MGX Minerals Announces
17.0 Metres of
1.81% Li2O at Case Lake Lithium Project
VANCOUVER, BRITISH COLUMBIA /
January
5,
2018
/
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 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.
Figure 1 Main Dyke, PWM-17-33, boxes 1 to 4, 0.0 to 16.3
m. Lithium zone in boxes 2 and 3.
Figure 2 Main Dyke, PWM-17-33, box 5 to 8, 16.3 to 33.3 m.
Lithium zone in boxes 6, 7 and 8.
Table 1 Assay highlights for PWM-17-02 to 34.
Drill
Hole
No.
|
Including
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Li2O (%)
weighted average
|
Ta (ppm)
weighted average
|
PWM-17-02
|
|
60.60
|
63.50
|
2.90
|
0.82
|
86.48
|
PWM-17-02
|
|
78.00
|
79.00
|
1.00
|
0.60
|
26.20
|
PWM-17-03
|
|
98.47
|
98.80
|
0.33
|
1.08
|
162.00
|
PWM-17-14
|
|
30.55
|
31.05
|
0.50
|
0.93
|
72.70
|
PWM-17-14
|
|
32.50
|
33.00
|
0.50
|
0.63
|
59.80
|
PWM-17-15
|
|
20.20
|
21.20
|
1.00
|
0.57
|
108.00
|
PWM-17-15
|
|
30.10
|
32.30
|
2.20
|
0.65
|
56.70
|
PWM-17-16
|
|
2.00
|
9.00
|
7.00
|
1.12
|
119.03
|
PWM-17-16
|
including
|
7.00
|
9.00
|
2.00
|
2.09
|
115.80
|
PWM-17-16
|
|
27.00
|
29.00
|
2.00
|
0.74
|
36.55
|
PWM-17-16
|
|
36.80
|
38.13
|
1.33
|
0.72
|
61.08
|
PWM-17-17
|
|
7.15
|
12.00
|
4.85
|
1.54
|
53.16
|
PWM-17-17
|
|
10.00
|
11.00
|
1.00
|
2.05
|
33.00
|
PWM-17-17
|
|
28.05
|
30.00
|
1.95
|
2.39
|
92.59
|
PWM-17-18
|
|
36.00
|
41.00
|
5.00
|
0.93
|
58.96
|
PWM-17-18
|
including
|
36.00
|
37.00
|
1.00
|
2.18
|
51.90
|
PWM-17-18
|
|
54.21
|
55.12
|
0.91
|
1.47
|
95.10
|
PWM-17-19
|
|
61.67
|
62.81
|
1.14
|
2.56
|
47.50
|
PWM-17-20
|
|
18.00
|
19.00
|
1.00
|
1.27
|
93.70
|
PWM-17-21
|
|
38.00
|
39.00
|
1.00
|
0.63
|
69.60
|
PWM-17-21
|
|
45.00
|
46.00
|
1.00
|
1.30
|
98.70
|
PWM-17-22
|
|
58.00
|
62.00
|
4.00
|
1.54
|
35.85
|
PWM-17-22
|
including
|
59.00
|
61.00
|
2.00
|
2.40
|
35.45
|
PWM-17-22
|
|
71.00
|
72.85
|
1.85
|
2.08
|
187.92
|
PWM-17-22
|
including
|
71.00
|
72.00
|
1.00
|
2.95
|
255.00
|
PWM-17-23
|
|
29.90
|
32.00
|
2.10
|
0.88
|
59.51
|
PWM-17-24
|
|
57.50
|
61.50
|
4.00
|
0.74
|
57.85
|
PWM-17-33
|
|
5.00
|
11.00
|
6.00
|
2.19
|
195.27
|
PWM-17-33
|
including
|
5.00
|
7.00
|
2.00
|
3.02
|
93.30
|
PWM-17-33
|
|
22.00
|
33.00
|
11.00
|
2.11
|
259.31
|
PWM-17-33
|
including
|
27.00
|
29.00
|
2.00
|
2.48
|
554.00
|
PWM-17-33
|
including
|
28.00
|
32.00
|
4.00
|
2.84
|
213.75
|
PWM-17-34
|
|
8.00
|
25.00
|
17.00
|
1.81
|
136.10
|
PWM-17-34
|
including
|
15.00
|
17.00
|
2.00
|
2.42
|
113.55
|
PWM-17-34
|
including
|
18.00
|
22.00
|
4.00
|
1.93
|
264.25
|
PWM-17-34
|
including
|
22.00
|
23.00
|
1.00
|
2.59
|
37.50
|
PWM-17-34
|
|
29.00
|
32.00
|
3.00
|
1.79
|
61.30
|
PWM-17-34
|
including
|
30.00
|
32.00
|
2.00
|
2.16
|
78.00
|
PWM-17-34
|
|
48.05
|
48.83
|
0.78
|
0.52
|
14.70
|
PWM-17-34
|
|
53.98
|
55.00
|
1.02
|
1.20
|
29.80
|
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).
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 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).
Qualified Persons
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.
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.