MGX Minerals Inc (CSE:XMG) (OTCQB:MGXMF) said Thursday that it has drilled 44 meters and provided an update for its REN niobium-tantalum-titanium-REE mineral property in the northern Monashee Mountains of British Columbia.
The Vancouver-based company said it has now received assay results from diamond drilling as well as field reconnaissance results from a regional geochemical sampling program completed at REN.
A 14-hole, 1,249-meter drill program was completed at REN covering an area of 200 by 600 meters 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 samples were analyzed, and a follow-up exploration program for 2019 is being developed.
BIG PICTURE: MGX Minerals, the diversified mining, water and energy storage group, advancing on a number of fronts
MGX Minerals engages in the acquisition, exploration and development of mineral resource properties and industrial technologies. It explores for lithium, magnesium oxide, silicon, niobium-tantalum and gold properties, as well as for oil and gas resources.
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-alloy, lighter steel for use in the automotive, structural and pipeline industries.
The US imports 100% of the niobium it needs. Niobium is listed as a strategic metal and is being considered for national stockpiling in the US, China and several European countries.
Contact Rene Pastor by [email protected]