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Manganese X Energy (TSXV: MN) has taken another step towards the pre-feasibility stage of its Battery Hill manganese project in New Brunswick after delivering high-grade results from its latest resource expansion drilling.
On Tuesday, the company announced results from the final 26 holes of the 36-hole program, focusing mainly on the Moody Hill and Sharpe Farm sectors of the Battery Hill deposit. Several drill holes returned manganese oxide (MnO) grades (i.e. above 10%), including one intercept of 29.1 metres grading 14.4% MnO, and another returning 80.3 metres at 11.5% MnO including 32.2 metres at 16.9% MnO.
This drilling has allowed Manganese X to expand the overall mineralization with the discovery of two new zones, Sharpe Farm West Peripheral and Moody Hill Northwest, located west of the main deposits.
The company also announced it has initiated environment studies in collaboration with WSP E&I Canada Ltd., reinforcing the commitment to responsible mining practices.
“The remarkable continuity observed within the manganese horizons during the 36-hole infilling drill program at Battery Hill is truly exciting,” CEO Martin Kepman said in a news release. “We eagerly await the updated mineral resource estimate, which, combined with our ongoing environmental and geotechnical studies, are pivotal milestones in our preparation for the upcoming pre-feasibility study and environmental impact assessment.”
Manganese X previously located five mineralized zones within its 1,228-hectare Battery Hill property, three of which had historic manganese production. Together, they contain an estimated 12.2 million tonnes of measured and indicated resources grading 7.45% MnO, plus 4.7 million inferred tonnes grading 8.26% MnO.
Around this time last year, it delivered the project’s preliminary economic assessment, which showed robust project economics of $486 million in after-tax net present value (at 10% discount rate), with an 25% internal rate of return. Capital costs are estimated at $350 million, with a payback of 2.8 years.
Shares of Manganese X Energy jumped 3% by 12:20 p.m. EDT following the latest announcement. The company’s market capitalization stood at C$20.9 million ($15.6m).
