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MGX Minerals prioritises assessing its silicon projects after ZincNyx energy storage acquisition

Last updated: 14:40 18 Dec 2017 EST, First published: 03:40 18 Dec 2017 EST

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One of the primary uses of silicon metal is in solar panels, said the company

In the aftermath of its expansion into low cost energy storage, MGX Minerals Inc (CNSX:XMG) has kicked off exploration and permitting at its Kootenay and Wonah silicon projects in British Columbia.

Drilling is to take place at the properties, while also a metallurgical program has been designed to test the suitability of upgrading to silicon metal and solar grade silicon.

Notably, the evaluation laboratory is qualified to complete process and plant design should the silica be found suitable for upgrading to silicon metal, said MGX.

As revealed last week, MGX furthered its reach into the emerging energy space with the acquisition of Canadian group ZincNyx Energy Solutions Inc, which has developed a modular energy storage system (ESS).

READ - MGX Minerals advances entry into emerging energy technologies with ZincNyx acquisition

The technology uses zinc and air to store energy in the form of zinc particles.

MGX explained the rationale behind today's news, saying it was prioritising its silicon projects.

"One of the primary uses of silicon metal is in solar panels. Solar panels are a cornerstone to remote and distributed energy solutions," it said.

"Solar, combined with a mass storage system such as that currently under development by ZincNyx, serves to replace or augment diesel generators, as well as having broad applications in energy storage for residential and commercial grid load balancing and backup, and in providing primary and backup power for industrial sites, telecommunications, large scale computer server arrays and military bases."

At Wonah Silicon, 11 rock chip samples were taken from the Central and South Zones by MGX shortly after the project was acquired in 2015. Results included an assay 99.9% silicon dioxide, with ten assays above 99% - the lowest being 98.9% silicon dioxide. Iron and calcium oxide, among others, were also found.

At Kootenay Silicon, the property, which consists of over 409 acres,  was previously drilled by COMINCO with a total of over 477 meters (m) with eight holes drilled from seven different locations in 1981.

Highlight results for silicon included 98.82% silicon and 97.63% silicon.

WATCH - MGX Minerals acquires zinc air battery developer ZincNyx Energy Solutions Inc.

"Both properties are located near infrastructure and centralized loadout facility. The company is prepared for immediate 10-hole drill program at each property followed by small bulk sample for metallurgical testing," said MGX today.

Infill drilling is planned in a bid to generate an NI 43-101 resource estimate, while the strategy for development is largely dependent on the outcome of metallurgy.

"Evaluation of potential strategic partnerships within the silicon metal and solar sectors is underway which would play a significant role in development plan should silica be found suitable for the targeted applications in the silicon metal industry," it added.

Shares eased 0.92% to C$1.08 each.

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on 01/12/2022