XMG:CC - MGX Minerals Announces Receipt of Design Engineering Procurement and Construction Proposal for a Silicon Metal Processing Pilot Plant at Gibraltar Silicon Project
(TheNewswire)
VANCOUVER – TheNewswire - November 14, 2022 - MGX Minerals Inc. (“MGX” or the “Company”)(CSE:XMG) (FKT:1MG) (OTC:MGXMF), announces receipt of a formalproposal for the design of testing, testing, engineering design,procurement, construction, and commissioning of a 15tpd pilotprocessing plant to specification 3303# silicon metal from theCompany’s Gibraltar silica deposit; The current price of siliconmetal FOB East China is $3,035 USD (metals.com November 14, 2022) andhas remained about $3,000 USD for an extended period. There has beenglobal supply chain shortages of silicon products includingmicro-chips, solar panels, silicon carbide steel, and other siliconmetal based products. This has affected a wide variety of industriesand placed greater importance on domestic mine to market supplychains. The Company has an off-take agreement in place with DongBang Metals of South Korea.
Gibraltar Silicon
Metallurgical testing on an one ton sample from theCompany’s Gibraltar Silica deposit, located 95 kilometers north-eastof Cranbrook, British Columbia, has indicated that the material ischemically suitable, as medium quality feedstock, formetallurgical-grade silicon. The one ton sample of quartzite fromGibraltar was shipped to an independent lab, Dorfner Anzaplan, formineralogical analyses through X-ray diffraction analysis, chemicalanalyses through X-ray fluorescence spectroscopy, grain sizedistribution, mineral processing analysis, automated optical sorting,and thermal stability testing. The sample was crushed and screenedinto fractions between 20–120 mm for evaluation of applicability ofthese fractions as feedstock for metallurgical-grade siliconproduction. Results indicate that the material, after comminutionand classification fraction, is of high initial purity (99.5 wt.-%),making the fraction chemically suitable as medium quality feedstockmaterial for metallurgical-grade silicon metal production.
The Gibraltar Silica Property islocated approximately 95 kilometres northeast of Cranbrook, BC. It covers a sedimentary clastic-carbonate rock packagelocated near the confluence of Kootenay and White River. Sedimentaryrocks generally have a north-northwest strike, but locally anorth-northeast strike is prominent. Minor folding was noted in thecarbonate sequence immediately adjacent to quartzite unit. Twowesterly dipping thrust faults (Hay, Carter, 1988) are believed to runnorth-south close to the eastern edge of the Gibraltarproperty.
The Company has completed 5 drill holes at Gibraltar.The holes were located at the Red Cloud (Gibraltar) quarry that wasoperated on a small scale in 1967. The objective of the drill programwas to test subsurface dimensions of high purityquartzite. The Gibraltar North Zone has beensampled, mapped and the area located about 400 meters north of thesouth zone, represents the continuation of the Mount Wilson Formationquartzite.
Table 1. Gibraltar DrillResults
| DDH No. |
| Azimuth |
| Dip Deg. |
| Depth(m) |
| From’(m) |
| To(m) |
| Interval(m) |
| SiO2% |
| 18G-1 |
| 345 |
| 45 |
| 45.7 |
| 6.0 |
| 27.0 |
| 21.0 |
| 99.24 |
| 18G-2 |
| 270 |
| 45 |
| 38.1 |
| 4.4 |
| 30.0 |
| 25.6 |
| 99.10 |
| 18G-3 |
| 020 |
| 45 |
| 42.7 |
| 5.8 |
| 24.0 |
| 18.2 |
| 99.11 |
| 18G-4 |
| 290 |
| 50 |
| 6.0 |
| 24.0 |
| 18.0 |
| 18.0 |
| 98.70 |
| 18G-5 |
| Vertical |
| 90 |
| 12.0 |
| 18.0 |
| 6.0 |
| 6.0 |
| 99.20 |
( BritishColumbia Assessment Report38566)
Koot Silica
The Koot Silica project is located proximate (5kilometres) to Gibraltar. T he 2018 core drillingand geochemical sampling was carried out to evaluate mineral potentialin a 180 meter X 600 meter area (elongated northwest), located in theeast portion of the Koot Silica property in the area where quartziteis well exposed on a low relief ridge. This coincides with the generalarea where Cominco Ltd Drilled 8 holes in 1981. Exploration drill results from 2018 are as follows:
Table 2. Koot Drill Results
| DDH No. |
| From (m) |
| To (m) |
| Interval (m) |
| SiO2% |
