Manganese X Energy Corp. announced that it has signed a Property Option Agreement with a group represented by Mr. Francois Marcotte prospector as well as Guy Le Bel, Michel Delise and Rémi Charbonneau (the Vendors). The Vendors will continue to assist the Company by managing the exploration program guided by their significant knowledge of the Property in conjunction with our vice president of exploration Roger Dahn P. Geo.
The Peter Lake Property (the Property) consists of 34 claims totalling approximately 1985 Ha located in the Mont-Laurier Terrane, in the Central Grenville Province, Quebec. The Property lies within a sequence of metasedimentary rocks intruded by gabbroic and felsic to mafic intrusions (Serpent and Lacoste Suites).
Two Copper-Nickel-Cobalt occurrences known as Peter Lake North and Peter Lake South are included within the Property. Previous grab sampling returned values ranging from 0.4% to 22.8% copper, 0.14% to 0.73% nickel, 500 ppm to 0.266% cobalt, as well as elevated gold and silver. The Property has received very limited exploration to date with only 2 shallow diamond drill holes completed in 2002. The Peter Lake South occurrence, discovered in 2012, has not been tested by drilling.
Manganese X intends to conduct an exploration program on the Property commencing immediately, with a complete compilation of historic geological work followed by line cutting, ground geophysics, geology/prospecting, trenching and possible diamond drilling in the future. Special attention during the exploration program will be directed towards the cobalt and possible gold-platinum-palladium potential of the property.