Manganese X’s shares traded at C$0.055 apiece for a 57.1% intraday gain as of noon ET Thursday, with a market capitalization of roughly C$7.4 million ($5.1m).
Manganese X said it will use the proceeds to fund the current programs to advance the Battery Hill project, the results of which will be used for an upcoming pre-feasibility study.
Located near the town of Woodstock, NB, the project hosts a series of banded iron formations that collectively constitute one of the largest manganese resources in North America, according to a study cited by the company.
The property covers about 14 sq. km and has a resource estimate of 35.14 million tonnes grading 6.39% manganese and 10.64% iron in the measured and indicated categories, plus 27.72 million tonnes grading 6.46% iron and 10.73% iron in the inferred category.
According to a preliminary economic assessment from 2022, Battery Hill could produce about 68,000…
