Suche
 

MGX Minerals Acquires Pond Magnesium, Expands Marysville Magnesium and Files Longworth Silica NI 43-101 Technical Report

18.07.2016  |  The Newswire

VANCOUVER, BRITISH COLUMBIA / TheNewswire / July 18, 2016 - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) is pleased to announce acquisition of the Pond magnesium occurrence ("Pond") as well as the expansion of its Marysville magnesium project ("Marysville"). Both projects were previously operated by the Consolidated Mining Company of Canada (COMINCO- now Teck Resources) and are now 100% controlled by MGX.

"MGX continues to acquire magnesium projects close to its proposed mill location at Cranbrook, British Columbia. These two new projects cover long strike lengths, have had historic drilling and are close to infrastructure meeting our key criteria for quarry development potential. MGX recognizes key advances being made in magnesium applications in aerospace, automotive, and energy storage, being a third lighter than aluminum and having a double charge (2x) by molecule compared to lithium for battery applications," stated President and CEO Jared Lazerson.

Pond Magnesium Acquisition

The Company reports it has acquired, through staking, the Pond dolomite occurrence located 60 kilometers north of Cranbrook, British Columbia. Significant past work occurred at Pond, including diamond drilling and geochemical sampling. COMINCO completed eight drill holes and outlined two mineralized zones (North and South) traced along a strike length of 6.3 kilometers. Assay results of historic whole rock analyses from drill core are summarized below:

Zone

CaO%

SiO2%

MgO%

Fe2O3%

Al2O3%

Ig. Loss%

North

31.06

0.95

21.29

0.24

0.26

45.66

South

30.09

2.3

21.53

0.12

0.23

45.37

Cominco also extracted a 91-kilogram dolomite sample from the proposed quarry within the South zone that was analyzed and returned the following values:

Zone

CaO%

SiO2%

MgO%

Fe2O3%

Al2O3%

Ig. Loss%

South

30.35

0.98

20.8

0.38

0.16

47.9

Pond was acquired in 2011 by American Manganese Inc. who subsequently performed whole rock geochemical analysis on 37 rock chips samples from the North and South zones. American Manganese reported considerably lower silica levels than previously assayed by COMINCO.

Marysville Magnesite

MGX announces it has expanded its Marysville magnesium claims to more than 480 hectares (1,190 acres). Marysville is located just 25 kilometers north of Cranbrook, British Columbia and features a stratabound layer of magnesite mineralization hosted in the Lower Cambrian Cranbrook Formation. This mineralized structure spans approximately 10-20 meters in width across an intermittent strike length of 4.5 kilometers. COMINCO historically excavated a 2,700 tonne bulk sample on the northern portion of the deposit, which is part of the claim block recently acquired by the Company.

Fieldwork and assays recently completed on the deposit included 10 rock chip samples taken from the Mag 2 claim. Ten samples taken over a 700-meter strike length averaged 41.7% magnesium oxide (MgO). The Company plans to conduct additional fieldwork, including geologic mapping and sampling, to prioritize drill targets and further delineate the deposit laterally down dip. Assay results are reported below:

Sample ID

Width (cm)

MgO%

Al2O3%

CaO%

Fe2O3%

P2O5%

15-MA-51

float

44.9

0.7

0.56

0.86

0.12

15-MA-52

200

41.5

0.86

0.81

0.97

0.11

15-MA-53

200

44.2

0.5

0.65

1.68

0.04

15-MA-54

float

43.4

0.69

0.79

0.74

0.09

15-MA-55

300

35.2

0.93

0.71

0.67

0.1

15-MA-56

300

40.3

1.36

0.76

0.7

0.26

15-MA-57

300

42.6

0.83

1.14

0.83

0.19

15-MA-58

300

39.6

0.93

3.77

0.86

0.15

15-MA-59

300

41.6

0.39

0.44

1.11

0.03

15-MA-60

300

43.4

0.65

0.52

1.31

0.06

Longworth Silica Property

The Company announces it has filed a Technical Report (the "Report") pursuant to National Instrument (N.I.) 43-101 - Standards for Disclosure for Mineral Projects on the Longworth Silica Property ("Longworth"). The Report, entitled "Longworth Silica Property North-Central British Columbia Canada", has an effective date of June 27, 2016 and was prepared in accordance with CIM Standards by independent Qualified Person Don MacIntyre (Ph.D., P.Eng.) of D.G. MacIntyre & Associates Ltd. The Report is available for review on the Company's SEDAR (www.sedar.com) profile as well as the Company's website (www.mgxminerals.com).

Shares Payment

MGX announces it has issued the final installment of 300,000 common shares of the Company to the vendors of the Driftwood Creek magnesium project per terms of the definitive asset purchase agreement dated July 7, 2014.

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 MGX Minerals

MGX Minerals (CSE: XMG) 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. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta. For further 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

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.

Copyright (c) 2016 TheNewswire - All rights reserved.


Bewerten 
A A A
PDF Versenden Drucken

Für den Inhalt des Beitrages ist allein der Autor verantwortlich bzw. die aufgeführte Quelle. Bild- oder Filmrechte liegen beim Autor/Quelle bzw. bei der vom ihm benannten Quelle. Bei Übersetzungen können Fehler nicht ausgeschlossen werden. Der vertretene Standpunkt eines Autors spiegelt generell nicht die Meinung des Webseiten-Betreibers wieder. Mittels der Veröffentlichung will dieser lediglich ein pluralistisches Meinungsbild darstellen. Direkte oder indirekte Aussagen in einem Beitrag stellen keinerlei Aufforderung zum Kauf-/Verkauf von Wertpapieren dar. Wir wehren uns gegen jede Form von Hass, Diskriminierung und Verletzung der Menschenwürde. Beachten Sie bitte auch unsere AGB/Disclaimer!




Minenprofile
Alle Angaben ohne Gewähr! Copyright © by GoldSeiten.de 1999-2019.
Die Reproduktion, Modifikation oder Verwendung der Inhalte ganz oder teilweise ohne schriftliche Genehmigung ist untersagt!

"Wir weisen Sie ausdrücklich auf unser virtuelles Hausrecht hin!"