VANCOUVER, Oct. 25, 2016 /CNW/ - 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
|
|
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.
Forward-Looking Statements
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.
Image with caption: "Figure 1. Infill drill program hole locations (CNW Group/MGX Minerals Inc.)". Image available at: http://photos.newswire.ca/images/download/20161025_C2554_PHOTO_EN_803163.jpg
