(TheNewswire)
VANCOUVER – TheNewswire - March28, 2022 - MGX Minerals Inc. (“MGX” or the “Company”)(CSE:XMG) (CNSX:XMG.CN) (FKT:1MG) (OTC:MGXMF) due to the significant increase in the priceof nickel, the Company is pleased to announce the a c quis i tion of the Letain Nickel Project,British Columbia.
Payment terms are as follows:
$50,000 within 30 days (the closing date)
$100,000 within 180 days
$250,000 within 18 months
$350,000 within 3 years
For a 90% interest in the project. The Vendors willretain a 10% carried interest which may be bought out for$5,000,000.
In addition, work commitments are as follows:
$30,000 within the first year
$100,000 within the second year
$250,000 within the third year
A 2% net smelter return will remain with the Vendors ofwhich half (1% of 2%) maybe acquired for $1,000,000.
Asreported by the previous option holder Margaret Lake Diamonds, July 2,2021:
“ The Letain Niclaims cover ultramafic rocks that consist of variably deformed andserpentinized peridotite and minor dunite, associated intrusive maficdykes, and fault-bound volcanic and sedimentary rocks which are partof the ophiolitic Cache Creek Group allochthonous terrain. Severalperidotite-hosted zones contain fine and coarse Ni-Fe alloy grains(awaruite), which are exposed as bedrock ridges in the east-centralportion of the claim group at 1,700-2,050 m elevation. Disseminatedfine to coarser grain awaruite was found in serpentinized ultramaficrocks. In the north portion of the property the peridotite is massive,black in colour with fewer vein-fracture textures, however the changein texture of the peridotite appears to have little or no effect onthe Ni-Cr-Co content which appears to be relatively consistent(2,000-3,000 ppm Ni, 1,000-3,000 ppm Cr and 100-150 ppm Co) throughoutthe ultramafic complex exposed on Tenure #1058958. Samples from thecentral ridge of the property delineated a 1,100 metre longdiscontinuous zone of coarse-grained (>100µm) awaruite. Rock chipsamples (25 in total) in 2018 covered a 1 km x 1.3 km area located inthe east-central part of the claims, where First Point Mineralsdiscovered fine and coarse-grained awaruite (native Ni-Fe)mineralization in 2010-2011. Awaruite mineralization occurs in 2 differenthabits, fine Ni-Fe alloys or larger composite grains. Fine awaruitegrains (10-100 µm) are disseminated in the serpentine matrix. NiFealloys have a highly reflective white/silver color. Larger compositegrains (100-300 µm) are a mixture of Ni-Fe alloys and lesser Ni-Fesulphides. Awaruite (native Ni-Fe) occurrences are the main focus ofeconomic mineralization on the Letain nickel property .”
Transaction
The property is 50% owned by the CEO of MGX Minerals, Andris Kikaukaand is a non-arms length transaction and is reviewable for the purposeof valuation. The Company will provide further updates on regulatoryapproval of valuation but believes the price paid is fair andreasonable. The further 50% is owned by John Bakus of Kamloops, BC. These two parties currently own 100% of the Letain NickelProject.
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 strategic metals, preciousmetals, and energy 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 an in-person shareholders’meeting. The Company cautions investors that any forward-lookinginformation provided by the Company is not a guarantee of futureresults or performance, and that actual results may differ materiallyfrom those in forward-looking information as a result of various riskfactors. These factors include, among others, uncertainties arisingfrom the COVID-19 pandemic, and general economic conditions orconditions in the financial markets. The reader is referred to theCompany's public filings for a more complete discussion of such riskfactors, and their potential effects, which may be accessed throughthe 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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