VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / November 6, 2014 / MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG) is pleased to report the Company has acquired mineral claims covering seven known magnesite occurrences (the "Prospects") throughout British Columbia.
Field reconnaissance and claim staking have now been completed on the following Prospects: Red Mountain (MINFILE No. 082KNE034), Topaz Lake (MINFILE No. 082KNE015), Dunbar Creek (MINFILE No. 082KNE036), Bott's Lake (MINFILE No. 082KNE035), Cleland Lake (MINFILE No. 082KNE038), Mt. Assiniboine (MINFILE No. 082JNW014) and Mt. Eon (MINFILE No. 082JNW001). Additionally, the Company has staked the Anzac claim (MINFILE No. 093J 008) located near the Mt. Emmett project formerly explored by Norsk Hydro, the last producer of magnesium alloy in Canada. MGX now controls the majority of known magnesite occurrences in British Columbia as reported by the British Columbia Geological Survey (Simandl, 2014).
Stated MGX President and CEO Jared Lazerson: "We are now implementing our broader strategy of acquiring strategic land positions over known industrial mineral occurrences. We are particularly excited about the Red Mountain and Topaz Lake Prospects as they are located in close proximity to our flagship Driftwood Creek magnesite property and preliminary field results show similar magnesite grades."
Field reconnaissance on each Prospect was conducted by the Company's N.I. 43-101 Qualified Person Andris Kikauka. Rock chip samples were collected and submitted to ALS Minerals in North Vancouver, British Columbia for chemical analysis using XRF whole rock analysis for oxides. Geochemical analysis results were as follows:
---------------------------------------------------------------------- |Sample |Prospect |Al2O3 (%)|CaO (%)|Fe2O3 (%)|MgO (%)|SiO2 (%)| |--------------------------------------------------------------------| |14RED-1|Red Mountain |0.29 |1.06 |1.43 |40.0 |10.4 | |--------------------------------------------------------------------| |14RED-2|Red Mountain |0.16 |1.35 |1.57 |39.2 |12.0 | |--------------------------------------------------------------------| |14RED-3|Red Mountain |0.63 |0.6 |0.84 |40.5 |10.7 | |--------------------------------------------------------------------| |14RED-4|Red Mountain |0.19 |0.49 |1.01 |38.0 |17.4 | |--------------------------------------------------------------------| |14RED-5|Red Mountain |0.78 |0.77 |1.12 |41.0 |8.89 | |--------------------------------------------------------------------| |14TOP-1|Topaz Lake |0.74 |2.86 |1.27 |42.2 |2.26 | |--------------------------------------------------------------------| |14TOP-2|Topaz Lake |0.73 |1.98 |1.73 |40.1 |7.44 | |--------------------------------------------------------------------| |14TOP-3|Topaz Lake |1.30 |0.92 |1.39 |44.0 |2.78 | |--------------------------------------------------------------------| |14TOP-4|Topaz Lake |0.81 |0.51 |1.13 |42.8 |10.35 | |--------------------------------------------------------------------| |14TOP-5|Topaz Lake |0.14 |3.9 |1.58 |40.9 |3.12 | |--------------------------------------------------------------------| |14TOP-6|Topaz Lake |0.30 |0.54 |1.46 |42.5 |5.63 | |--------------------------------------------------------------------| |14CLE-1|Cleland Lake |0.09 |29.5 |1.59 |19.65 |2.78 | |--------------------------------------------------------------------| |14CLE-2|Cleland Lake |0.11 |29.5 |1.88 |19.6 |2.63 | |--------------------------------------------------------------------| |14CLE-3|Cleland Lake |0.05 |28.0 |1.91 |18.7 |7.52 | |--------------------------------------------------------------------| |14CLE-4|Cleland Lake |0.38 |23.8 |1.43 |15.8 |21.3 | |--------------------------------------------------------------------| |14CLE-5|Cleland Lake |<0.01 |29.2 |0.85 |20.1 |4.26 | |--------------------------------------------------------------------| |Sample |Prospect |Al2O3 (%)|CaO (%)|Fe2O3 (%)|MgO (%)|SiO2 (%)| |--------------------------------------------------------------------| |14EON-1|Mt. Eon |0.02 |29.5 |0.32 |22.5 |0.05 | |--------------------------------------------------------------------| |14EON-2|Mt. Eon |0.03 |19.45 |0.43 |30.8 |0.05 | |--------------------------------------------------------------------| |14EON-3|Mt. Eon |0.05 |9.04 |0.53 |39.2 |0.05 | |--------------------------------------------------------------------| |14EON-4|Mt. Eon |0.03 |30.5 |0.32 |21.7 |0.08 | |--------------------------------------------------------------------| |14ASS-1|Mt. Assiniboine|<0.01 |30.5 |0.25 |21.5 |0.04 | |--------------------------------------------------------------------| |14ASS-2|Mt. Assiniboine|0.03 |28.3 |0.45 |23.3 |0.08 | |--------------------------------------------------------------------| |14ASS-3|Mt. Assiniboine|0.01 |24.2 |0.5 |26.3 |0.04 | |--------------------------------------------------------------------| |14ASS-4|Mt. Assiniboine|0.02 |28.6 |0.21 |23.4 |0.03 | |--------------------------------------------------------------------| |14ASS-5|Mt. Assiniboine|0.02 |29.6 |0.26 |22.9 |0.04 | |--------------------------------------------------------------------| |14ASS-6|Mt. Assiniboine|<0.01 |28.9 |0.22 |23.6 |0.02 | |--------------------------------------------------------------------| |14DUN-1|Dunbar Creek |0.65 |29.0 |2.31 |19.1 |3.26 | |--------------------------------------------------------------------| |14DUN-2|Dunbar Creek |0.12 |28.8 |2.02 |19.2 |4.46 | |--------------------------------------------------------------------| |14DUN-3|Dunbar Creek |0.03 |4.44 |2.03 |39.7 |4.16 | |--------------------------------------------------------------------| |14DUN-4|Dunbar Creek |0.58 |1.0 |1.56 |43.4 |2.27 | |--------------------------------------------------------------------| |14DUN-5|Dunbar Creek |0.21 |10.8 |2.49 |34.9 |2.56 | ----------------------------------------------------------------------
Red Mountain Outcrop
Topaz Lake Outcrop
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.
Quality Assurance/Quality Control
Analytical work for soil geochemical and rock chip samples were carried out at the ALS Minerals laboratory in North Vancouver, British Columbia using XRF whole rock analysis for oxides. The sampling program was carried out by the Company's Vice President of Exploration and Qualified Person Andris Kikauka (P.Geo).
Magnesite in its purest form is 47.6% Magnesium Oxide ("MgO"). Magnesite generally serves as an excellent feedstock for the production of MgO. MgO in turn is a valuable and widely used industrial mineral. Uses of MgO include abrasives, animal feed supplements, chemicals, coatings, construction, electrical, fertilizers, foundries, glass manufacture, insulation, lubricating oils, pharmaceuticals, plastics manufacture, refractory and ceramics, rubber compounding, steel industry, sugar refining, sulfite wood pulping, and wastewater treatment. At this time MGX is focused on the refractory and steel industries.
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.
For further information on MGX, please contact:
Jared Lazerson
Chief Executive Officer
MGX Minerals Inc.
Telephone: 604.681.7735
Email: jared@mgxminerals.com
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", "postulate" 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
