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

Press Releases

GET EMAIL UPDATES

Press Releases

MGX Minerals Completes 16 Hole Infill Drill Program at Driftwood Creek Magnesium - Advances PEA and Initial Mine Plan

VANCOUVER, BRITISH COLUMBIA / October 25, 2016 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to report the Company has completed infill and extension diamond drilling at its flagship Driftwood Creek magnesium deposit ("Driftwood").

The recently completed drill program was increased to a total of 16 drill holes totaling 1,211.5 meters with lengths ranging between 31 and 184 meters (see Figure 1 and Table 1). A total of 386 split core samples have been shipped to ALS Minerals in North Vancouver, British Columbia for whole rock geochemical analysis. The program successfully intercepted large intersections of magnesite mineralization consistent with past drilling and 3D modelling.  Step out drilling has intercepted magnesite mineralization along strike both to the East and West ends of the known resource. This is the third diamond drill program completed by MGX at Driftwood, in addition to 100t bulk sample completed in June 2016.

A National Instrument (N.I.) 43-101 compliant mineral resource estimate totaling 8.1 million tonnes grading 43.3% magnesium oxide (MgO) (see press release dated September 5, 2016) was recently completed for Driftwood. Upon completion of assay the Company will utilize the new data to upgrade the resource estimate and incorporate the data into a N.I. 43-101 compliant Preliminary Economic Assessment ("PEA"), which is currently underway.

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.

Table 1. Infill drilling details

DDH
#

Zone

NAD 83
Easting

NAD 83
Northing

Azimuth

Dip

depth
(ft)

Depth
(meters)

Description

16 1

East

531419

5639036

205

77

127.9

39

Lower CanOxy 1990 road

16 2

East

531528

5638973

25

45

308.3

94

Lower CanOxy 1990 road

16 3

East

531565

5638971

25

45

318.2

97

Lower CanOxy 1990 road

16 4

East

531482

5639021

25

45

283.7

86.5

Lower CanOxy 1990 road

16 5

East

531408

5639066

0

90

150.9

46

12 meters south of ridge edge
of bulk sample pit

16 6

East

531381

5639099

0

90

160.7

49

On ridge

16 7

East

531354

5639118

0

90

160.7

49

On ridge

16 8

East

531326

5639136

0

90

101.7

31

On ridge

16 9

East

531413

5639181

205

45

150.9

46

Near north road to water
source, base of north facing
cliff

16 10

West

530437

5639544

0

90

209.9

64

North central

16 11

West

530382

5639576

0

90

213.2

65

Northwest central

16 12

West

530413

5639473

0

90

246

75

Central

16 13

West

530400

5639485

205

50

603.5

184

Central

16 14

West

530508

5639408

25

50

419.8

128

South-east central

16 15

West

530297

5639617

25

50

249.8

76

West north flank

16 16

West

530340

5639514

0

90

269

82

West magnesite cliffs

           

3974.2

1211.5

 

Figure 1. Infill drill program hole locations

Driftwood Drill Hole Locations