VANCOUVER, BRITISH COLUMBIA / TheNewswire / July 27, 2015 - MGX Minerals Inc. (“MGX” or the “Company”) (XMG:CNX) is pleased to report mobilization is underway for the phase two diamond drilling program at its flagship Driftwood Creek magnesium project (“Driftwood Creek”).
The Company expects drilling to commence at Driftwood Creek on or about August 20, 2015. An eight-hole program of approximately 1,000 meters is planned to further test the continuity of grades and thicknesses of magnesite mineralization within the Western Zone. Infill drilling will occur around seven drill holes completed in 2008 by Tusk Exploration (see Figure 1). Drill site locations were selected based on geologic mapping and geochemical sampling work completed by MGX as well as re-assay results of historic drill core.
As previously reported in May 2015, the Company re-assayed drill core from the 2008 Tusk Exploration drilling program (see press release dated May 7, 2015). The drill core was re-assayed by ALS Minerals (“ALS”) in North Vancouver, British Columbia using whole-rock analysis and a lithium borate fusion process to calculate oxide equivalent values for 245 samples. Of particular interest were the results of drill hole 2008-2, which returned geochemical whole-rock analysis of 42.46% magnesium oxide over 130 meters (note 1).
The Company recently received an amendment to the existing exploration permit from the British Columbia Ministry of Energy and Mines in which approval was granted to conduct the upcoming phase two drill program. MGX’s Qualified Person Mr. Andris Kikauka will perform all core logging and sampling, which will be followed by sample preparation and analysis at ALS laboratories. Mr. Kikauka will also conduct sample chain-of-custody from drill hole to assay lab.
Note 1. Drill hole 2008-2 results are based on weighted average of 65 split drill core samples at 2 meter interval lengths
Figure 1. Proposed Phase II 2015 Diamond Drilling:
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Andris Kikauka, Vice President of Exploration for MGX Minerals, and a non-independent Qualified Person as defined by N.I. 43-101, has reviewed and approved the technical information contained in this news release.
About MGX Minerals
MGX Minerals is a diversified Canadian mining company listed on the Canadian Securities Exchange (CSE: XMG). 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 at 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.
For more information please visit the Company’s website at www.mgxminerals.com.
Dr. Michael Reimann
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.
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