MGX Minerals Completes Bulk Sample at Driftwood Creek Magnesium
VANCOUVER, British Columbia , June 09, 2016 (GLOBE NEWSWIRE) — MGX Minerals Inc. (“MGX” or the “Company”) (CNSX:XMG)/ (Frankfurt:1MG) is pleased to announce that field crews and operators have completed the previously announced 100-tonne bulk sample (see press release dated May 16, 2016) at the Company’s flagship Driftwood Creek magnesium project (“Driftwood”).
On the morning of June 8, 24 vertical holes with alternating depth of 30 and 40 feet were loaded to 7 feet from the drill hole collars with AMEX explosives. The charges were set at the approximate center of the East Zone at Driftwood. Detonation was by time delay fuse and occurred at 11:45pm (MST) resulting in a successful and complete blast.
“We are excited to have entered the bulk sample phase at Driftwood Creek,” stated MGX President and CEO Mr. Jared Lazerson. “The potential to prove up the certainty component of the upcoming maiden National Instrument (N.I.) 43-101 resource estimate is significant. As well, many of the mine operating costs, such as the amount of explosives required on a per tonne basis, are now being defined.”
Mucking and loading of material has commenced in preparation for assay, advanced metallurgy, and kiln testing. Kiln testing will produce representative multi-tonne samples for distribution to prospective customers in Canada, the United States, and Europe.
Since acquiring the project in July 2014, MGX has completed two diamond drill programs, property wide sampling and re-analysis of historic drill core. Magnesite mineralization has been traced over a strike length of 2,000 meters and up to 300 meters wide, reaching a true depth of 110 meters. The deposit remains open in both directions and at depth. Mineralization occurs in two discrete zones that are believed to have been enriched during a period of metamorphic recrystallization. MGX was issued a 20-year Mining Lease by the Ministry of Energy and Mines of the Province of British Columbia in January 2016 (see press release dated January 11, 2016).
MGX acquired Driftwood in 2014 and subsequently completed eight diamond drill holes on the East zone. Drill results included 49 meters of 43.04% magnesium oxide (MgO) in drill hole 2014-2 and 47.6 meters of 41.43% MgO in drill hole 2014-5 (see press release dated December 11, 2014). In 2015 the Company re-assayed historic drill core from previous Optionee Tusk Exploration. Results included 130 meters of 42.46% MgO in drill hole 2008-2 (see press release dated May 7, 2015). MGX also conducted a phase two drill program over the Western Zone in 2015. Drill highlights included 64 meters of 40.71% MgO in drill hole 2015-3 and 98 meters of 44.28% MgO in drill hole 2015-4 (see press release dated October 5, 2015).
Historic exploration at Driftwood dates back to the 1970’s when Kaiser Resources conducted exploration and mined an 8,000 metric tonne test quarry in 1978 (Morris, 1978). In 1987 Canadian Occidental acquired Driftwood and drilled four NQ-sized diamond drill holes and as well as collecting 68 core samples weighing five kilograms each.
Driftwood Creek Magnesium
MGX Minerals has the right to acquire a 100% interest in the Driftwood Creek magnesium project. The Company has completed a Phase I and Phase II drill program at Driftwood Creek and has now conducting a 100-tonne bulk sample program. MGX received a 20-year Mining Lease for Driftwood Creek in January (see press release dated January 11, 2016).
This press release was prepared under the supervision and review of Andris Kikauka, P. Geo. and Vice President of Exploration for MGX Minerals. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument (N.I.) 43-101 Standards.
About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company engaged in the acquisition and development of industrial mineral deposits in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta. For further information, please visit the Company’s website at www.mgxminerals.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company’s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com.
CONTACT: Contact Information Jared Lazerson President and CEO Tel: 604.681.7735 Email: firstname.lastname@example.org