MGX Minerals Inc. [XMG-CSE, MGXMF-OTCQB, 1MG-FSE] on Thursday December 27 released an update for its REN niobium-tantalum-titanium-REE (rare earth element) mineral property which is located in the northern Monashee Mountains of southeastern British Columbia.
The company said a 14-hole, 1,249-metre drill program was completed at REN covering an area of approximately 200 by 600 metres in the central portion of the mineral claims.
The goal of the drill program was to test magnetic positive anomalies generated from a magnetometer survey completed earlier this year. Results from the drill program returned positive niobium grades and wider than expected zones.
A total of 670 split core samples (at two-metre intervals) were analyzed by ALS Geochemistry using method ME-MS89L (sodium peroxide fusion, reporting 52 elements, as well as additional elements zirconium and phosphorus).
The company said results have been compiled and a follow-up exploration program for 2019 is being fully developed.
Highlights from drilling include 44 metres of 1,700 ppm niobium (Nb). The company said holes DDH 18RE-1, 5, 6, 8,9, and 14 contain 2.3 m to 7.4 m-wide phyric textured pegmatite sills that are spatially associated with adjacent Nb/REE-bearing carbonatite.
The distribution of niobium and REE will be evaluated by generating preliminary computer-generated, NI 43-101-compliant resource estimates. Future drilling in the area of DDH 18RE-8, 9, 11, 12 and 13 is planned in order to assess the vertical and lateral extent of the wider and higher-grade intervals.
MGX Minerals is a diversified resource company that is focused on the development of large-scale industrial mineral portfolios in specific commodities and jurisdictions that will fuel the new energy economy.
The company says it is uniquely positioned to pursue this strategy as it holds significant interests in lithium, magnesium, and silicon assets throughout North America.
On Thursday, MGX shares eased 4.55% or $0.02 to 42 cents. The 52-week range is $1.96 and 30 cents.
MGX recently said it is poised to generate revenue from technology that the company says allows for the extraction of lithium from waste water produced by Alberta oil sands operations.
MGX said installation and testing of the NFLI-5 commercial scale rapid lithium extraction system that has been developed in the Calgary laboratories of MGX’s engineering partner PurLucid Treatment Solutions Inc. is now complete.
REN lies within the Shuswap metamorphic complex, a belt of high-grade and intensely deformed metamorphic and intrusive rocks in the core of the Columbian Orogen in southeastern British Columbia.
Niobium is mainly used in the form of ferro-niobium to produce high-strength, low-allow steel, which in turn produces lighter, stronger steel for use in automotive, structural and pipeline industries. Niobium is listed as a strategic metal and is being considered for national stockpiling in the U.S., China, and several European countries.