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Progress Made at 2 Canadian Gold & Manganese Assets

Stockhouse Editorial
0 Comments| May 16, 2022

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(Battery Hill property map via Globex Mining Enterprises Inc. Click to enlarge.)

A Canada based exploration company provided an update on progress at two of its projects on Monday.

Globex Mining Enterprises Inc. (TSX: GMX, Forum) reported results of its Preliminary Economic Assessment (PEA) on the Battery Hill Manganese project in an update on progress by Manganese X Energy Corp. (TSX-V: MN) on its royalty asset, and the results of the first two holes on the South Gold Zone located within the large Joutel Eagle Property.

MN’s Battery Hill property is approximately 6 km long on a north-south axis and approximately 1.7 km wide, east-west. The property is located beside the hamlet of Jacksonville and 5 km northwest of Woodstock, New Brunswick. The Joutel Eagle Property is located in Joutel Township, Quebec under option from Globex, operated by Orford Mining Corporation (TSX-V: ORM).

Highlights from Battery Hill:

  • 25% internal rate of return (IRR);
  • an after-tax net present value (NPV) at a 10% discount rate of $486 million;
  • an average annual gross revenue of $177 million per year over a 47-year project life;
  • a life of mine (LOM) operating cost (OPEX) of $122 per tonne of material processed.

A base case market price of $2,900/t for battery-grade high-purity manganese sulphate (HPMSM) was used, well below the long-term forecast price of $4,200/t HPSMN estimated by CPM Group.

Globex retains a one percent (1%) Gross Metal Royalty (including manganese compounds) on the project and a large share holding in Electric Royalties Ltd. (TSX-V: ELEC) which have a two percent (2%) Gross Metal Royalty (including compounds) on the project.

Highlights from Joutel:

  • Confirmation of the location of the Historical “South Gold” mineralization system on the Joutel Eagle Property;
  • Grades of up to 10.8 g/t Au over 0.84 metres included in a wider interval were intersected in drill hole 22-JE-002. This is higher than those reported historically from the system in nearby hole 82-02 which reported up to 5.5g/t Au over 1.43 metres from 170.32 to 171.75 metres;
  • Higher grade sections are associated with quartz veining occur within broader lower grade intervals with abundant disseminated sulphides. Such intervals include 9.35 metres grading 2.20 g/t, and 7.13 metres grading 1.70 g/t in hole 22-JE-002;

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