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MGX Minerals Inc completes latest drilling program at Driftwood Creek

Tuesday, October 25, 2016 7:05
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Shares in MGX Minerals Inc (CNSX:XMG) opened higher after it completed infill and extension diamond drilling at its flagship Driftwood Creek magnesium deposit.

The drilling program successfully intercepted large intersections of magnesite mineralization consistent with past drilling and three-dimensional modelling.

Step out drilling has intercepted magnesite mineralization along strike both to the East and West ends of the known resource, MGX told shareholders.

The drill program was increased to a total of 16 drill holes, totaling 1,211 metres with lengths ranging between 31 and 184 metres.

In total, 386 split core samples were shipped for whole rock geochemical analysis.

Results will provide further information for the preliminary economic assessment of the asset in British Columbia, and should not only reveal potential economic extraction, but also a revised resource estimate.

This is the third diamond drill program completed by MGX at Driftwood, in addition to 100 tonne bulk sample completed in June 2016.

Shares in MGX opened 3.3% higher at CS$0.155 on the news.

Story by ProactiveInvestors


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