MGX Minerals' Joint Venture Partner Power Metals Samples up to 7.14% Li2O on Surface at Case Lake Lithium Property
December 04 2017 - 8:30AM
InvestorsHub NewsWire
MGX Minerals’ Joint Venture Partner Power
Metals Samples up to 7.14% Li2O on Surface at Case Lake Lithium
Property
Vancouver, BC -- December 4, 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 announced assay results confirming the
presence of high-grade spodumene in the Northeast dyke at Case
Lake, Cochrane, Ontario.
Power Metals reports that the assay results range from 6.04% to
7.14% Li2O for spodumene rock samples on surface. The assays given
in Table 1 represent almost pure spodumene and drilling is required
to determine the lithium grade of the Northeast pegmatite dyke.
Power Metals has planned a 2,000 metre drill program that will
commence on the Northeast dyke in early January 2018.
On the south outcrop, one green spodumene crystal 32 cm long by 2
cm wide, sample number 529463 has 6.04 % Li2O (Figure 1). On the
north outcrop, the quartz core of the pegmatite dyke contains up to
40% spodumene megacrysts with cross sections up to 14 cm across
(Figure 2). This was sample 529461 with 6.79 % Li2O. The highest
grade spodumene sample came from the western edge of the south
outcrop with 7.14 % Li2O.
Table 1. Lithium assays for spodumene rock samples from
Northeast Dyke (UTM NAD 83, Zone 17)
|
|
|
|
|
Waypoint |
Easting (m) |
Northing (m) |
Sample
No. |
Li2O (%) |
JK-17-43 |
579053 |
5432292 |
529459 |
7.14 |
JK-17-45 |
579104 |
5432372 |
529460 |
6.75 |
JK-17-53 |
579065 |
5432293 |
529461 |
6.79 |
JK-17-52 |
579055 |
5432295 |
529463 |
6.04 |
Dr. Julie Selway, Power Metals VP of Exploration stated, "We
are extremely fortunate to have assayed these very high-grade
lithium spodumene samples on surface. These assays confirm the
presence of high-grade spodumene on the Northeast Dyke and I look
forward to drilling the Northeast Dyke within the coming weeks.
Additionally, we should also be receiving the remaining assays that
we are currently waiting for on the Main Dyke from our recently
completed 5,400 metre drill program. We have been in touch
with the lab and the bottleneck causing delays seems to be cleared
and will press release our assays as soon as they are available. I
would also like to congratulate and thank my exploration team for
all the hard work and success they have given us to date on this
exciting project."
In a press release dated November13th, 2017, Power Metals announced
it had discovered spodumene megacrysts (up to 32 cm long) on the
Northeast Dyke located 900 m northeast along strike of the current
drill program on the North and Main Dykes and is within the same
tonalite dome as the North and Main Dykes. Since the Northeast,
North and the Main Dykes are along the same strike and within the
same dome, this indicates that they were emplaced along the same
deep-seated structure. The Northeast Dyke has a pair of parallel
pegmatite dykes: north and south outcrops similar to the North and
Main Dykes that were recently drilled.
Figure 1. 32 cm by 2 cm spodumene crystal in Northeast Dyke –
south outcrop (sample 529463)
Figure 2. Oval cross sections of at least 8 beige spodumene
megacrysts up to 14 cm across in quartz core of Northeast Dyke –
south outcrop (sample 529461)
Figure 3. Pale green spodumene megacryst 30 cm long and 8 to 10
cm wide from Northeast Dyke – north outcrop (sample
529460)
Quality Control
The rock 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. 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 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).
Qualified Person
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 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
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.
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