| Al2O3% |
| Fe2O3% |
| K2O % |
| TiO2 % |
| LOI % |
| Total % |
| SiO2 / Total% |
| 18K-1 |
| 0.9 |
| 56.39 |
| 55.49 |
| 98.5 |
| 0.54 |
| 0.39 |
| 0.17 |
| 0.13 |
| 0.49 |
| 100.25 |
| 98.15 |
| 18K-2 |
| 0.9 |
| 76.20 |
| 75.3 |
| 97.9 |
| 0.51 |
| 0.24 |
| 0.10 |
| 0.14 |
| 0.30 |
| 99.30 |
| 98.64 |
| 18K-3 |
| 1.5 |
| 106.68 |
| 106.18 |
| 98.7 |
| 0.33 |
| 0.24 |
| 0.10 |
| 0.10 |
| 0.26 |
| 99.84 |
| 98.88 |
| 18K-4 |
| 0.0 |
| 86.0 |
| 86.0 |
| 98.3 |
| 0.37 |
| 0.38 |
| 0.14 |
| 0.12 |
| 0.36 |
| 99.81 |
| 98.5 |
| 18K-5 |
| 2.0 |
| 99.0 |
| 97.0 |
| 98.1 |
| 0.70 |
| 0.33 |
| 0.19 |
| 0.14 |
| 0.41 |
| 99.90 |
| 98.16 |
| 18K-6 |
| 2.2 |
| 36.0 |
| 33.8 |
| 99.0 |
| 0.97 |
| 0.09 |
| 0.29 |
| 0.06 |
| 0.33 |
| 100.89 |
| 98.28 |
| 18K-7 |
| 6.0 |
| 54.0 |
| 58.0 |
| 99.0 |
| 0.44 |
| 0.25 |
| 0.12 |
| 0.12 |
| 0.40 |
| 100.41 |
| 98.61 |
| 18K-9 |
| 2.3 |
| 77.72 |
| 75.42 |
| 98.4 |
| 0.43 |
| 0.37 |
| 0.11 |
| 0.11 |
| 0.42 |
| 99.95 |
| 98.43 |
| 18K-10 |
| 2.25 |
| 54.0 |
| 51.75 |
| 98.9 |
| 0.39 |
| 0.23 |
| 0.08 |
| 0.11 |
| 0.32 |
| 100.16 |
| 98.78 |
( BritishColumbia Assessment Report37630)
Financial Reporting Year End 2021
The Company reports the return to MGX’s prior accountantsMalaspina Consulting has been successful, final audit items are beingaddressed and the Company expects to complete audit by the end of themonth. The Company’s Auditor remains Shim & Associates. TheCompany will continue to update shareholders on return to trade.
Qualified Person
Andris Kikauka (P. Geo.), CEO of MGX Minerals, hasprepared, reviewed and approved the scientific and technicalinformation in this press release. Mr. Kikauka is a non-independentQualified Person within the meaning of NI 43-101.
About MGX Minerals
MGX Minerals is a diversified Canadian resource andtechnology company with interests in advanced materials, metals andenergy technologies.
ContactInformation:
Andris Kikauka
Chief Executive Officer
604 373 8565
Forward-LookingStatements
This press release containsforward-looking information or forward-looking statements(collectively, "forward-looking information") within themeaning of applicable securities laws. All statements, other thanstatements of historical fact, included herein are forward ? looking information. Forward-looking information in this pressrelease include, but are not limited to, statements with respect toholding the postponed Meeting, and the filing of an amended notice ofmeeting and record date for the postponed Meeting. Forward-lookinginformation is generally, but not always, identified by the words"expects", "plans", "anticipates","in the event", "if", "believes","asserts", "position", "intends","envisages", "assumes", "recommends","estimates", "approximate", "projects","potential", "indicate" and similar expressions,or that events or conditions "will", "would","may", "could" or "should" occur.
The Company’s forward-lookinginformation are based on the applicable assumptions and factors theCompany considers reasonable as of the date hereof, based on theinformation available to the Company at such time, including withoutlimitation, the ability to host the postponed Meeting at a later date,and the ability to find a suitable location which can accommodate anin-person shareholders’ meeting. The Company cautions investors thatany forward-looking information provided by the Company is not aguarantee of future results or performance, and that actual resultsmay differ materially from those in forward-looking information as aresult of various risk factors. These factors include, among others,uncertainties arising from the COVID-19 pandemic, and general economicconditions or conditions in the financial markets. The reader isreferred to the Company's public filings for a more completediscussion of such risk factors, and their potential effects, whichmay be accessed through the Company's profile on SEDAR at www.sedar.com . Except as required by securities law,the Company does not intend, and does not assume any obligation, toupdate or revise any forward-looking information, whether as a resultof new information, events or otherwise.
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