MGX Minerals (CSE:XMG) announced the Company’s Mining Lease application for its flagship Driftwood Creek magnesium project has been approved and granted by the Chief Gold Commissioner of the Province of British Columbia. The lease carries an initial term of 20 years and can be extended thereafter.
The Driftwood Creek project covers 326 hectares, and so far, fieldwork and historic data for Driftwood Creek has yielded promising results. Driftwood has two separate historic resource estimates: one suggesting the area holds 22.5 million tonnes of magnesite at 2.5 specific gravity, and another suggesting 29.4 million tonnes of magnesite at a specific gravity of 3.0.
MGX Minerals President and CEO, Jared Lazerson, stated:
This is a major milestone for the project. We would like to take this opportunity to express our appreciation for the support of everyone involved, at all levels of government, community and First Nations. I believe there is now reason for new optimism among the working men and women of the East Kootenay region.