MGX Minerals Reports 98 Meters Grading 44% Magnesium Oxide from Phase II Drilling at Driftwood Creek

Press Releases |

VANCOUVER, BRITISH COLUMBIA / October 5, 2015 / MGX Minerals Inc. (“MGX” or the “Company”) (XMG:CNX) (FKT: 1MG) is pleased to provide initial results from the first four drill holes of Phase II drilling at its flagship Driftwood Creek magnesium project (“Driftwood Creek”) (see press release dated August 31, 2015). The 12 hole drill program is near completion and full assay results are expected shortly. 

Mineralization at Driftwood Creek occurs along a two kilometer strike length spanning two zones (Eastern and Western). The Phase II drill program is targeting extensions of magnesite mineralization along strike in the Western Zone, which to date has been delineated across 0.5 kilometers. Management views results thus far as encouraging with most assays reporting magnesite-bearing mineralization throughout entire hole lengths. All four holes have ended in magnesite mineralization.

Select intervals are reported below:

DDH

From (m)

To (m)

Interval (m)

MgO%

CaO%

Fe2O3%

SiO2%

LOI%

2015-1

6.0

63.0

57.0

43.07

1.30

1.49

4.47

48.50

2015-1

81.0

121.92

40.92

43.87

0.50

1.46

6.76

45.35

2015-2

2.74

45.0

42.26

42.60

0.67

1.43

7.56

46.32

2015-2

54.0

91.44

37.44

41.55

0.31

1.43

11.46

42.49

2015-3

0.61

65.53

64.92

40.71

0.92

1.48

13.13

40.97

2015-4

30.0

128.02

98.02

44.28

0.97

1.51

3.4

48.55

* Note: Intervals represent drilled thickness, not true widths. Drill core is being split at three meter intervals. Results represent 406.9 meters of drilling and 137 split core samples.

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 Minerals (“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 (CSE: XMG) 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.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Emerging Growth

Winston Gold Mining Corp.

Winston Gold Mining Corp is a mineral exploration and development company. The Company is engaged in acquiring, exploring, developing, and operating mining properties.

Private Markets

BioSculpture Technology, Inc.

BioSculpture Technology, Inc. (“BST”) is a commercial-stage medical device manufacturer of liposuction surgical instruments for surgeons. It offers the FDA-cleared Twin Cannula Assisted Liposuction ("TCAL") Airbrush Liposculptor II® controllers, Airbrush®…

GoCoin

Blockchain currencies (e.g. Bitcoin) provide a new disruptive way to transfer value between parties over the internet as opposed to going through banks. GoCoin provides online merchants with a suite…