Manganese X Power (TSXV: MN; US-OTC: MNXXF) has launched the primary useful resource estimate for the corporate’s wholly owned Battery Hill manganese mission in southwestern New Brunswick, about 5 km from the city of Woodstock.
Battery Hill now has a measured useful resource of 11.26 million tonnes grading 6.75% manganese and 10.96% iron. Indicated sources are 23.6 million tonnes grading 6.26% manganese and 10.53% iron. Inferred sources add 25.91 million tonnes grading 6.66% manganese and 10.92% iron. The estimate used a 2.5% manganese cut-off grade.
“That is sport altering information for the corporate,” the corporate’s CEO, Martin Kemp, says in a press launch. “Having such a big useful resource totalling 34.9 million measured and indicated tonnes and 25.9 million inferred tonnes underwrites the mission’s long-term potential for provide of manganese.”
Over the previous 5 years, Manganese X Power has undertaken a number of core drilling packages on the web site, together with 53 holes totaling just below 10,000 metres over a deposit strike size of about 2 km. The corporate now plans a diamond drilling program to increase the measured and indicated useful resource for Battery Hill.
Kepman says the corporate is within the means of finishing a preliminary financial evaluation (PEA) for the mission incorporating the brand new mineral useful resource estimate. Based mostly on the massive stock of measured and indicated sources outlined so far, the corporate additionally intends to maneuver ahead to the feasibility research stage for the mission within the close to future.
“We’re buoyed by the data that, with a constructive consequence from the PEA, there seems to be enough tonnage of measured and indicated mineral sources to probably maintain long run manufacturing,” says Kepman.
The mission consists of 55 claims masking 1,228 hectares and encompasses all or components of 5 manganese-iron ore zones, together with Iron Ore Hill, Moody Hill, Sharpe Farm, Maple Hill and Wakefield.
At presstime Manganese X Power’s shares have been buying and selling at 38¢ inside a 52-week vary of 8¢ and $1.11. The corporate has just below 121 million shares excellent and a market cap of $46 million.