Canadian Manganese goes public on NEO Exchange

With a direct listing on the Neo Exchange on Monday, Canadian Manganese (NEO: CDMN) aims to become Canada’s first modern, pure-play manganese miner.

The company owns the Woodstock project in western New Brunswick, about 5 km west of the town of Woodstock and on the border with Maine. It began a 5,000-metre drill program on the project in December. The 58.8-sq.-km property covers and hosts the wholly owned Plymouth deposit, the largest undeveloped carbonate manganese deposit in North America. The company says all infrastructure and potential water sources are readily available.

The Woodstock property was first assessed in 2010 by Tetra Tech and a five-hole, 1,040-metre core drilling program was undertaken in 2011. Another 15-hole, 4,082-metre drill program was carried out in 2013. These holes returned representative intercepts including 45 metres grading 11.41% manganese, 89 metres at 11.43%, 217.4 metres at 11.28%, and 202 metres at 9.32%. A resource estimate (compliant with National Instrument 43-101) was prepared in 2014 as part of a preliminary economic assessment.

The Plymouth deposit contains a pit-constrained inferred resource of 43.1 million tonnes grading 10.01% manganese and 14.32% iron. A 5% manganese cut-off was used in the calculation. Applying a 10% cut-off boosts the inferred resource to 22.3 million tonnes grading 11.86% manganese.

Canadian Manganese says there are opportunities to expand the Woodstock resources along strike northeast of the current estimate. Two additional mineralized zones – the Hartford deposits – were historically explored. The company has yet to drill them.

The 16-hole, 5,000-metre drill program that Canadian Manganese began in December consisted of infill holes on a 50-metre spacing. This should allow a significant portion of the inferred resource to be upgraded to the measured and indicated categories.

Manganese is a critical component of nickel-manganese-cobalt cathode chemistry, widely used in lithium-ion batteries for electric vehicles.

Learn more at www.CanadianManganese.com.