Quebec miner looking for cobalt and precious metals
Manganese X Energy (TSXV: MN), a company that claims to focus on ethically sourced minerals, announced this week that it has signed a Property Option Agreement to acquire the Peter Lake copper-nickel-cobalt project located in the Mont-Laurier Terrane, in the Central Grenville Province, Quebec.
The company said it will be exploring for cobalt and possible gold-platinum-palladium at the eastern Canada property. By December 2018, it has to invest at least $150,000 in exploration to be able to earn 40 per cent interest in the property.
In a media statement, the miner explained that Peter Lake consists of 34 claims totalling 1985 hectares and lies within a sequence of metasedimentary rocks intruded by gabbroic and felsic to mafic intrusions.
According to Manganese X, two copper-nickel-cobalt occurrences known as Peter Lake North and Peter Lake South are included within the property and 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.
"Also worth noting is that the Peter Lake Property situated approximately 20 kms south of Kintavar Exploration Inc's Mitchi Project is where Kintavar recently announced significant new copper, silver, and gold mineralization," the Pointe-Claire-based firm said in the brief.