MGX Minerals to Acquire 100 Percent Interest in Longworth Silica Property

MGX Minerals Inc. (CSE:XMG) has entered an agreement with Zimtu Capital (TSXV:ZC) to acquire a 100 percent interest in the Longworth silica property. The companies had previously entered a joint venture agreement whereby MGX could earn up to a 50 percent undivided interest in the property.
As quoted in the press release:

The Longworth property consists of 15 contiguous claims encompassing 1,084 hectares. The Property is located approximately 85 kilometers east of Prince George, British Columbia and 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).
Four northwest trending bands of quartzite have been mapped to date at Longworth along the western flank of Bearpaw Ridge. Thicknesses reach up to 400 meters in places across a discontinuous strike length of nearly 10 kilometers. The Longworth claims were formerly explored by Silver Standard Resources Inc. (“Silver Standard”), who completed detailed metallurgical work on the contained silica mineralization. Internal reports 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 the 16 samples also boasted acceptable thermal shock results for production of silicon metal. Initial exploration at Longworth will focus on the Snow claim, where sampling of outcrop has shown consistent high grade (~99%) SiO2 levels. The Company aims to produce an initial 40,000 tonnes per annum of ferro silicon.
This Agreement supersedes the previously announced alliance between MGX, Zimtu and Electra Gold (TSX.V: ELT) (see press release dated November 20, 2014). Per terms of the Agreement, MGX will issue 700,000 common shares of the Company to Zimtu at a deemed price of CA$0.30.

MGX president and CEO, Jared Lazerson, said:

Consolidating ownership of the Longworth claims solidifies MGX’s position in silica in British Columbia as we prepare for production of ferro silicon.

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