Manganese X Energy Corp (CVE: MN) announced on Thursday that it has entered into an agreement to acquire 100% beneficial interest in Lac Aux Bouleax Graphite property in Quebec.
Graphite Energy Corp is the current owner of the property, which borders the only producing graphite mine in North America.
Lac Aux Bouleax consists of 14 mineral claims in
one contiguous block totaling 738.12 hectares near the town of Mont-Laurier, in
southern Québec. The transaction is subject to TSX approval.
Manganese X Energy completed an updated NI 43-101 technical report in July, which describes historical exploration work, noting that past exploration results intersected significant graphite mineralization in drill holes and trenches. Preliminary metallurgical results returned results with recoveries up to 96%.
While Manganese X Energy’s share price is up 14% over the past week, it has dropped 75% over the past five years.
Thursday afternoon Manganese X Energy’s shares were priced at 13 Canadian cents on the TSX, down 7%. The company has an C$8.5 market capitalization.