PRESS RELEASE
MAG ONE’s JV PARTNER, BLUE LAGOON RESOURCES FUNDS TECHNICAL REPORT TO ADVANCE PROJECT
Vancouver, B.C., Canada – February 6, 2020 – Mag One Products Inc. (the “Company” or “MOPI”) is pleased to announce that Blue Lagoon Resources Inc. (“Blue Lagoon”) has commissioned and is funding a National Instrument 43-101 Technical Report on behalf of MOPI’s subsidiary, Mag One Operations (“Mag One”), a company in which Blue Lagoon has the right to acquire a 70% joint venture interest.
The purpose of the technical report is to establish a current mineral resource for magnesium oxide (MgO) at the Normandie tailings pile site located near Thetford Mines, Quebec. Mag One has the right to remove and process up to 60 million tonnes of tailings from tailings piles owned by Asbestos Corporation Ltd. in the Thetford Mines area, including the Normandie tailings pile. The tailings piles host an historic resource of 60 million tonnes grading 37.60-38.96% MgO, including 26.2 million tonnes grading 36.80% MgO in the measured and indicated categories at the Normandie tailings pile, as reported in a NI 43-101 technical report prepared for Nichromet Extraction Ltd. in 2007. The historic resource is based on 11 drill holes totaling 595 meters, and 30 test pits dug for sampling. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. Blue Lagoon and Mag One are not treating the historical estimate as a current mineral resource.
“Funding this initial report is an important step for the advancement of Mag One’s project because it will give the company and its investors reliable information on the quantity and grade of magnesium oxide in the tailings pile,” said Rana Vig, President & CEO of Blue Lagoon Resources. “The patent pending process being tested by Mag One allows for the cost-effective extraction magnesium and other minerals from these magnesium rich tailings in order to produce high purity Magnesium Oxide,” he said.
The patent pending process uses all of the mineral, essentially becoming a zero-waste process. The fine grained, high purity Magnesium Oxide is used in the chemical industry where, depending on the application, it can be sold for up to $1200 USD/ton. Target high end applications include additives in rubber and cement as well as a flame retardant.
Technical content of this news release was approved by Gillian Holcroft, Eng. and a Qualified Person.
On behalf of the Board, “Gillian Holcroft”, President & CEO, Mag One Products Inc.
Neither the Canadian Securities Exchange nor CNSX Markets accepts responsibility for the adequacy or accuracy of this news release.
About Mag One
Mag One is a technology, processing & production company. Using its game-changing technology, Mag One aims to be the most environmentally friendly & sustainable producer of magnesium (Mg) metal, ultrapure Mg compounds, by-products and vertically integrated co-products. For further information or questions respecting the Company kindly contact the Company via email at: info@MagOneProducts.com. Additional information can be found on the Company’s website at www.MagOneProducts.com or by viewing the Company’s filings at www.sedar.com.
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