VANCOUVER, BRITISH COLUMBIA / December 17, 2015 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG) is pleased to announce the Company has entered into a Share Purchase Agreement (the “Agreement”) to acquire a 100% undivided interest in the Wonah Mineral Claims (“Wonah” or the “Property”).
The Wonah claims consist of 166 contiguous hectares located in the Fort Steel mining division of British Columbia, just three miles southeast of the town of Golden. The Property is accessible year-round by a network of paved highways and well-maintained logging roads.
Exploration at Wonah dates back to 1959. Work has included geologic mapping, geochemical sampling, petrographic examination and bulk samples totaling several thousand short tons of lump quartzite material (B.C. Ministry of Energy and Mines Assessment Report 3685). MGX plans to initially target the Wonah Quartzite formation, which has been cited in historic technical reports as reaching a thickness of more than 300 meters and containing up to 98.85% silicon dioxide (SiO2).
“The consolidation of high-grade silica properties in British Columbia and particularly within the East Kootenay region is the cornerstone in our strategy to grow and diversify in the industrial minerals sector,” stated MGX President and CEO Jared Lazerson. “We believe the region has sufficient power and silica quality to support a silicon industry.”
Pursuant to the Agreement MGX will issue 150,000 shares over a three-year period to the Company’s non-independent Qualified Person Andris Kikauka and a third party. There are no underlying royalties as part of the transaction.
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.