viewMGX Minerals Inc.

MGX Minerals receives 50-hole drill permit as it readies for pre-feasibility study at Driftwood Creek

The aim of the program is to complete work as part of the larger, ongoing program to prepare a pre-feasibility study (PFS)

MGX Minerals Inc. -
That will build on a preliminary economic assessment (PEA), which was completed in March last year

MGX Minerals Inc (CSE:XMG) (OTCMKTS:MGXMF), the energy metals and materials group, told investors on Tuesday it was set for further exploration at the Driftwood Creek magnesium oxide project in British Columbia after receiving an up to 50-hole-drill permit.

The aim of the program is to complete comprehensive infill and extension drilling at Driftwood as part of the larger, ongoing work program to prepare a pre-feasibility study (PFS).

READ: MGX Minerals unveils high grade gold assays from drilling at Fran project in British Columbia

That will build on a preliminary economic assessment (PEA), which was completed in March last year.

Highlights of that PEA showed a pre-tax net present value (NPV) of C$529.8 million and an internal rate of return (IRR) of 24.5% with a 3.5-year payback.

Initial capital costs were C$235.9 million for a conventional quarry pit mine with a 1,200 tonne per day (tpd) processing plant.

The average annual magnesium oxide (MgO) production was put at 169,700 tonnes during a 19-year mine life with average head grades of 43.27% of magnesium oxide.

Magnesium oxide, also known as magnesia, is a widely used industrial mineral that comes in various forms. It is used in fertilizer, animal feed, and environmental water treatment as well as in the steel industry.

The majority of refractory grade magnesia used in the US and Canada is imported from China.

Shares added nearly 6% in Toronto to C$0.18 each.

---Updates for share price rise---

Contact the author at giles@proactiveinvestors.com

Quick facts: MGX Minerals Inc.


Price: 0.04 CAD

Market Cap: $6.27 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...


Full interview: MGX Minerals prepares for delivery of equipment to start...

MGX Minerals (CSE: XMG-OTCQB: MGXMF) CEO and President Jared Lazerson joined Steve Darling from Proactive Vancouver to bring news the company is preparing to start, along with their partner Eureka Resources, to recover lithium from water produced at non-conventional oil and gas...

on 08/26/2019

2 min read