MGX Minerals Completes Phase II Drilling at Driftwood Magnesium Project

Press Releases |

VANCOUVER, BRITISH COLUMBIA / October 9, 2015 / MGX Minerals Inc. (“MGX” or the “Company”) ($XMG:CNX) (FKT: 1MG) is pleased to announce completion of Phase II drilling at its flagship Driftwood Creek magnesium project (“Driftwood Creek”) (see press release dated August 31, 2015). In total, 12 diamond drill holes were completed totaling 1,100 meters.

Core has been shipped to ALS Minerals (“ALS”) in North Vancouver, British Columbia for whole-rock analysis. Initial results from drill holes 1-4 we released on October 5th (see press release dated October 5, 2015). Assay results from the remaining eight drill holes expected shortly.

The Phase II drill program was designed to confirm the vertical and lateral continuity of magnesite mineralization within the Western Zone at Driftwood Creek as well as assist with resource modelling and pit design. To date the Western Zone has been delineated across 0.5 kilometers and remain open along strike (E-W) and at depth.

2015 Diamond Drill Holes are reported below:

DDH

Easting (NAD 83)

Northing (NAD 83)

Elevation (m)

Azimuth

Dip

Depth (m)

Comments

Depth (ft)

2015-1

530453

5639476

1393

205

65

121.92

West of 2008-2

400

2015-2

530541

5639457

1395

205

53

91.44

East of 2008-2

300

2015-3

530560

5639436

1390

205

50

76.2

East of 2008-2

215

2015-4

530366

5639535

1386

205

53

128.08

West of 2008-2

420

2015-5

530308

5639561

1378

205

53

125.88

West Extension

413

2015-6

530393

5639619

1374

205

50

114.3

West of 2008-1

375

2015-7

530473

5639619

1394

205

53

44.2

North Extension

145

2015-7A

530473

5639619

1394

25

60

18.29

North Extension

60

2015-8

530356

5639658

1378

205

50

108.2

Northwest Extension

355

2015-9

530683

5639463

1364

205

50

79.86

East Extension

262

2015-10

530725

5639440

1385

215

50

43.28

East Extension

142

2015-11

530600

5639579

1380

205

53

16.76

North Extension

70

2015-11A

530600

5639579

1380

25

60

21.34

North Extension

55

2015-12

530308

5639574

1374

25

50

112.78

Northwest Extension

370

           

1102.53

 

3,582

 

Drill results from Phase I and II drilling will be added to previous drill core analysis and compiled to establish a maiden National Instrument (N.I.) 43-101 compliant mineral resource estimate for the Eastern and Western zones. Independent technical consultant and National Instrument (N.I.) 43-101 Qualified Person Norman Tribe (P. Eng.) has been on site and is preparing to conduct the resource estimate for Driftwood Creek

Quality Assurance/Quality Control

The sample chain of custody is managed by MGX under the supervision of Mr. Andris Kikauka. Drill core is being split at three meter intervals, secured in a nearby storage facility and shipped to ALS. ALS is an independent, ISO-certified analytical laboratory located in North Vancouver, British Columbia. ALS is conducting whole-rock analysis using a lithium borate fusion process to calculate oxide equivalent values.

Qualified Person

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 Magnesite

Magnesite in its purest form is 47.6% Magnesium Oxide ("MgO"). Magnesite generally serves as an excellent feedstock for the production of MgO. MgO in turn is a valuable and widely used industrial mineral. Uses of MgO include abrasives, animal feed supplements, chemicals, coatings, construction, electrical, fertilizers, foundries, glass manufacture, insulation, lubricating oils, pharmaceuticals, plastics manufacture, refractory and ceramics, rubber compounding, steel industry, sugar refining, sulfite wood pulping, and wastewater treatment. At this time MGX is focused on the refractory and steel industries.

About MGX Minerals

MGX Minerals ($XMG:CNX) is a diversified Canadian mining company listed on the Canadian Securities Exchange. MGX is 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’s flagship project is the Driftwood Creek magnesium project in the East Kootenay region of British Columbia. The long-term strategic business objectives of the Company include constructing a quarry mine and processing plant to produce magnesium oxide from Driftwood Creek. The Driftwood Creek project is currently under permitting review for granting of a mining lease and applications for associated operating permits are in various stages of preparation. MGX owns the majority of significant magnesite properties in the Province of British Columbia as reported by the British Columbia Geological Service (British Columbia Mineral Titles Branch).

For more information please visit the Company’s website at www.mgxminerals.com.

Contact Information

 

Jared Lazerson
Chief Executive Officer
Telephone: 604.681.7735
Email: jared@mgxminerals.com

Dr. Michael Reimann
Chief Financial Officer
Telephone: 604.681.7735
Email: michael@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.

Forward-Looking Statements

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.

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