- Manganese X Energy (MN) is expediting exploration work at its Battery Hill Project in New Brunswick with the addition of another drill rig
- The company plans to drill at least 3,400 metres across 25 holes, focusing on upgrading the project’s mineral resource status
- So far six holes have been completed with two more currently in progress, representing roughly 1,000 metres of completed drilling
- The accelerated program follows the completion of a strategic investment yesterday, which raised C$1.53 million
- Manganese X Energy (MN) is currently down 5.56 per cent to $0.34 per share
Manganese X Energy (MN) is expediting exploration work at its Battery Hill Project in New Brunswick with the addition of another drill rig.
Located five kilometres northwest of Woodstock in Carlton County, in the south-western portion of the province, the project covers 1,228 hectares and consists of 55 claims.
At least 3,400 metres of drilling has been planned across 25 holes, with the aim of upgrading the project’s current classification of mineralisation to an inferred or higher resource status.
The drilling work will focus on areas of near-surface, high-grade mineralisation, such as the Moody Hill zones.
So far, six holes have been completed with another two currently in progress, representing approximately 1,000 metres of drilling.
Martin Kepman, CEO of Manganese X Energy, said the company is accelerating its drilling agenda to take advantage of the higher profile on manganese for electric vehicle (EV) battery usage.
“At Tesla’s Battery Day in September, Musk said Tesla’s next generation EV batteries will contain [one third] manganese.
“Being close to the US border gives our manganese property a strategic advantage as Tesla has stated unequivocally their intent to source energy metals from the North American chain,” he added.
The addition of another drill rig is supported by the completion of a strategic investment that was announced yesterday. Under the terms of the financing, Manganese X Energy issued six million units to an unnamed investor at a price of 25.5 cents each, raising a total of C$1.53 million.
A portion of these proceeds will also be used to finance and accelerate the development of the company’s patented HVAC (heating, ventilation and air conditioning) air management solution to combat bacteria and viruses.
Manganese X Energy (MN) is currently down 5.56 per cent to $0.34 per share at 1:21pm EDT.