MGX Minerals Inc.(“MGX” or the “Company”) (CSE:XMG,FKT:1MG,OTCQB:MGXMF) is pleased to report that joint venture partner Power Metals Corp. (“Power Metals”) has announced additional drill results for the Main Dyke at Case Lake, Cochrane, Ontario. Highlights include: PWM-17-33: 2.19 % Li2O over 6.0 m (5.0 to 11.0 m) PWM-17-33: 2.11 % Li2O over 11.0 m (22.0 to 33.0 …
MGX Minerals Inc.(“MGX” or the “Company”) (CSE:XMG,FKT:1MG,OTCQB:MGXMF) is pleased to report that joint venture partner Power Metals Corp. (“Power Metals”) has announced additional drill results for the Main Dyke at Case Lake, Cochrane, Ontario.
- PWM-17-33: 2.19 % Li2O over 6.0 m (5.0 to 11.0 m)
- PWM-17-33: 2.11 % Li2O over 11.0 m (22.0 to 33.0 m)
- PWM-17-34: 1.81 % Li2O over 17.0 m
Drill hole PWM-17-33 lithium and tantalum mineralization (Figures 1 and 2) includes lithium grades up to 3.02 % Li2O over 2.0 m and 2.84 % Li2O over 4.0 m in PWM-17-33. Tantalum grades are up to 554.0 ppm Ta over 2.0 m in PWM-17-33. The coarse-grained spodumene inner intermediate zone from 5.0 to 11.0 m is followed by a very coarse-grained white K-feldspar and pure quartz core (11.0 to 22.0 m) and by another coarse-grained spodumene inner intermediate zone from 22.0 to 33.0 m. This indicates that the high-grade spodumene pegmatite zone is concentrically zoned around the quartz core. The Main Dyke at this hole location has an additional narrow low-grade outer pegmatite zone with the total width of the Main Dyke in PWM-17-33 of 32.65 m.
Drill hole PWM-17-34 also has a width of 17.0 m of continuous lithium and tantalum mineralization. Highlights include grades up to 2.59 % Li2O over 1.0 m and 2.42 % Li2O over 2.0 m. Tantalum grades are up to 264.25 ppm Ta over 4.0 m. A second-high grade lithium zone of 1.79 % Li2O over 3.0 m, has been identified in this hole. Including the narrow low-grade outer pegmatite zone, the total width of the Main Dyke in PWM-17-34 is 27.5 m.
The Main Dyke is consistently 30-35 m exposed on surface and in shallow drill holes. With depth, the Main Dyke becomes multiple spodumene pegmatite dykes separated by tonalite, and remains contained within the same 30-35 m envelop of mineralization. Additional highlights include:
- PWM-17-16: 1.12 % Li2O and 119.03 ppm Ta over 7.0 m
- PWM-17-19: 2.56 % Li2O and 47.50 ppm Ta over 1.14 m
- PWM-17-22: 2.95 % Li2O and 255 ppm Ta over 1.0 m
- PWM-17-22: 2.40 % Li2O and 35.45 ppm Ta over 2.0 m
Assay highlights for assays > 0.5 % Li2O holes PWM-17-02 to 34 reported in Table 1.
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/958354b2-d711-4a22-b2f4-8a060dc4d35d
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/66a99a67-eb53-4ff9-a962-856343895752
Table 1 Assay highlights for PWM-17-02 to 34.
|Including||From (m)||To (m)||Interval|
Drill holes PWM-17-05, 06, 07, 11, 12, 13, 25, 26, 27, 28, 29, 30 have no significant lithium values. Assays for PWM-17-31 and 32 are pending. Drill holes intersected the pegmatite dykes at near vertical, intervals are proximate to true width.
Drilling to Re-commence
A 2,000 metre drill program on the newly discovered Northeast Dyke is expected to commence within a week. Grab sample assays from the surface sampling on the Northeast Dyke range from 6.04% to 7.14% Li2O (see press release dated Dec. 4, 2017).
The drill core was sampled so that 1 m of the Case Batholith tonalite host rock was sampled followed by 1 m long samples of the pegmatite dyke and 1 m of the Case Batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the < 20 cm pegmatite veins in tonalite which were merged into one sample. The drill core samples were delivered to Actlabs preparation lab in Timmins by Power Metals’ geologists. The core was crushed and pulverized in Timmins and then shipped to Actlabs analytical lab in Ancaster which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore grade Li2O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.01 % Li2O.
Case Lake Joint Venture
Case Lake Property is located in Steele and Case townships, 80 km east of Cochrane, NE Ontario close to the Ontario-Quebec border. The Case Lake pegmatite swarm consists of five dykes: North, Main, South, East and Northeast Dykes. MGX currently has a 20% working interest in Case Lake with the right to acquire an additional 15%. The Company holds an option to acquire 10,000,000 shares of Power Metals at $0.65 (see press release dated August 2, 2017).
The technical portions of this press release were reviewed by Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument 43-101 Standards.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company’s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com.
Click here to connect with MGX Minerals Inc. (CSE:XMG,FKT:1MG,OTCQB:MGXMF) for an Investor Presentation