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MGX Minerals reaches main haulage portal at the Heino-Money deposit in British Columbia

MGX is currently taking samples at the project and results from gold assays are pending while a structural review is underway

MGX Minerals Inc. -
MGX Directors Andris Kikuaka and Jared Lazerson at the 2050 level mine haulage portal in June

MGX Minerals Inc (CSE:XMG) (OTCMKTS:MGXMF) said Tuesday that field crews have reached the Tillicum Heino-Money deposit’s main haulage portal at the 2050 level.

The past-producing gold project, which is located in West Kootenay, British Columbia, was acquired by the Vancouver-based company in May.

In a release, MGX said that it had identified multiple higher-level portals that all feed into the shoot and primary haulage. Rail and water piping are in good condition with no visible flooding or structural degradation, the company added.

READ: MGX Minerals field crew reaches Heino-Money gold deposit mine portal and drill core storage area in British Columbia

MGX is currently taking samples at the project and results from gold assays are pending. A structural engineering review of the project by SRK Consulting is currently underway.

According to MGX, over 400 diamond drill holes or 40,000 metres were sunk at Heino-Money by previous operators, nearly half of which were drilled from five levels of underground development.

Heino-Money was active between 1981 and 1993 and produced around 5,800 tons of gold and silver ore. In its last year of operation, 5,503 tons of mineralization with an estimated head grade of 24.4 grams per ton gold was shipped to a mill for processing, and approximately 102,443 grams of gold and 149,546 grams of silver were recovered into concentrates that were shipped to Japan for smelting.

MGX said its field crews have started cataloging drill core at the site in preparation for an upcoming technical report and resource estimate.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: MGX Minerals Inc.

Price: 0.065 CAD

CSE:XMG
Market: CSE
Market Cap: $9.13 m
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