Mag One Products Inc: Acquisition of Additional Serpentinite Tailings
VANCOUVER, BRITISH COLUMBIA, CANADA/26 JUNE 2017. MAG ONE PRODUCTS INC. (“Mag One,” or the “Company”), released today that it has successfully acquired the rights to process additional serpentinite tailings, located in Thetford Mines, QC, which is only 35 miles away from the Company’s other serpentinite tailings stockpile, located adjacent to Mine Jeffrey.
The Company has not done sufficient work to classify this historical estimate as a current mineral resource. The Company has acquired the rights to the NI 43.101 Technical Report on Resources Estimation associated with these tailings in Thetford Mines and treating it as an historical estimate. The report focused on the nickel content in the tailings of special interest are the following oxide contents of magnesia and silica along with nickel found in the serpentinite tailings:
Resources all Piles Classified: Table 17, page 81 of the Technical Report Resource Estimation, April 2008 %Ni is the total nickel content analyzed while %Ni SolHCl refers to the percent nickel soluble by hydrochloric acid
The NI 43.101 report titled, “Technical Report: Resources Estimation of the Nickel Content in Tailings, Thetford Mines, Quebec, Canada” was commissioned by Nichromet Extraction Inc and issued on 30 April 2008 by Systèmes Géostat International Inc., #203 10 boul. De la Seigneurie E, Blainville, QC J7C3V5. The authors of the report were: Maxime Dupéré geo. (still employed by Géostat), Claude Duplessis P.Eng., and Gilbert Rousseau P.Eng. The specific areas used in the preparation of the Report for the 60M tonnes of serpentinite tailings that the Company acquired, were in the Normandie, British Canada I, British Canada II, King Beaver, National and Lac d’Amiante areas of Thetford Mines. The Report and its findings are relevant to Mag One as the mineral content is expected to be similar to the serpentinite feed material used in the test work involving the Mine Jeffrey serpentinite tailings. The Company to the best of its knowledge believes that the tailings have not changed in size, quality or mineralization content. Most key to the Company are the findings of 18% Si and 23% Mg within the 60 million-tonne stockpile of serpentinite tailings.
A key excerpt from the Report states, “For this study, Géostat used all the technical data available from historical metallurgical processes. Géostat supervised and collected data during the summer 2007, sonic drilling and test pits sampling program. Claude Duplessis Eng. Visited the site on May 23rd and June 15, 2007 for the preparation of this technical report. Maxime Dupéré worked at the site from June 14 to June 22. To Geostat’s knowledge, it is the first NI.43.101 technical report written on the Normandie and Bell mines tailings piles. There is no geological exploration concept here, the program was focused on measurement of the nickel content in the dry reject piles with specific assessment of the specific gravity to convert the volume of the tonnage since % Ni grades are expressed by weight from the laboratory. The sampling and security procedures were installed and supervised by Maxime Dupéré and Claude Duplessis of Géostat during the summer of 2007 sonic drilling and test pits sampling program and are considered adequate. Gilbert Rousseau Eng. Visited Nichromet’s laboratory in Sherbrooke with Dr. Lalancette in July where the process has been initially established.
The Report further reports that the estimate used the stated pertinent categories, definitions and practices for the resource estimations set out in NI.43.101, Part I, Clauses 1.1 & 1.2. To the best of the Company’s knowledge, there are no recent updates to this Report as that issuer, switched its focus from Nickel to Gold projects, as such the Report was never made public. This historic resource estimate carried out in 2008 is based on prior data and reports obtained and prepared by previous owners and information provided by governmental authorities.
The Company has no imminent plans to do further work to verify the classification of the of the mineral resource estimates. The implied mineralization content and data contained in this Report are important for the Company’s technical team to consider employing the same processing strategy that will be undergoing pilot scale demonstration using the Jeffrey Mines’ tailings in short order.
Mag One’s President, Ms. Gillian Holcroft comments, “We are encouraged by the findings in the Report and hope to demonstrate the resource similarity of both stockpiles of serpentinite tailings”. As previously announced the Company engaged Jacques Marchand (a Québec Ingénieur Géologue Conseil and Qualified Person per NI 43-101) to produce a NI 43-101 Summary of Current and Scientific Technical Information for the Mines Jeffrey location. It is expected that this report will soon be submitted to Mag One management and subsequently published on SEDAR.
The scientific and technical content of this press release has been reviewed and approved by Ms. Gillian Holcroft, Eng., M. Eng. and President of Mag One Products Inc.
Signed: Nelson M. Skalbania, B.Ap.Sc., M.Sc., P.Eng
CEO & Chairman
Mag One Products Inc. is a company that aims to be the diamond standard in the magnesium (Mg) market by concentrating on four initial projects at its processing/manufacturing plant sites in southern Quebec, Canada:
Key advantages that these four projects enjoy are Mag One’s advanced technologies, a modular processing plant expansion concept, and the Company’s easy, abundant access to tailings.
For further information or questions kindly contact the Company via email:
info@MagOneProducts.com and IR@MagOneProducts.com
Mag One is listed on the CSE with the symbol, “MDD”, the Börse Frankfurt stock exchange (“Frankfurt”) with the ticker symbol “304” and the OTCQB with ticker symbol "MGPRF". The listings on the Frankfurt and OTCQB exchanges provide the company exposure to the European and U.S. markets and potential investors. Certain statements contained in this release may constitute "forward–looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. This news release does not constitute an offer of securities for sale in the United States. CSE has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of the content of this news release. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
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