MGX Minerals' Joint Venture Partner
Power Metals Drills 26.0 Metres of 1.94% Li2O and 323.75 ppm Ta at
Case Lake Property
VANCOUVER, BRITISH COLUMBIA -- November 2, 2017 -- InvestorsHub
NewsWire -- 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 received initial assay results from drilling at the
Case Lake property near Cochrane, Ontario. As reported by Power
Metals, drilling has intersected three wide high-grade lithium (Li)
and tantalum (Ta) mineralized intervals including:
- PWM-17-08: 1.94 % Li2O and 323.75 ppm Ta over 26.0 m
- PWM-17-09: 1.23 % Li2O and 148.0 ppm Ta over 16.0 m
- PWM-17-10: 1.74 % Li2O and 245.96 ppm Ta over 15.06 m
Lithium grades are up to 3.29 % Li2O over 1.0 m in PWM-17-08 in
the quartz core with coarse-grained pale green spodumene.
Drill hole collar locations are given in Power Metals press
release dated Sept. 21, 2017. Assay highlights for assays > 0.9
% Li2O holes PWM-17-01 to 12 are given in Table 1.
While the focus of Power Metals exploration team is lithium
mineralization in the form of spodumene, Case Lake pegmatites
contain additional tantalum mineralization in the form of Ta-oxide
minerals. PWM-17-08 has 2.50 % Li2O and 1770.0 ppm Ta over 1.0 m.
The lithium and tantalum mineralization in the Main Dyke is present
in the intermediate zones and quartz core with coarse-grained pale
green spodumene (Figures 1 and 2). Tantalum metal is used in the
manufacture of electrolytic capacitors for the electronics industry
and is used in mobile phones, personal computers, video game
systems and automotive electronics.
Figure 1 PWM-17-08 Main Dyke spodumene pegmatite, Box 5 to 8, 18.14
to 35.44 m.
Figure 2 PWM-17-08 Main Dyke pegmatite, Box 9 to 12, 35.44 to 53.08
m.
Table 1 Assay highlights for PWM-17-01 to PWM-17-12
Drill Hole No.
|
From (m)
|
To (m)
|
Interval (m)
|
Li2O (%)
|
Ta (ppm)
|
PWM-17-01
|
21.95
|
22.90
|
0.95
|
2.52
|
89.40
|
PWM-17-01
|
25.50
|
26.50
|
1.00
|
2.50
|
154.00
|
PWM-17-01
|
44.00
|
44.70
|
0.70
|
2.27
|
242.00
|
PWM-17-01
|
47.00
|
47.80
|
0.80
|
1.06
|
119.00
|
PWM-17-02
|
assays pending
|
|
|
|
PWM-17-03
|
assays pending
|
|
|
|
PWM-17-04
|
105.82
|
107.00
|
1.18
|
1.97
|
211.00
|
PWM-17-05
|
assays pending
|
|
|
|
PWM-17-06
|
assays pending
|
|
|
|
PWM-17-07
|
assays pending
|
|
|
|
PWM-17-08
|
20.00
|
46.00
|
26.00
|
1.94
|
323.75
|
including
|
21.00
|
23.00
|
2.00
|
2.80
|
39.05
|
and
|
26.00
|
27.00
|
1.00
|
1.83
|
738.00
|
and
|
39.00
|
40.00
|
1.00
|
2.50
|
1770.00
|
and
|
41.00
|
42.00
|
1.00
|
3.29
|
73.70
|
PWM-17-09
|
29.00
|
45.00
|
16.00
|
1.23
|
148.40
|
including
|
30.00
|
33.00
|
3.00
|
2.73
|
34.37
|
and
|
33.00
|
40.00
|
7.00
|
1.09
|
274.14
|
and
|
38.00
|
39.00
|
1.00
|
2.73
|
98.30
|
PWM-17-10
|
6.26
|
7.00
|
0.74
|
0.94
|
39.40
|
PWM-17-10
|
35.00
|
50.06
|
15.06
|
1.74
|
245.96
|
including
|
35.00
|
36.00
|
1.00
|
3.07
|
28.20
|
and
|
38.00
|
39.00
|
1.00
|
3.11
|
158.00
|
and
|
44.00
|
46.00
|
2.00
|
2.41
|
711.50
|
PWM-17-10
|
55.00
|
58.00
|
3.00
|
1.39
|
147.77
|
PWM-17-10
|
74.72
|
75.61
|
0.89
|
0.92
|
324.00
|
PWM-17-11
|
assays pending
|
|
|
|
PWM-17-12
|
assays pending
|
|
|
|
|
|
|
|
|
|
Drill holes intersected the pegmatite dykes at almost 90
degrees, so intervals are close to true widths.
Power Metals has completed 35 drill holes of a 5000 m drill
program to date on the Main, North and South Dykes. The purpose of
the drill program is to extend the lithium mineralization in the
Main and North Dykes along strike and down dip. Power Metals' 2017
drill program has extended the Main Dyke spodumene pegmatite zone
250 m to the west of the historic drill holes. The Main Dyke Zone
is typically 32-35 m wide close to surface and consists of multiple
spodumene pegmatite dykes.
Last week, Power Metals completed drill hole PWM-17-35 which is
30 m west along strike from PWM-17-10. Both holes intersected
spodumene in the North Dyke and the Main Dyke. In PWM-17-35, the
North Dyke is 6.7 m wide with 10-15% spodumene overall and the Main
Dyke Zone is 29.4 m wide and is composed of multiple pegmatite
dykes. One of the pegmatite dykes within the Main Dyke Zone has 7.5
m of 25 % spodumene. In comparison, the North Dyke is 7.6 m wide
and Main Dyke Zone is 28.22 m wide in PWM-17-10. Visual estimates
of spodumene do not necessarily equate to lithium grade in assays.
Assays are pending for PWM-17-35.
Dr. Selway, VP of Exploration stated "We are impressed by the
widths and grades of the lithium mineralization in the Main Dyke.
The tantalum mineralization is a nice extra bonus to the lithium
mineralization. We are eager to see the assay results from
PWM-17-35, as the drill core is similar to that of PWM-17-10."
Johnathan More, Chairman of Power Metals stated "We are thrilled
from this first batch of assays. This represents a very small
portion of holes drilled to date and we are eager to see more
results as we receive them from the lab. The high-grade Tantalum is
a huge bonus to PWM as we remain focused on the high-grade
Lithium."
Quality Control
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
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. The Northeast Dyke contains very
coarse-grained spodumene. 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).
Qualified Persons
Julie Selway, Ph.D., P.Geo. supervised the preparation of the
scientific and technical disclosure in this news release. Dr.
Selway is the VP of Exploration for Power Metals and the Qualified
Person ("QP") as defined by National Instrument 43-101. Dr. Selway
is supervising the exploration program at Case Lake. Dr. Selway
completed a Ph.D. on granitic pegmatites in 1999 and worked for
about 3 years as a pegmatite geoscientist for the Ontario
Geological Survey. Dr. Selway also has twenty-three scientific
journal articles on pegmatites. A National Instrument 43-101 report
has been prepared on Case Lake Property and filed on July 18, 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 and technology
company with interests in lithium, magnesium and silicon assets
throughout North America. Learn more at www.mgxminerals.com.
Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com
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Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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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
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