Manganese X Energy acquires Peter Lake property

Aug 24, 2018

2018-08-23 16:31 ET – News Release

Mr. Martin Kepman reports

MANGANESE X ENERGY CORP. ACQUIRES THE PETER LAKE COPPER-NICKEL-COBALT PROPERTY IN QUEBEC

Manganese X Energy Corp. has signed a property option agreement with a group represented by prospector Francois Marcotte as well as Guy Le Bel, Michel Delise and Remi Charbonneau. The vendors will continue to assist the company by managing the exploration program guided by their significant knowledge of the property in conjunction with Roger Dahn, PGeo, the company’s vice-president of exploration.

The Peter Lake property

The Peter Lake property consists of 34 claims totalling approximately 1,985 hectares located in the Mont-Laurier terrane (central Grenville province of Quebec). The property lies within a sequence of meta-sedimentary rocks (Rabot suite) intruded by gabbroic and felsic to mafic intrusions (Serpent and Lacoste suites).

Two copper-nickel-cobalt occurrences (known as Peter Lake North and Peter Lake South) are included within the property. Previous grab sampling returned values ranging from 0.4 per cent to 22.8 per cent copper, 0.14 per cent to 0.73 per cent nickel and 500 parts per million to 0.266 per cent cobalt (as well as elevated gold and silver). The mineralization is associated with mafic intrusions of the Serpent suite and has been traced intermittently on surface for more than two kilometres. The property has received very limited exploration to date, with only two shallow diamond drill holes completed in 2002. The Peter Lake South occurrence, discovered in 2012, has not been tested by drilling.

Also worth noting is that the Peter Lake property, situated approximately 20 kilometres south of Kintavar Exploration Inc.’s Mitchi project, is where Kintavar recently announced significant new copper, silver and gold mineralization (please see Kintavar news release dated Aug. 8, 2018).

Manganese X intends to conduct an exploration program on the property commencing immediately, with a complete compilation of historic geological work followed by line cutting, ground geophysics, geology/prospecting, trenching and possible diamond drilling in the future. Special attention during the exploration program will be directed toward the cobalt and possible gold-platinum-palladium potential of the property.

Property option agreement

Pursuant to the terms of the agreement, Manganese X has the option to acquire a 100-per-cent interest in the property, set forth as follows:

Manganese X will pay to the vendors, on signing of the agreement, $10,000 in cash and $25,000 in Manganese X shares (20-day closing average exchange price).
On exchange approval, Manganese X will pay to the vendors $15,000 in cash and $100,000 in Manganese X shares (20-day closing average exchange price), and issue 500,000 warrants at a price of 25 cents for two years (with a four-month holding period).
Manganese X will incur exploration expenditures of $150,000 on the property on or before Dec. 31 2018, to earn a 40-per-cent interest in the property.
On Dec. 31, 2019, Manganese X will issue $100,000 in Manganese X shares to the vendors (20-day closing average exchange price). Manganese X will also incur a further $250,000 in exploration expenditures in 2019 to earn a 100-per-cent interest in the property.

An aggregate net smelter return royalty (NSR) of 2 per cent shall be payable to the vendors on all metals produced from the property. The company shall have the right at any time to buy back 1 per cent of the NSR from the vendors for $1-million.

This news release has been reviewed and approved by Mr. Dahn, PGeo, who supervised the preparation of the technical information in this news release. Mr. Dahn is a qualified person as defined by National Instrument 43-101.

Manganese X will have an update on Mountain Springs Oil and Gas Ltd.’s first acquisition within the next seven to 10 days, in which Manganese X will participate for a 15-per-cent interest.

Manganese X will also update within the next seven to 10 days its National Research Canada metallurgical project to explore upgrading manganese ore to produce battery-grade material.

About Manganese X Energy Corp.

Manganese X Energy’s mission is to acquire and advance high-potential manganese 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.

http://www.manganesexenergycorp.com/pressreleases