MGX Advances Permitting and Expands Mine Plan at Driftwood Magnesium
VANCOUVER, BRITISH COLUMBIA / TheNewswire / March 31, 2015 / MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) is pleased to provide shareholders with a progress report on the Company's flagship Driftwood Creek magnesium property ("Driftwood Creek" or the "Property") in southeastern British Columbia.
Environmental Baseline Studies Underway
MGX has commenced preliminary environmental baseline studies at its flagship Driftwood Creek magnesium property. Initial hydrology samples have been collected and submitted for analysis by the Company's Qualified Person, as defined by National Instrument (N.I.) 43-101 standards, P. Geo. Andris Kikauka.
The results will be used to characterize hydrological parameters under which further environmental studies are conducted. These studies represent an integral part of the permitting process and will build on MGX's commitment to operate Driftwood Creek in an environmentally safe manner.
Re-Assaying of Historic Drill Core Proceeding
The Company also announces that re-assaying of 2008 drill core from the "Western Zone" of Driftwood Creek is underway (see press release dated November 12, 2014). MGX engineering consultants have determined that standard assaying will prove suitable for chemical analysis of the historic drill core. Preparations are now being made to ship the core to ALS Minerals ("ALS") in North Vancouver.
Resource Estimate and Mine Plan Update
Upon completing re-analysis of historic drill core from the Western Zone, MGX engineering consultants will construct an updated block model that includes data from both the Western and Eastern mineralized zones.
The updated block model will combine new results from the Western Zone with 2014 drill results on the "Eastern Zone" (see press release dated December 11, 2014) to calculate an expanded maiden N.I. 43-101 resource estimate. Additionally, the block model will provide the basis for a revised mine plan that may further extend the anticipated life of mine at Driftwood Creek.
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"We continue to make significant progress on all fronts as we work to advance Driftwood Creek towards a construction-ready stage," stated MGX President and CEO Jared Lazerson. "The establishment of a baseline as part of the permitting process during spring freshet is ideal as this is the time of year when results are often most relevant. We are committed to monitoring the nearby environment and continue to work closely with the Mineral Titles Branch as we proceed through the Consultative Phase of the application process."
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.
About MGX Minerals
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.
Forward-Looking Statements
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.
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