MGX Minerals Reports 130 Meters of 42% Magnesium Oxide at Driftwood Creek Using Advanced Re-Assay Method
VANCOUVER, BC / ACCESSWIRE / May 7, 2015 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG) is pleased to announce results of drill core re-analysis from the “Western Zone” of its flagship Driftwood Creek magnesium project (“Driftwood Creek” or the “Project”).
Drill core from a 692 meter NQ-sized drill campaign in 2008, which took place over the central portion of the Western Zone, was shipped to ALS Minerals (“ALS”) in North Vancouver, British Columbia. ALS performed whole-rock analysis using a lithium borate fusion process to calculate oxide equivalent values for 245 samples representing a total of 444 meters.
The advanced assay method performed by ALS reduced unknown or unaccounted for material that previously ranged up to 10% in the original assays. The results from ALS have now been updated with near 100% material accounted for.
Stated MGX President and CEO Jared Lazerson: “The re-assay of 2008 core using superior assay methodology provides a clearer picture of the true grade, tonnage, and orientation of the Western Zone. Today’s results confirm that the Western Zone contains large, thick sections of magnesite of homogenous grade and consistency. As we enter the engineering phase at Driftwood Creek we believe the addition of these results to the mine plan will have a major impact on the mine life.”
Results from historic drill core re-analysis completed by ALS are reported below:
|
DDH |
From (m) |
To (m) |
Interval (m) |
MgO% |
CaO% |
Fe2O3% |
SiO2% |
|
2008-1 |
2.0 |
64.0 |
62.0 |
43.32 |
1.33 |
1.50 |
3.85 |
|
2008-1 |
94.8 |
114.4 |
19.6 |
43.12 |
0.61 |
1.41 |
4.72 |
|
2008-1 |
118.2 |
133 |
14.8 |
43.81 |
0.77 |
1.52 |
3.10 |
|
2008-2 |
2.0 |
132.0 |
130.0 |
42.46 |
1.39 |
1.49 |
4.82 |
|
2008-3 |
2.0 |
7.0 |
5.0 |
43.73 |
0.79 |
1.45 |
3.31 |
|
2008-3 |
20.4 |
31.5 |
11.1 |
38.78 |
5.48 |
1.70 |
4.96 |
|
2008-4 |
2.0 |
26.0 |
24.0 |
40.13 |
1.23 |
1.29 |
8.78 |
|
2008-4 |
44.1 |
50.1 |
6.0 |
38.30 |
1.80 |
1.78 |
10.56 |
|
2008-4 |
57.0 |
68.6 |
11.6 |
42.22 |
0.73 |
1.55 |
5.50 |
|
2008-5 |
0.7 |
16.0 |
15.3 |
41.66 |
1.72 |
1.72 |
5.06 |
|
2008-5 |
16.0 |
35.6 |
19.6 |
37.57 |
0.78 |
1.93 |
14.40 |
|
2008-5 |
38.2 |
67.8 |
29.6 |
41.30 |
1.63 |
1.56 |
5.82 |
|
2008-5 |
67.8 |
95.8 |
28.0 |
41.05 |
0.63 |
1.53 |
7.69 |
|
2008-6 |
0.7 |
32.8 |
32.1 |
42.42 |
1.02 |
1.44 |
5.90 |
|
2008-6 |
45.4 |
52.5 |
7.1 |
42.87 |
0.45 |
1.52 |
5.74 |
|
2008-6 |
65.5 |
91.1 |
25.6 |
41.95 |
0.31 |
1.41 |
10.80 |
|
2008-7 |
3.5 |
25.3 |
21.8 |
44.09 |
0.49 |
1.43 |
3.43 |
|
2008-7 |
35.5 |
72.0 |
36.5 |
42.72 |
0.61 |
1.50 |
6.19 |
Quality Assurance/Quality Control
Drill collars were located within a 120×350 meter area of the central portion of the Western Zone (see Figure 1). Drill core was split at two meter intervals and halved using protocol as defined by National Instrument (N.I.) 43-101 standards. The core was selectively sampled based on optical selection of magnesite zones according to previous drill logs. Remaining core was stored at core racks in a secured facility near Cranbrook, British Columbia. In light of the results MGX will now analyze the entire section of each historic drill hole to determine additional magnesite. These sections have never been assayed.
Figure 1. Historic drill holes completed in 2008 by Tusk Exploration Ltd. over the Western Zone of the Driftwood Creek Project
Click Image To View Full Size
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.
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. For more information please visit the Company’s website at www.mgxminerals.com.
|
Contact Information |
|
|
Jared Lazerson |
Dr. Michael Reimann |
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.
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.
SOURCE: MGX Minerals Inc.
ReleaseID: 428639
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