Cooperative Mineral Resources, a subsidiary of Crow Wing Power, signed an option agreement with North Star Manganese Inc. on Thursday, Aug. 22, that moves the manganese/iron project in Emily forward as NSM conducts its own studies of the rich manganiferous deposit to determine if a commercial mine will be economically feasible.
The Emily project hosts the richest-known manganese deposit in North America and could help to alleviate the need for the nation’s 100% dependence on foreign imports of this strategic metal. Further, the Emily project has the advantage of being a manganese/iron deposit with no sulfides, which will be important relative to the future permitting of any operations.
Crow Wing Power bought the land in 2008 and formed CMR as a subsidiary to study and develop the mineral deposit. CMR worked diligently to bring the project where it is today and developed many technical studies to prove the value of the property.
CMR’s historic work shows that material extracted and processed from the Emily deposit can produce electrolytic manganese metal used in steel and metal manufacturing and electrolytic manganese dioxide used in lithium/ion batteries for electric storage and electric vehicle batteries.
In June, CMR signed a memorandum of understanding and term sheet with NSM that led to the option agreement.
The agreement with NSM further advances the Emily project with professionals in the natural resource industry and brings CMR one step closer toward validating the project’s commercial viability.
Bruce Kraemer, CEO of CWP and CMR, said in a news release: “We have great hopes and expectations that our ownership and NSM partnership in this green energy project will reap great benefits for our members, the communities we serve, the state and our nation.”