VANCOUVER, Sept. 29, 2016 /CNW/ - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to announce that field crews are mobilizing to conduct an infill drill program on the Company's flagship Driftwood Creek magnesium project ("Driftwood Creek").
As reported, the Company announced a maiden National Instrument (N.I.) 43-101 compliant mineral resource estimate for Driftwood Creek. The resource estimate outlined 8 million tonnes grading 43% magnesium oxide in the Measured plus Indicated categories. The Company has filed a N.I. 43-101 technical report supporting the resource estimate (see press release dated September 27, 2016).
The report recommended that MGX conduct an infill drill program as part of preparation for a N.I. 43-101 Preliminary Economic Assessment ("PEA") and filing of a Mining and Reclamation Permit (operating permit) with the Province of British Columbia. Specifically, the report suggests that diamond drilling be carried out to confirm the down dip continuity of contacts as well as identify near-surface magnesite. The Company plans to complete 12 drill holes as part of the infill drilling campaign and expects completion of PEA by the end of 2016.
The updated technical report and resource estimate are available for viewing on the Company's website at www.mgxminerals.com.
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.
About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in western Canada. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta. MGX recently released a maiden N.I. 43-101 compliant mineral resource estimate for its Driftwood Creek magnesium project, which outlined 8 million tonnes grading 43.31% magnesium oxide. In January the Company received a 20-year Mining Lease for Driftwood Creek. Additionally, the Company recently acquired the Sturgeon Lake lithium brine project in west-central Alberta, increasing the Company's lithium brine land position to over 376,000 hectares throughout the Province. For further information, please visit the Company's website at www.mgxminerals.com.
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 including the completion of the rights offering (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.
For further information: Jared Lazerson, Chief Executive Officer, Telephone: 1.604.681.7735, Email: [email protected]