MGX Minerals Announces New
Discoveries and Completion of 50 Hole Drill Program At Case Lake
Lithium, Ontario; 20 Hole Follow-up Drill Program Set For January
2018
VANCOUVER, BRITISH COLUMBIA / November 27, 2017 / MGX
Minerals Inc. ("MGX" or the "Company") (CSE: XMG / OTCQB: MGXMF / FKT: 1MG) is pleased to announce
the completion of the Fall 2017 drill program at its Case Lake
Lithium joint venture with Power Metals Corp. (TSX.V: PWM) ("Power
Metals"), located 80km East of Cochrane, Ontario. A total of 50
diamond drill holes comprising 5400 meters have now been completed
(Figure 3). The majority of drill core is currently being assayed,
assay highlights to date at the Main Dyke include:
- 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
- Main Dyke spodumene pegmatite zone has been extended 250 m
New Spodumene Discoveries
Two new spodumene pegmatite dykes have been discovered located
between the Main Dyke and the South Dyke indicating there is more
spodumene mineralization to be found near the Main Dyke. Several
drill holes in the Main Dyke confirm wide intersections of
continuous pegmatite close to surface. The first new dyke was
intersected in hole DDH 42 and DDH 43 with up to 30% spodumene.
Drilling then targeted the new dyke and successfully intersected it
again in hole DDH 44 and DDH 49 (Figure 1). Three-dimensional
modelling has indicated that the new dyke was partially intersected
at the bottom of hole DDH 40 and DDH 41 giving further confirmation
to the discovery. This new dyke is located 20-40m from the Main
Dyke and 35-40m vertical depth from the surface. This dyke has
similar mineralogy to the Main Dyke with aplite border zone,
spodumene granite and quartz + spodumene core zone.
The second new spodumene pegmatite dyke was intersected in DDH
42 and DDH 49. It is located 50m from the Main Dyke and 50-80m
vertical depth from surface. Both new dykes are open in all
directions.
The Main Dyke Zone is consistently 30-35 m wide and is composed
of either one continuous pegmatite dyke close to surface or
multiple pegmatite dykes at depth. The Main Dyke is comprised of
two dykes along the same strike. The high-grade lithium zones
within the Main Dyke pegmatite are the intermediate zone
(muscovite-quartz- albite-K-feldspar), the fine-grained spodumene
granite zone (quartz-albite-K-feldspar) and the quartz core (
K-feldspar).
A 2000m diamond drill program is planned to assess new
discoveries in January 2018.
Figure 1 PWM-17-44, Boxes 12 to 17, photo of new spodumene
pegmatite dyke below the Main Dyke. Note abundant pale green
spodumene in quartz core in boxes 13 and 14.
Figure 2 PWM-17-50 Main Dyke continuous pegmatite from 11.18 to
43.2 m. Note abundance of spodumene in boxes 3 and 4 and 7 to 9.
Quartz core is in boxes 5 and 6.
Figure 3 Case Lake drill plan map.
Case Lake Lithium Project
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 paid up 20%
working interest in Case Lake and four other lithium hard rock
properties in Ontario controlled by Power Metals as well as any
additional properties acquired prior to August 2020. The Company
has the right to acquire an additional 15% working interest, for a
total of 35%, in Case Lake Lithium and the other lithium properties
by making a one-time payment of $10M prior to August 2020. The
Company holds an option to acquire 10,000,000 shares of Power
Metals at $0.65 (see press release dated August 2,
2017). On Friday, November 24th, 2017 the closing price of
Power Metals was $0.82.
Qualified Person
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 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 prepared and 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 (N.I.) 43-101 Standards.
About MGX Minerals
MGX Minerals is a diversified Canadian resource 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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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
effects which may be accessed through the Company's profile on
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