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MGX secures exploration permit for Driftwood Creek magnesium oxide project

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MGX secures exploration permit for Driftwood Creek magnesium oxide project

MGX Minerals Inc. received an exploration permit to drill up to 50 holes at its Driftwood Creek magnesium oxide project in southeastern British Columbia.

The program will include comprehensive infill and extension drilling as part of ongoing work to complete a National Instrument 43-101-compliant pre-feasibility study, according to an Aug. 27 release.

A preliminary economic assessment for Driftwood Creek in March 2018 pegged a posttax net present value, discounted at 5%, of C$316.7 million, a 19.3% internal rate of return and a four-year payback period.