral claims in one contiguous block totalling 738.12 hectares near the town of Mont-Laurier on NTS 31J05 in Southern Quebec. The transaction is subject to Toronto Stock Exchange approval.

The company has completed an updated National Instrument 43-101 technical report dated July 8, 2019, which describes historical exploration work on the property and will be filed on SEDAR. The report noted:

  • That past exploration results intersected significant graphite mineralization in drill holes and trenches;
  • Preliminary metallurgical results returned very good results with recoveries up to 96 per cent;
  • The high percentage of large-flake graphite is positive for a high-quality, premium-priced product;
  • Infrastructure is excellent with road access and electrical power on site;
  • That the property is located contiguous to TIMCAL's Lac des Iles graphite mine.

Strategic location

The LAB graphite property lies contiguous to the south of TIMCAL's Lac des Iles graphite mine in Quebec, which has the production capacity of 25,000 tonnes of graphite annually. There are several graphite showings and past-producing mines in its vicinity. Graphite is commonly found in the Grenville province rocks throughout this region and has been commercially mined from a number of deposits, located between Mount Laurier in the north to the Ottawa River in the south.

Graphite mineralization

The property is considered favourable for exploring large-flake graphite mineralization, which is commonly associated with paragneiss in regular banding, which is conformable to the bedding. Graphite is also located in shear zones at the contact of gneisses and marble, where the graphite content usually ranges from 2 per cent to 13 per cent graphitic carbon (Cg) and exhibits flakes up to three millimetres (mm) in diameter. Large-flake graphite is generally considered as 0.2 millimetre and above.

Property history

The LAB graphite mineralization was discovered in 1957 by two prospectors, Phraz Arbic and Dr. L.J. LaRue. Since its discovery in 1957, exploration work has been conducted by various operators until 2018.

During 1981 to 1983 period, Orrwell Energy Corp. acquired 539 hectares of ground in 12 surveyed parcels (within the current LAB graphite property claim block) and completed an exploration work program consisting of a ground electromagnetic geophysical survey, 79 diamond core drill holes totalling 19,550 feet of (5,958 metres) drilling and resource estimation work. The resource estimation resulted in a historical resource of 1,320,847 tons at 9 per cent Cg, or 1,452,932 tons at 8 per cent Cg (source: Douglas Parent, 1982, MRNF report, GM46736).

(Note: A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The company is not treating historical estimate as a current mineral resource or reserve. The historical resources were calculated by block models using different cut-off grades and a specific gravity of 2.76. The company believes that the historical estimate is relevant to an appraisal of the merits of the property and forms a reliable basis, upon which to develop future exploration programs. The company will need to conduct further exploration, which will include drill testing the project, and there is no guarantee that the results obtained will reflect the historical estimate. The historical estimates should not be relied on.)

In 2015, Goldport Resources completed a 281-line-kilometre airborne magnetic (MAG) and electromagnetic (EM) survey on the property. MAG survey identified several east-west-running structures and lineaments, which are bounding potential EM target areas. A total of seven potential target areas were identified through interpretation of EM survey.

In 2015 to 2016, preliminary metallurgical tests resulted in overall graphite recoveries from 89.6 per cent to 96.2 per cent, with concentrate grades between 88.3 per cent and 91 per cent C(g). The testwork indicates that 30 per cent of the total graphite was recovered in the plus 48 mesh concentrate (jumbo flake) and 21 to 24 per cent recovered in the plus 100 mesh concentrates (large flake) with combined over 50 per cent of jumbo- and large-flake concentrate. Both large- and jumbo-flake graphite is targeted for a premium market price.

During 2017 to 2018, Graphite Energy Corp. carried out exploration work on the property, which included prospecting, trenching, channel sampling and diamond core drilling on historically identified targets. Surface sampling work indicated graphite carbon in the range of 2.20 per cent to 22.30 per cent Cg. Graphite Energy also completed four NQ-size diamond core drill holes in 2018. These holes were drilled around a historical graphite pit, and each hole intersected significant graphite mineralization. Highlights of these results (all widths reported are core widths) include:

  • LAB18-01 intersected 11.70 per cent Cg over 1.55 metres from 23.55 m and 9.24 per cent Cg over 3.15 m from 86.40 m below surface.
  • LAB18-02 intersected 8.45 per cent Cg over six m from 28.3 m and 7.89 per cent Cg over 4.08 m from 39.42 m below surface.
  • LAB18-03 intersected 6.77 m grading 9.26 per cent Cg from 80.13 m below surface.
  • LAB18-04 intersected a 9.33 m zone grading 7.14 per cent Cg from 97.57 m below surface.

In 2019, Graphite Energy applied for a change of business and returned the property back to the vendor for failure to pay outstanding accounts.

The technical information contained in this news release has been reviewed and approved by Martin Ethier, PGeo, a qualified person, as defined by National Instrument 43-101, who works as a consultant to the company.

Acquisition terms

The company acquired the LAB graphite property under an agreement dated June 24, 2019, where it can earn a 100-per-cent interest (subject to a 2-per-cent NSR (net smelter royalty) to the vendor) by paying $10,000 in cash and issuing $40,000 worth of the company's shares. The transaction is subject to Toronto Stock Exchange approval.

About Manganese X Energy Corp.

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, the company is striving to achieve new methodologies, emanating with environmentally friendly green/zero-emission processes and producing manganese at a lower competitive cost.

We seek Safe Harbor.

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