MGX Minerals Acquires LIDAR Mapping Data - Prepares Maiden N.I. 43-101 Resource Estimate at Driftwood Creek Magnesium Project
VANCOUVER, BRITISH COLUMBIA / TheNewswire / March 15, 2016 / MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) reports the Company has completed acquisition of LIDAR mapping data from the regional forestry company.
The mapping package includes nine gigabytes of precision mapping data covering the proposed operating area for the Driftwood Creek magnesium project ("Driftwood Creek"). The topographical survey information was acquired using overflight and laser mapping technology. The LIDAR overflight was executed during the summer of 2015, prior to snowfall, and has only recently been compiled and made available. The high precision survey data is the last piece of information required to complete a maiden National Instrument (N.I.) 43-101 resource estimate and mine plan for Driftwood Creek.
N.I. 43-101 Resource Estimate and Mine Plan
The newly acquired mapping data will be integrated with previously completed ground surveys, Phase I & II drill data from the East and West Zones respectively, re-assay results of 2008 West Zone drill core, and property wide surface sampling, to produce a maiden N.I. 43-101 resource estimate and detailed mine plan.
Extensive preliminary work on the resource estimate has been completed over the past year. Upon completion of the 3D deposit and block model, an optimized pit shell will be produced inclusive of production schedule and economics. This work will serve as the cornerstone for the application of a Mining & Reclamation Permit for a Major Mine under the British Columbia Mines Act. MGX currently holds a 20-year Mining Lease for Driftwood Creek and bulk sampling is 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.
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. The Company operates the Driftwood Creek magnesium project located in the East Kootenay Region of British Columbia. MGX has recently received approval of a 20-year mining lease for Driftwood and bulk sampling is currently underway. For further information, please visit the Company's website at www.mgxminerals.com.
Contact Information
Jared Lazerson
Chief Executive Officer
Telephone: 604.681.7735
Email: jared@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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