logo-loader

MGX Minerals to obtain 1,000 digital data files covering Heino-Money gold deposit and Tillicum Claims in British Columbia

Published: 12:40 15 May 2020 EDT

MGX Minerals Inc. - MGX Minerals Inc in agreement with Dykes Geologic Systems Inc for over 1,000 digital data files and drawings covering the Heino-Money gold deposit and Tillicum Claims in British Columbia
MGX Minerals will pay C$42,500 for the files — $7,500 in cash and 500,000 shares at C$0.07 apiece

MGX Minerals Inc (CSE:XMG) (OTCPINK:MGXMF) has struck an agreement with Dykes Geologic Systems Inc for over 1,000 digital data files and drawings covering the Heino-Money gold deposit and Tillicum Claims in British Columbia. 

The company said the trove includes excel spreadsheets of all the data, drill holes, assays, surveys, underground workings and assays, trenches, topography, geology and 3D model, as well as sections and plans through the deposit and original scans of documents. 

In a statement Friday, MGX Minerals said it will pay C$42,500 to the vendor — $7,500 in cash and 500,000 shares at C$0.07 apiece. 

READ: MGX Minerals nabs past-producing gold project in British Columbia via C$5 million deal

The company earlier this month acquired the Heino-Money gold deposit and the Tillicum Claims in the West Kootenay region of the province in a C$5 million cash-and-share deal.

Heino-Money was active between 1981 and 1993 and produced around 5,800 tons of gold and silver ore. In its last year of operation, 5,503 tons of mineralization with an estimated head grade of 24.4 grams per ton gold was shipped to a mill for processing, and approximately 102,443 grams of gold and 149,546 grams of silver were recovered into concentrates that were shipped to Japan for smelting.

The Tillicum Claims consist of the Grizzley, Annie Flats, and Silver Queen occurrences, located approximately 110 kilometres east of the town of Kelowna. Early exploration work during the 1980s at Silver Queen returned promising results. Diamond drilling in 1983 intersected values ranging from 40.1 grams per ton silver over 3.65 metres to 144.7 grams per ton over 4.51 metres.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

MGX Minerals announces they have signed Metso-Outotec to supply equipment...

MGX Minerals Director Jared Lazerson joined Steve Darling from Proactive to share news the company has chosen global mining equipment supplier Metso-Outotec for its British Columbia Silicon Project. Lazerson telling Proactive this company will tasked with providing design, equipment and...

on 01/12/2022