MGX Minerals Drills High-Grade Gold Mineralization at Fran Gold Project, British Columbia

- August 12th, 2019

MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG)(FKT:1MG)(OTCQB:MGXMF) is pleased to report drill results from the 2018/2019 exploration program at its 13,905 hectare Fran Gold Property (“Fran” or the “Property”) located in the Omineca mining division of north-central British Columbia, just 30km southwest of the Mount Milligan Gold-Copper mine.

MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG)(FKT:1MG)(OTCQB:MGXMF) is pleased to report drill results from the 2018/2019 exploration program at its 13,905 hectare Fran Gold Property (“Fran” or the “Property”) located in the Omineca mining division of north-central British Columbia, just 30km southwest of the Mount Milligan Gold-Copper mine. Highlights from drilling include:

1.3 meters of 13.50 g/t Au from 235.0 to 236.3 meters in DDH FR18-94
2.23 meters of 23.26 g/t Au from 235.5 to 237.73 meters in DDH FR18-95
4.1 meters of 6.55 g/t Au from 138.25 to 142.35 meters in DDH FR18-96
1.0 meter of 21.0 g/t Au from 225.08 to 226.08 meters in DDH FR18-100
8.85 meters of 1.0 g/t Au from 265.00 to 273.85 meters in DDH FR18-100
0.80 meters of 8.38 g/t Au from 166.00 to 166.80 in DDH FR18-102
The C$1.9 million exploration program completed 16 NQ-size diamond drill holes across 5,653 meters (see Figure 1 and Table 1) as well as 18 kilometers of Induced Polarization surveys (see Figure 2). Based on the positive results, MGX is now planning a follow up seven-hole, 2,800 meter drill program to further delineate the SE and NW extensions of the high-grade Bullion Alley gold zone.

Discussion of Drill Results

Results from the Winter 2018/2019 exploration program at Fran verified continuity of the north contact at the Bullion Alley Zone. The contact zone between the intrusive monzonite and hornfels volcanic/sedimentary rocks host several sub-parallel gold bearing shear zones. Interpretation of the results suggest higher gold grades correlate with vein strike flexure and intersecting shears in this 200 X 250 m area, along with relatively consistent continuity down-dip to the north.

Approximately 75% of the gold enriched shear zones of Bullion Alley are hosted in porphyritic monzonite with the remaining 25% hosted in Inzana Formation (Takla Group) indurated volcanic and sedimentary lithologies. Several other syn to post-mineral vein types have been identified in drilling and in outcrops in the Bullion Alley zone. The best gold values are localized in areas of vein flexures where thickening of mineralized structures occur. These structures are associated with increased K-feldspar, magnetite, chlorite, silica, and carbonate alteration, and monzonite composition hornblende and plagioclase porphyry dyke/sill lithologies in Late Triassic-Early Jurassic porphyritic monzonite host-rock as well as hornfels in Inzana Formation (Takla Group) volcanic and sedimentary host-rocks.

 

The table below reports 12 out of 16 drill hole intercepts >1 g/t Au as intersected interval lengths (not true width):

 

Induced Polarization Survey

As part of the exploration program, MGX also retained Scott Geophysics Ltd. to complete an induced polarization (IP) survey. The objective of the IP survey was to combine 3D inversion results with drill result to further refine targets that may be indicative of structures and/or mineralized bodies at Fran consistent with high-grade gold-poly metallic share zones and veins.

Next Steps

A seven-hole, 2,800 meter drill program to further delineate the SE and NW extensions of the high-grade Bullion Alley gold zone are now being planned. Additional drilling will focus in site-specific areas of the north monzodiorite-hornfels contact zone, where most drilling at Bullion Alley has taken place.

Fran Gold Project

The Fran property encompasses 13,905 hectares located in the Omineca mining division of north-central British Columbia. The Property lies in a northwest trending belt of volcanic rocks in the Quesnelia terrain which host alkalic porphyry Cu-Au deposits, including the Mount Milligan gold-copper mine located 38km northeast of Fran.

Quality Assurance / Quality Control

The sample chain of custody was managed by site geologist Myles Dickson (P.Geo). Drill core was stored and split at a secure storage facility in Fort St. James, BC. and shipped to ACT Labs Minerals (“ACT”) for assay using 1A2-ICP Kamloops Au-Fire Assay and 1E3-Kamloops Aqua Regia ICP(AQUAGEO). ACT is an independent, ISO-certified analytical laboratory located in Kamloops, British Columbia. Blanks and standards were used for data verification purposes.

Qualified Person

Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals, has prepared, reviewed and approved the scientific and technical information in this press release. 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 and technology company with interests in global advanced material, energy and water assets.

Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: 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.

Forward-Looking Statements
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 (CSE:XMG) for an Investor Presentation.

Leave a Reply

Your email address will not be published. Required fields are marked *