Welcome!

News Feed Item

MGX Minerals Receives NI 43-101 Technical Report-Driftwood Creek Magnesite

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/24/14 -- MGX Minerals Inc. ("MGX") is pleased to announce that it has received a NI 43-101 compliant Technical Report on its Driftwood Creek Magnesite Property located in SW British Columbia, 38km NW of Brisco, BC. The report, dated July 22, 2014, was produced by D.G. MacIntyre & Associates of Victoria, BC and authored by Donald MacIntyre, (Ph.D, P.Eng). The Technical Report contains a compilation of exploration data to date and is now available on SEDAR. Section 17 of the Technical Report, Interpretation and Conclusions, is reprinted below in its entirety:

After reviewing all available data the writer offers the following interpretations, conclusions and observations;

--  The Driftwood Creek deposit is a significant magnesite resource,
    comparing favourably in size with other deposits in BC e.g. Mt.
    Brussilof, Marysville, Anzac, Topaz Lake.
--  Access to the property is relatively good with a reasonable access road
    connecting to the Driftwood FSR. It should be possible to work on this
    property from early April through to the end of October.
--  There is good infrastructure in the form of a paved highway, CPR spur
    line and powerline all of which are located approximately 15 kilometres
    due east of the property.
--  The deposit is hosted by Proterozoic (Helikian) carbonates and clastic
    sediments of the Mt. Nelson Formation. The deposit is cut by younger
    felsic and mafic dykes. These have locally resulted in recrystallization
    of the magnesite.
--  The deposit appears to be folded into a number of syncline-anticline
    pairs that occur along the crest of a northwest trending ridge. Fold
    axis also trend northwest.
--  The orientation of the deposit along the crest of a ridge presents an
    ideal open pit mining situation with a relatively low stripping ratio.
--  Magnesite has been mapped over a strike length of 1900 metres and a
    maximum width of about 220 metres. The magnesite occurs at surface in
    two discreet bodies; a larger "Western Magnesite" drill tested in 2008
    and a smaller "Eastern Magnesite" drill tested in 1990.
--  Kaiser Resources (Morris, 1978) inferred 22,500,000 tonnes of magnesite
    using a specific gravity of 2.5 while Canadian Occidental (Rodgers,
    1989) inferred a resource of 29,400,000 tonnes using a specific gravity
    of 3.0. These estimates are not NI 43-101 compliant and cannot be relied
    upon. However, they do give a general sense of the size of the Driftwood
    Creek Magnesite deposit which is substantial.
--  An important factor in determining the economic viability of the deposit
    is the overall grade of the main magnesite deposit. Previous drilling
    indicates that there are zones of impurity especially at the base of the
    magnesite where it is in contact with underlying dolomite. Above this
    basal zone the grade and purity improves, approaching nearly pure
    magnesite in places.
--  The Driftwood Creek deposit is classified as a Sparry Magnesite deposit
    that is most likely of an evaporitic origin. As such one could expect
    some very pure beds of magnesite with low impurities.
--  The local coarse crystallinity of the magnesite is believed to be
    related to recrystallization during a thermal metamorphic event
    associated with emplacement of intrusive sills into the host
    stratigraphy.
--  A limited Beneficiation study by SGS on behalf of Tusk Exploration
    indicates that Fe is tied up in the magnesite crystal structure. They
    were not successful in reducing the Fe content of the test concentrate
    using conventional grinding and screening and wet and dry magnetic
    separation techniques. However, overall the study indicates that an
    acceptable magnesite concentrate can be produced using conventional
    beneficiation techniques.

The Technical Report recommends a 1200m, 10 hole drill program for the purpose of generating a preliminary NI 43-101 compliant resource estimate. The program targets the higher grade Eastern Zone along strike with a spacing of approximately 30m between holes. A map of proposed drilling is included in the Technical Report. MGX has now begun preparation for the execution of the proposed program. The program will be overseen by MGX's Vice President of Exploration Andris Kikauka (P.Geo).

About Magnesite

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.

About MGX

MGX is involved in the acquisition and exploration of industrial mineral properties in Western Canada. MGX has the right to acquire a 100% interest in the Driftwood Creek Magnesite Property by making cash payments, issuing shares, and meeting exploration expenditures, see Press Release dated July 8, 2014. In addition to Driftwood Creek, MGX holds a portfolio of magnesite exploration properties in BC. MGX's wholly owned subsidiary Manto Gold Corp. is engaged in gold exploration and holds a 100% right to acquire the 10,000 ha. Fran Gold Property, located 20km SW of Mt. Milligan in central BC. MGX has made an application to the Canadian Stock Exchange.

The technical portions of this Press Release were reviewed and approved by MGX Vice President of Exploration Andris Kikauka (P.Geo), a Qualfied Person under NI 43-101.

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of MGX. Forward-looking information is based on certain key expectations and assumptions made by the management of MGX. Although MGX believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because MGX can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. MGX disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Contacts:
MGX Minerals Inc.
Jared Lazerson
Chief Executive Officer
604 681 7735
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
DXWorldEXPO LLC announced today that Ed Featherston has been named the "Tech Chair" of "FinTechEXPO - New York Blockchain Event" of CloudEXPO's 10-Year Anniversary Event which will take place on November 12-13, 2018 in New York City. CloudEXPO | DXWorldEXPO New York will present keynotes, general sessions, and more than 20 blockchain sessions by leading FinTech experts.
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of ...
"Peak 10 is a national cloud data center solutions managed services provider, and part of that is disaster recovery. We see a growing trend in the industry where companies are coming to us looking for assistance in their DR strategy," stated Andrew Cole, Director of Solutions Engineering at Peak 10, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The now mainstream platform changes stemming from the first Internet boom brought many changes but didn’t really change the basic relationship between servers and the applications running on them. In fact, that was sort of the point. In his session at 18th Cloud Expo, Gordon Haff, senior cloud strategy marketing and evangelism manager at Red Hat, will discuss how today’s workloads require a new model and a new platform for development and execution. The platform must handle a wide range of rec...