VANCOUVER, BRITISH COLUMBIA / TheNewswire / February 2, 2015 - MGX Minerals Inc. (“MGX” or the “Company”) ($XMG:CNX) is pleased to report the Company has acquired, through staking, six reverted Crown Grant claims covering a known magnetite prospect (the “Haig Claims”) in western British Columbia.
The Haig Claims, which are located on the north shore of the Seymour Inlet, total 81.44 hectares (200 acres) and encompass six known structurally controlled skarn magnetite occurrences (MINFILE No. 092M001). The property is accessible by the Haig Bay tidewater point to the south.
Historic exploration delineated a mineralized strike length of approximately 450 meters that remains open in both directions and at depth. The six known occurrences are comprised of steeply dipping zones reaching up to 6.1 meters in width. Historic aggregate samples assayed as high as 65.5% iron (Minister of Mines Annual Report, 1917).
“This is another strategic acquisition for MGX as it further diversifies our industrial mineral portfolio and provides the Company with a potential source of high purity Ferro Silicon (FeSi),” stated MGX President and CEO Jared Lazerson. “This prospect further accommodates our recent acquisition of the Longworth silica property (see press release dated December 23, 2014).”
Also of note is that the Haig Claims reside along the outer edges of an aeromagnetic high anomaly measuring greater than 60,000 nanoteslas (nT). As described by J.J. McDougall (P. Eng.) in Assessment Report 12204:
“While conducting airborne iron exploration along coastal B.C. during the late 1950's and early 196O's, the writer noted an unusually strong and extensive magnetic anomaly north of Wigwam Bay. It was and still remains the largest "flux gate" magnetic anomaly noted by the writer during many years of work on the West Coast. The size and overall magnetic intensity were only exceeded at the multi-billion [short] ton "Klukwan pyroxenite-amphibolite" deposit in S.E. Alaska which the writer had geologically mapped for Ventures Ltd. in 1953 and 1954.”
About Ferro Silicon
Ferro Silicon is an essential alloy in the production of iron and steel. Ferro Silicon is used to remove oxygen and increase the strength, resistance and elasticity of steel. It can also serve as the basis to manufacture pre-alloys like Magnesium Ferro Silicon (FeSiMg). According to leading independent research firm Roskill, demand for Ferro Silicon doubled between 2000 and 2013, while projections are forecasting growth of more than eight percent annually over the next five years (Roskill, 2014).
Andris Kikauka, Vice President of Exploration for MGX Minerals, and a non-independent Qualified Person as defined by N.I. 43-101, has reviewed the information contained in this news release and has verified the data.
About MGX Minerals
MGX Minerals (XMG:CNX) 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. For more information please visit the Company’s website at www.mgxminerals.com.
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Chief Executive Officer
MGX Minerals Inc.
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