Manganese X Energy Corp (TSX-V:MN, OTCQB:MNXXF) has told investors it is approaching the midway point of the pre-feasibility study (PFS) infill and step-out drilling program at its wholly owned Battery Hill project, located near Woodstock in New Brunswick.
The Montreal-based company said it has completed an aggregate of 16 NQ diamond drill holes totaling 2,208 metres (m) of the planned 4,725m 31-hole program.
The goal of the drill program is to in-fill and expand the Measured and Indicated resources in preparation for the PFS by upgrading the Inferred category resource included in the Preliminary Economic Assessment (PEA) mine plan, it added.
"We are very pleased with the progress of our Battery Hill pre-feasibility drilling program as the PFS is key to the decision-making and forward planning of the mine permitting process,” Manganese X CEO Martin Kepman said in a statement. “A major part of preparing for the PFS is our current drill program, as well as the environmental, community and geotechnical studies which will commence in the spring."
READ: Manganese X says "poised to take advantage" of growing demand for high-purity manganese
Manganese X said it is methodically fulfilling its mission to become the first publicly traded mining company in Canada and the US to commercialise high-purity electric vehicle (EV) compliant manganese.
While the North American battery industry is going to require its own supply chain for manganese, the company noted that the continent has no current high-purity manganese processing capacity to supply a large number of batteries gigafactories and cathode plants currently under development.
“Manganese is a stabilising component in the cathodes of nickel-manganese-cobalt lithium-ion batteries used in electric vehicles,” Kepman explained. “The material increases energy density and hence improves driving range."
“At the same time, it decreases the combustibility of an EV battery pack. We are optimistic about the future of the company as we move forward in a cycle of dynamic change," he added.
Manganese X also announced that it has entered into an agreement effective December 15, 2022, with Stonegate Capital Partners to initiate research coverage with quarterly updates for six months. The agreement is subject to regulatory approval, including the acceptance of the TSX Venture Exchange.
As compensation, the company will pay US$2,500 to Stonegate at the beginning of each month during the term of the agreement.
Manganese X's mission is to advance its Battery Hill project into production, with the intent of supplying value-added materials to the lithium-ion battery and other alternative energy industries.
Located in New Brunswick, Battery Hill consists of 55 claims covering 1,228 hectares encompassing all or parts of five manganese-iron zones in the province.
The company is also striving to achieve new environment-friendly more efficient methodologies while processing manganese at a lower competitive cost.
Contact the author at stephen.gunnion@proactiveinvestors.com