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MGX Minerals moves nearer to economic assessment for Driftwood Creek

Monday, October 17, 2016 7:13
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MGX Minerals Inc (CNSX:XMG) updated on drilling at the flagship Driftwood Creek magnesium deposit in British Columbia, where the firm’s 2016 diamond drill programme is more than  50% complete.

The current drill program will provide further information for the  preliminary economic assessment (PEA), which will reveal potential economic extraction, but also a revised resource estimate.

Nine diamond holes at the Driftwood East zone have been completed for 537.5 meters (1,763 feet), the firm said.

The aim is to expand the known area of magnesite along the ridge crest, where past drilling and a 100 tonne bulk sample were recently completed.

Step out drilling to the east has extended the eastern edge of magnesite mineralization along strike.

The diamond drill was recently moved to the Driftwood West zone, where further infill drilling has been successful with the completion of four additional holes.

The drill bit is now turning on the first of four long holes aimed at testing the deposit at depth.

As reported in September, an NI 43-101 resource estimate totaling 8.1 million tonnes grading 43.3% magnesium oxide (MgO) was recently completed for Driftwood.

The technical report recommended an infill drill program to further delineate continuity of the deposit as well as to complete an NI 43- 101 preliminary economic assessment.

Story by ProactiveInvestors


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