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MGX Minerals Inc.
Summary
| Project: | Driftwood Creek | |
|---|---|---|
| Deposit: | Driftwood Creek | |
| Location: | Canada | |
| Commodities: | Magnesium-Aluminium-Calcium-Iron-Silica | |
| Date: | 12/5/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-12-2016: MGX Minerals Inc. announces an Exploration/Drilling Update report for its Driftwood Creek deposit at the Driftwood Creek project. Drilling results incl. 120m @ 42% MgO from 45.0m. VANCOUVER, BRITISH COLUMBIA / December 5, 2016 / MGX Minerals In | |
| Resources: | (Resource, M+I): 8.009Mt @ 43.31% MgO | |
| CP/QP: | [Overall Report]: Andris Kikauka (Internal) | |
| ABSTRACT: | VANCOUVER, BRITISH COLUMBIA / December 5, 2016 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to report assay results from infill and extension drilling at its flagship Driftwood Creek magnesium deposit (“Driftwood Creek”) in British Columbia. The Phase III drill program followed recommendations from the National Instrument (N.I.) 43-101 compliant mineral resource estimate totaling 8.3 million tonnes grading 43.3% Magnesium Oxide (“MgO”) reported in September (see press release dated September 5, 2016). The Phase III drill program completed 16 holes totaling 1,211.5 meters in the East and West zones at Driftwood Creek. Drill holes were spaced at 50 meter intervals with nine holes located in the East zone and seven holes in the West zone. The purpose of the infill drill program was to prove up the continuity and thicknesses of magnesite mineralization within the East and West zones. Additionally, management is encouraged by results from drill holes that were placed along potential lateral extensions of the deposit, suggesting room for expansion along strike. New assay data will now be used to prepare an updated mineral resource estimate as part of the upcoming N.I. 43-101 compliant Preliminary Economic Assessment (“PEA”) for Driftwood Creek, which is currently underway. “Phase III drill results continue to reflect a large magnesite resource of highly consistent grade,” stated MGX Minerals CEO Jared Lazerson. “At this time MGX has a clear path forward with high expectations of the upcoming PEA and upgraded NI 43-101 Resource Estimate. The PEA will provide a net present value for the project providing a fundamental basis for the valuation of the Company’s shares.” | |
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