As manganese gains attention as a potential major component in the next generation of battery technology, Manganese X Energy Corp. is moving rapidly into the North American manganese market.
In the last month, Manganese X Energy Corp. (MN:TSX.V) has taken actions to accelerate its entry into the manganese market. The company has entered an agreement with Globex Mining Enterprises Inc. to earn a 100% interest in the Houlton Woodstock project. Manganese X’s news release of Nov. 30 detailed the terms of the options agreement, including $200,000 in cash payments, of which $100,000 has already been made; the issuing of 4 million post-consolidation shares; and spending a minimum of $1 million in exploration expenditures. Globex will retain a 3% gross metal royalty.
Christopher Ecclestone of Hallgarten & Company, in a Dec. 6 initiation report, noted that the Houlton Woodstock project “is one of the largest Manganese showings in the Northeast of the US/Canada on the Maine/New Brunswick border.”
Manganese X is moving quickly to explore the Houlton Woodstock property. On Dec. 21, the company announced that it completed its diamond drill program: “The drilling program consisted of 16 holes totaling 3,589 meters, and was completed as an initial test of three primary areas on the property: Iron Ore Hill, Sharpe Farm and Moody Hill manganese occurrences. The drill targets were based on the results derived from gravity and magnetometer surveys completed in October.” Drill results are expected toward the end of January 2017.
Manganese has long been used in alkaline batteries, but according to Ecclestone, “The more cutting edge application though is known as the Lithiated Manganese Dioxide (LMD) Battery. The standard mix of LMD used in batteries contains 4% Lithium, 61% manganese and 35% oxygen by atomic weight. The attractions of this format are that LMD has high power output, thermal …read more