Home »
Marysville project purchased by MGX
MGX Minerals Inc. (MGX) this morning announced the acquisition of the Pond magnesium occurrence (Pond) as well as the expansion of its Marysville magnesium project (Marysville).
Both projects were previously operated by the Consolidated Mining Company of Canada (COMINCO – now Teck Resources) and are now 100% controlled by MGX.
“MGX continues to acquire magnesium projects close to its proposed mill location at Cranbrook. These two new projects cover long strike lengths, have had historic drilling and are close to infrastructure meeting our key criteria for quarry development potential. MGX recognizes key advances being made in magnesium applications in aerospace, automotive, and energy storage, being a third lighter than aluminum and having a double charge by molecule compared to lithium for battery applications,” stated President and CEO Jared Lazerson.
The company reported it has acquired, through staking, the Pond dolomite occurrence located 60 kilometers north of Cranbrook. Significant past work occurred at Pond, including diamond drilling and geochemical sampling. COMINCO completed eight drill holes and outlined two mineralized zones (North and South) traced along a strike length of 6.3 kilometres.
Pond was acquired in 2011 by American Manganese Inc., which subsequently performed whole rock geochemical analysis on 37 rock chips samples from the North and South zones. American Manganese reported considerably lower silica levels than previously assayed by COMINCO.
MGX announceed it has expanded its Marysville magnesium claims to more than 480 hectares (1,190 acres).
Marysville features a stratabound layer of magnesite mineralization hosted in the Lower Cambrian Cranbrook Formation, the Junior Mining Network reported this morning. This mineralized structure spans approximately 10-20 metres in width across an intermittent strike length of 4.5 kilometres. COMINCO historically excavated a 2,700 tonne bulk sample on the northern portion of the deposit, which is part of the claim block recently acquired by the company.
The company plans to conduct additional fieldwork, including geologic mapping and sampling, to prioritize drill targets and further delineate the deposit laterally down dip, it reported
e-KNOW
