MGX Minerals Completes Acquisition of Longworth Silica Property

- July 24th, 2015

MGX Minerals (CSE:XMG) reported that the acquisition of a 100% undivided interest in the Longworth silica property in BC, Canada, from Zimtu Capital (TSXV:ZC) has been completed.

MGX Minerals (CSE:XMG) reported that the acquisition of a 100% undivided interest in the Longworth silica property in BC, Canada, from Zimtu Capital (TSXV:ZC) has been completed.
As quoted in the press release:

In connection with the transaction MGX has issued 700,000 common shares of stock to Zimtu at a deemed price of CA$0.30. Zimtu has transferred to the Company rights to 15 contiguous mineral claims, which are outlined below in Schedule A.
… Consolidated Silver Standard Mines Ltd. (“Silver Standard”) conducted exploration and metallurgical work on the Longworth property during the 1980’s (MINFILE No. 093H 038). Internal reports by Silver Standard suggested positive results as a potential feed source for silicon metal smelting (Quartermain, 1986). Of the 42 samples collected and analyzed by Silver Standard, 28 met the required chemical specifications with silica dioxide (SiO2) levels ranging between 98.84 and 99.80 percent (Assessment Report 14815). Twelve of 16 samples also boasted acceptable levels of thermal shock resistance for production of silicon metal. Sampling of outcrop across the Snow claim has shown consistent high grade (~99%) SiO2 levels.
The Longworth claims encompass 1,084 hectares situated four kilometers from the Canadian National railroad mainline and power grid. The Property is located approximately 85 kilometers east of Prince George, British Columbia and is accessible by a network of well-maintained logging roads. Longworth is listed as one of the top silica occurrences throughout the Province of British Columbia by the BCGS (Simandl, 2014).

MGX Minerals President and CEO, Jared Lazerson, said:

We are pleased to close the Longworth transaction with Zimtu. The Company is now planning to conduct a multi-phase exploration program to further advance the Property. Our initial focus will target the Snow claim, where historic work has been completed by past operators.

Click here for the full MGX Minerals (CSE:XMG) press release.
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