As part of the formation of an alliance with Zimtu Capital (TSXV:ZC) and Electra Gold Corp. (TSXV:ELT), MGX Minerals (CSE:MXG) has entered a joint venture agreement to secure a 50 percent interest in the Longworth Silica Property. The alliance was created for the purpose of jointly developing industrial mineral properties.
As quoted in the press release, MGX can acquire a 50 percent interest in Longworth by:
- Incurring $100,000 in exploration expenditures on the Property within twelve (12) months- including eight (8) diamond drill holes; and
- Completion of a National Instrument (N.I.) 43-101 compliant mineral resource estimate within eighteen (18) months.
MGX CEO, Jared Lazerson, said:
Through this Alliance MGX has found uniquely qualified strategic partners that forms a cornerstone for continued rapid advancement of the Driftwood Creek magnesium property. Furthermore, the Alliance creates a multitude of opportunities for additional acquisition and development of near-term revenue generating opportunities in the industrial minerals sector starting with Longworth Silica.