Manganese X. enters into agreement to acquire Lac Aux Bouleaux (LAB) Graphite Property in Québec, Canada
Manganese X. enters into agreement to acquire Lac Aux
Bouleaux (LAB) Graphite Property in Québec, Canada
Montréal, Québec--(Newsfile Corp. - July 11, 2019) -
Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE:
9SC2) (OTC Pink: SNCGF) ("Manganese"
or the
"Company")
is pleased to announce that it has entered into an agreement
to acquire 100% beneficial interest in Lac Aux Bouleax Graphite property (LAB Graphite Property) in Quebec. The Property
consists of 14 mineral claims in one contiguous block totaling 738.12 hectares near the town of Mont-Laurier, on NTS 31J05 in
southern Québec. The transaction is subject to TSX approval.
The Company has completed an updated NI 43-101 technical report July 8
th
2019 which describes historical exploration work
on the property and will be filed on Sedar. The report notes:
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%
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; and
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.
Cautionary Statement: Investors are cautioned that the above information has been taken from the following websites
https://mern.gouv.qc.ca/english/mines/quebec-mines/2015-11/graphite.asp
and
http://www.imerys-graphite-and-carbon.com/
The information is not necessarily indicative of the mineralization on the Lac Aux Bouleaux Graphite property.
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% to 13% graphitic carbon (Cg) and exhibits flakes up to
3 millimetres (mm) in diameter. Large flake graphite is generally considered as 0.2 mm and above.
Property History:
The LAB graphite mineralization was discovered in 1957 by two prospectors, Mr. Phraz Arbic and Dr. L.J. LaRue. Since its
discovery in 1957, exploration work has been conducted by various operators until 2018.
During 1981-83 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 (5,958 metres) drilling, and resource estimation work.
The resource
estimation resulted in a historical resource of 1,320,847 tons at 9% Cg, or 1,452,932 tons at 8% 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 historic 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 kilometers 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 2015-16, preliminary metallurgical tests resulted in overall graphite recoveries from 89.6% to 96.2% with concentrate grades
between 88.3% to 91% C(g). The test work indicates that 30% of the total graphite was recovered in the +48 mesh concentrate
(jumbo flake) and 21 to 24% recovered in the +100 mesh concentrates (large flake) with combined over 50% of jumbo and large
flake concentrate. Both large and jumbo flake graphite is targeted for a premium market price.
During 2017-18, 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% to 22.30% Cg. Graphite Energy Corp. 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% Cg over 1.55 m from 23.55 m and 9.24% Cg over 3.15 m from 86.40 m below surface.
LAB18-02 intersected 8.45% Cg over 6 m from 28.3 m and 7.89% Cg over 4.08 m from 39.42 m below surface.
LAB18-03 intersected 6.77 m grading 9.26% Cg from 80.13 m below surface.
LAB18-04 intersected a 9.33 m zone grading 7.14% Cg from 97.57 m below surface.
In 2019, Graphite Energy Corp. 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, P.Geo., a qualified
person, as defined by NI 43-101 who works as consultant with the Company.
Acquisition terms
The Company acquired the LAB Graphite Property under an agreement dated June 24, 2019, where it can earn a 100% interest
(subject to a 2% NSR to the Vendor) by paying $10,000 cash and issuing $40,000 worth of the Company's shares. The
transaction is subject to TSX approval.
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
Martin Kepman
CEO
1-514-802-1814
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/46230