• LAST TRADES: XMG:C$1.09
  • MGXMF:US$0.85
  • 1MG:0.74
German Translator      
 
News

Press Releases

GET EMAIL UPDATES

Press Releases

MGX Completes Drill Program at Driftwood Creek Magnesite Property; Initiates N.I. 43-101 Compliant Resource Estimate

VANCOUVER, BRITISH COLUMBIA - September 16, 2014 - MGX Minerals Inc. (“MGX” or the “Company”) is pleased to announce that the Company has successfully completed 1,437 feet of diamond drilling at its flagship Driftwood Creek magnesite property (the “Property”). Norman Tribe, P. Eng. and a Qualified Person under N.I. 43-101 standards, has also been engaged to complete a maiden N.I. 43-101 compliant mineral resource estimate.

Eight closely spaces drill holes were completed along the western portion of the high-grade Eastern magnesite zone of the Property. Seven of the eight holes were spaced within 30 meters of each other and will provide a high degree of certainty to the resource estimate.

“We are quite pleased with results on the first of two planned exploration stages at Driftwood,” said MGX CEO Jared Lazerson. “Core samples have been cut and submitted for assaying. These results, combined with channel sampling and re-logging of historic drill core, will allow the Company to immediately begin preparing an N.I. 43-101 compliant resource estimate.”

Two historic resource estimates* (non N.I. 43-101 compliant) were completed on the Property by past operators. Kaiser Resources Ltd. (Morris, 1978) estimated a non N.I. 43-101 compliant Inferred resource of 22.5 million tonnes of magnesite using a specific gravity of 2.5 and Canadian Occidental Ltd. (Rodgers, 1989) estimated a non N.I. 43-101 compliant Inferred resource of 29.4 million tonnes of magnesite at a specific gravity of 3.0.

The Driftwood Creek magnesite property is located 35 kilometers southeast of Golden, British Columbia. MGX can earn a 100% interest in the property by making cash and stock payments over three years.

*These are historical resource estimates that do not comply with the current CIM Definition Standards on Mineral Resources and Mineral Reserves as required by NI 43-101. A Qualified Person has not done sufficient work to upgrade or classify these historical resources estimates to current mineral resources prepared in accordance with NI 43-101. The issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied on.

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.