Manganese X Sets Sights on Becoming a Major North American Producer
Source: The Energy Report
December 29, 2016 (Investorideas.com Newswire) 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 stability and enhanced safety when compared to other lithium ion battery types. For these reasons LMD batteries are currently being used in the Chevy Volt and Nissan Leaf. Research at the University of Illinois has achieved an advanced prototype battery, using Lithiated Manganese that can be recharged in as little as two minutes (equivalent to filling a gas tank)." He added that "battery consumption of Electrolytic Manganese Dioxide (EMD) has been predicted to be fastest growing segment of manganese production with a CAGR [compound annual growth rate] of 5.1% from 2015 to 2022."
According to Manganese X, the long-term goal of the company is to "concentrate on other high potential manganese prospects which are located in North America, as well as exploring various opportunities with the intent of integrating and supplying value added materials to the lithium ion battery and other alternative energy industries. Manganese X Energy will focus on Electrolytic Manganese Dioxide (EMD), which is defined as converting manganese into a very pure high quality electrolytic manganese dioxide of 99.7% purity."
"Manganese is shrugging off it rather prosaic image as 'just' another steel alloy metal and is now being seen in many quarters as one of the rising battery metals. Manganese X is one of the few to have recognized this trend and is seeking to create a source of EMM in the North America where hitherto dependence upon China has been the norm," concluded Ecclestone.
The company, formerly known as Sunset Cove Mining Inc., commenced trading on the TSX Venture Exchange on Dec. 2. Ecclestone noted that the name change was made "to better reflect the new exploration focus it will be undertaking in 2017."
Read what other experts are saying about:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, shares of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: Manganese X Energy Corp. Streetwise Reports does not accept stock in exchange for its services. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview or article until after it publishes.
OilandGasStockNews.com- investing ideas in oil and gas stocks
Like Oil and Gas Stocks? View our Oil and Gas Stocks Directory
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp
Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.