MGX Minerals Extends Strike Length to 2,000 Meters at Driftwood Creek Magnesium Project

Press Releases |

VANCOUVER, BC / ACCESSWIRE / May 12, 2015 / MGX Minerals Inc. ("MGX" or the "Company") (XMG:CNX) (1MG.F) is pleased to report results of exploration at its flagship Driftwood Creek magnesium project ("Driftwood Creek") located in southwest British Columbia. Magnesite mineralization at Driftwood Creek has now been traced across 2,000 meters of strike length.

Surface outcrops were collected in late April over a 200 x 2,000 meter area to target existing and potential new zones of mineralization at Driftwood Creek. A total of 31 rock chip samples, representing three meter intervals, were collected and sent to ALS Minerals ("ALS") in North Vancouver, British Columbia for geochemical analysis. ALS performed whole-rock analysis using a lithium borate fusion process to calculate oxide equivalent values.

Fish Zone Exploration

The Fish Zone is a near surface magnesite-bearing zone located along strike and as a lateral extension of the Western Zone at Driftwood Creek. The Fish zone was originally discovered and explored by Kaiser Resources in the 1970's. Encouraging results led to extraction of an 8,000 tonne bulk sample (Morris 1978).

In April 2015 eight rock chip samples were taken across a northeast bearing profile spanning approximately 300 meters that targeted surface outcrops within the Fish Zone. Results are currently being compiled to establish targets for future drilling of mining blocks.

"Results from Driftwood continue to impress," stated MGX Minerals CEO Jared Lazerson. "Preliminary data from the Fish Zone is exciting and the deposit as a whole has begun to take on mass tonnage characteristics that could support a long life mine. This has begun to solidify the opportunity for MGX to become a cornerstone producer, for North American markets, of low-cost magnesium oxide and ultimately magnesium alloy."

Results of ALS analysis are reported in the table below:

Sample

Zone

MgO%

CaO%

Al2O3%

Fe2O3%

SiO2%

DR-15-AR-11

Fish

46.2

0.51

0.10

0.67

1.09

DR-15-AR-12

Fish

43.5

0.51

0.11

0.56

5.91

DR-15-AR-13

Fish

45.0

0.62

0.04

0.58

3.20

DR-15-AR-14

Fish

40.8

3.98

0.15

0.77

5.93

DR-15-AR-15

Fish

42.0

3.03

0.07

0.81

4.72

DR-15-AR-16

Fish

42.3

3.29

0.53

0.78

4.28

DR-15-AR-17

Fish

45.6

0.80

0.54

0.71

1.64

DR-15-AR-18

Fish

41.5

4.07

0.55

0.79

3.98

Note: Each sample represents three meter intervals


Western Zone Results

Seventeen samples were also collected throughout the Western Zone of Driftwood Creek. The results, when juxtaposed with recent re-analysis of historic drill core (see press release dated May 7, 2015), confirm continuity of magnesite mineralization within the Western Zone. Assay results reported by ALS are outlined in the table below:

Sample

Zone

MgO%

CaO%

Al2O3%

Fe2O3%

SiO2%

DR-15-AR-1

West

43.2

0.41

0.62

1.57

5.32

DR-15-AR-2

West

45.8

0.38

0.27

1.66

0.54

DR-15-AR-3

West

38.6

7.42

0.37

1.6

1.35

DR-15-AR-4

West

37.5

8.87

0.34

1.74

1.57

DR-15-AR-5

West

44.0

2.43

0.07

1.44

0.75

DR-15-AR-6

West

37.9

9.08

0.05

1.53

0.64

DR-15-AR-7

West

43.9

0.68

0.72

1.56

2.81

DR-15-AR-8

West

44.6

1.27

0.16

1.65

1.11

DR-15-AR-9

West

44.1

0.55

0.64

1.35

3.94

DR-15-AR-10

West

40.9

0.19

0.09

1.04

11.56

DR-15-AR-25

West

33.4

10.65

0.07

0.89

8.91

DR-15-AR-26

West

42.9

0.57

0.08

0.91

7.10

DR-15-AR-27

West

43.5

0.82

0.18

1.5

4.75

DR-15-AR-28

West

41.6

2.13

0.17

1.47

6.07

DR-15-AR-29

West

39.9

0.15

0.13

1.24

14.34

DR-15-AR-30

West

38.1

0.93

0.04

1.48

15.58

DR-15-AR-31

West

44.0

0.49

0.49

1.38

4.02

Note: Each sample represents three meter intervals

Eastern Zone Results

Six additional widely-spaced samples were collected along the northwestern edge of the Eastern Zone. Four of the six samples collected reported grades above 42% magnesium oxide (MgO) with low levels of calcium and iron. Results of sampling from the Eastern Zone are reported below:

Sample

Zone

MgO%

CaO%

Al2O3%

Fe2O3%

SiO2%

DR-15-AR-19

East

44.9

0.71

0.39

0.85

2.13

DR-15-AR-20

East

44.3

1.23

0.46

0.87

4.35

DR-15-AR-21

East

37.7

8.45

0.34

1.07

3.59

DR-15-AR-22

East

45

0.72

0.62

0.86

2.33

DR-15-AR-23

East

42.6

0.74

0.71

0.73

7.61

DR-15-AR-24

East

36.4

9.87

0.60

0.9

3.78

Note: Each sample represents three meter intervals

Qualified Person

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.

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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