(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / July 24, 2015 / MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) reports closing of the previously announced transaction with Zimtu Capital Corp. ("Zimtu") (TSX.V: ZC) pursuant to which MGX has acquired a 100% undivided interest in the Longworth silica property ("Longworth" or the "Property") (see press release dated July 6, 2015).
In connection with the transaction MGX has issued 700,000 common shares of stock to Zimtu at a deemed price of CA$0.30. Zimtu has transferred to the Company rights to 15 contiguous mineral claims, which are outlined below in Schedule A.
"We are pleased to close the Longworth transaction with Zimtu," stated MGX President and CEO Jared Lazerson. "The Company is now planning to conduct a multi-phase exploration program to further advance the Property. Our initial focus will target the Snow claim, where historic work has been completed by past operators."
Consolidated Silver Standard Mines Ltd. ("Silver Standard") conducted exploration and metallurgical work on the Longworth property during the 1980's (MINFILE No. 093H 038). Internal reports by Silver Standard suggested positive results as a potential feed source for silicon metal smelting (Quartermain, 1986). Of the 42 samples collected and analyzed by Silver Standard, 28 met the required chemical specifications with silica dioxide (SiO2) levels ranging between 98.84 and 99.80 percent (Assessment Report 14815). Twelve of 16 samples also boasted acceptable levels of thermal shock resistance for production of silicon metal. Sampling of outcrop across the Snow claim has shown consistent high grade (~99%) SiO2 levels.
The Longworth claims encompass 1,084 hectares situated four kilometers from the Canadian National railroad mainline and power grid. The Property is located approximately 85 kilometers east of Prince George, British Columbia and is accessible by a network of well-maintained logging roads. Longworth is listed as one of the top silica occurrences throughout the Province of British Columbia by the BCGS (Simandl, 2014).
Schedule A.
|
Longworth Group of Claims
|
|
Claim Number
|
Name
|
Record Date
|
Expiry Date
|
Ha
|
|
1022782
|
Silver Standard Silica #2
|
2013/Oct/03
|
2015/Dec/31
|
380.36
|
|
1022943
|
Snow
|
2013/Oct/11
|
2015/Dec/31
|
38.01
|
|
1022944
|
Rain
|
2013/Oct/11
|
2015/Dec/31
|
114.08
|
|
1022945
|
Snowjob
|
2013/Oct/11
|
2015/Dec/31
|
76.03
|
|
1022946
|
Big Snow
|
2013/Oct/11
|
2015/Dec/31
|
38.01
|
|
1022947
|
Lookout
|
2013/Oct/11
|
2015/Dec/31
|
19.01
|
|
1023010
|
Ultra
|
2013/Oct/12
|
2015/Dec/31
|
95.02
|
|
1023011
|
Sinclair Silica
|
2013/Oct/12
|
2015/Dec/31
|
19.01
|
|
1023075
|
Silicon 11
|
2013/Oct/15
|
2015/Dec/31
|
152.16
|
|
1023094
|
$$$Supersilicapitrd
|
2013/Oct/16
|
2015/Dec/31
|
19.01
|
|
1023101
|
Maxssilica
|
2013/Oct/16
|
2015/Dec/31
|
19.01
|
|
1023101
|
Realrain1&2
|
2013/Oct/16
|
2015/Dec/31
|
19.01
|
|
1023102
|
Silicastarridge
|
2013/Oct/16
|
2015/Dec/31
|
19.01
|
|
1023103
|
Silex
|
2013/Oct/16
|
2015/Dec/31
|
19.01
|
|
1023122
|
Superflux
|
2013/Oct/17
|
2015/Dec/31
|
57.03
|
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 is a diversified Canadian mining company listed on the Canadian Securities Exchange (CSE: XMG). MGX is 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. The Company's flagship project is the Driftwood Creek magnesium project in the East Kootenay region of British Columbia. The long term strategic business objectives of the Company include constructing a quarry mine and processing plant to produce magnesium oxide at Driftwood Creek. The Driftwood Creek project is currently under permitting review for granting of a mining lease and applications for associated operating permits are in various stages of preparation. MGX owns the majority of significant magnesite properties in the Province of British Columbia as reported by the British Columbia Geological Service.
For more 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.
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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