Mag One has entered into separate agreements to secure exclusive access to tailings from two sites, one in Asbestos, Quebec and one in Thetford Mines, Quebec. Both have been secured with agreements whereby a payment is issued for tailings from each site only upon use. Here is a summary of both sites.
Conceptual Grade and Quantity (1)
Historical Estimate (2)
||0.08-18 million m3||60,000,000 tonnes
(contract for 50,000,000 tonnes)
(contract for 60,000,000 tonnes)
|Magnesium (Mg)||23.2% +/- 0.3%||23%|
(1) The potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. The data provided here is based on an NI 43-101 report issued on September 25, 2017 entitled "Magnesium Bearing Waste Dumps Recycling Project" and is available on SEDAR.
(2) A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and Mag One is not treating the historical estimate as current mineral resources or mineral reserves. The data provided here is based a technical report that Mag One has acquired the rights to. Specifically this NI 43-101 Technical Report on Resources Estimation associated with these tailings is entitled " “Technical Report: Resources Estimation of the Nickel Content in Tailings, Thetford Mines, Quebec, Canada.” This report was issued to Nichromet Extraction Ltd on April 30, 2008.
* Management’s decision to begin permitting efforts, as well as its commitment to processing these tailings to recover magnesium, silica and nickel have not been based on results from a feasibility study of mineral reserves that would demonstrate economic and technical viability of the project. Without this study there is increased uncertainty and increased economic and technical risks. Management does intend to engage an engineering firm to carry out a pre-feasibility study once the pilot plant effort is nearing completion and will use the pilot data as a basis for the study.