MGX Minerals Announces 2.07 % Li2O and 213.96 ppm Ta Over 18.0 m at Case Lake
January 18 2018 - 8:30AM
InvestorsHub NewsWire
MGX
Minerals Announces 2.07 % Li2O and 213.96 ppm Ta Over 18.0 m at
Case Lake
Vancouver, BC -- January 18, 2018 --
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 drill hole assays for
lithium (Li) and tantalum (Ta) mineralized intervals for the Main
Dyke at Case Lake, east of Cochrane, Ontario. Significant intervals
for the Main Dyke include:
- PWM-17-35: 1.17 % Li2O and 165.34 ppm
Ta over 8.0 m
- PWM-17-40: 2.07 % Li2O and 213.96 ppm
Ta over 18.0 m
- PWM-17-40: 2.81 % Li2O and 143.33 ppm
Ta over 7.0 m
Power Metals has also announced drill hole assays
for the two new spodumene pegmatite dykes that were discovered down
hole of the Main Dyke near the end of the 2017 drill program (Power
Metals press release dated Nov. 27, 2017). The first new dyke was
intersected in PWM-17-42 and 43 and then targeted to intersect it
again in PWM-17-44 and 49. This new dyke is located 20-40 m down
hole from the Main Dyke and 35-40 m vertical depth from the
surface. The second new dyke was intersected in PWM-17-42 and 49.
It is located 50 m down hole from the Main Dyke and 50-80 m
vertical depth from surface. Both new dykes are open in all
directions. Drilling is required to define these new dykes.
Assay highlights for the first new dyke include:
- PWM-17-42: 0.99 % Li2O and 88.33 ppm Ta
over 3.0 m
- PWM-17-43: 0.85 % Li2O and 94.10 ppm Ta
over 1.15 m
- PWM-17-44: 1.11 % Li2O and 73.0 ppm Ta
over 6.42 m
Assays for the second new dyke contain up to
343.89 ppm Ta. More drill holes intersecting this dyke are needed
for a better understanding of it.
Assay highlights for assays > 0.5 % Li2O holes
PWM-17-35 to 44 are given in Table 1. Drill hole collar locations
are given in Table 2.
Table 1 Assay highlights for PWM-17-35 to
44.
Drill Hole No. |
Including |
From (m) |
To
(m) |
Interval (m) |
Li2O (%) weighted average |
Ta
(ppm) weighted average |
PWM-17-35 |
|
5.70 |
9.00 |
3.30 |
1.35 |
88.49 |
PWM-17-35 |
including |
5.70 |
7.00 |
1.30 |
2.46 |
27.70 |
PWM-17-35 |
|
31.00 |
39.00 |
8.00 |
1.17 |
165.34 |
PWM-17-35 |
including |
31.00 |
35.00 |
4.00 |
1.75 |
71.10 |
PWM-17-35 |
including |
33.00 |
34.00 |
1.00 |
2.26 |
118.00 |
PWM-17-35 |
|
42.00 |
43.00 |
1.00 |
0.63 |
34.90 |
PWM-17-36 |
|
61.00 |
64.00 |
3.00 |
1.02 |
207.33 |
PWM-17-36 |
including |
62.00 |
63.00 |
1.00 |
2.04 |
371.00 |
PWM-17-36 |
|
80.00 |
81.00 |
1.00 |
0.51 |
38.30 |
PWM-17-37 |
|
109.00 |
110.00 |
1.00 |
1.31 |
24.70 |
PWM-17-37 |
|
115.00 |
116.00 |
1.00 |
0.85 |
117.00 |
PWM-17-38 |
|
96.00 |
97.10 |
1.10 |
2.19 |
108.00 |
PWM-17-39 |
|
129.33 |
130.51 |
1.18 |
0.98 |
64.20 |
PWM-17-40 |
|
18.00 |
36.00 |
18.00 |
2.07 |
213.96 |
PWM-17-40 |
including |
20.00 |
23.00 |
3.00 |
2.43 |
323.33 |
PWM-17-40 |
including |
25.00 |
27.00 |
2.00 |
1.41 |
663.50 |
PWM-17-40 |
including |
27.00 |
34.00 |
7.00 |
2.81 |
143.33 |
PWM-17-40 |
|
67.00 |
68.00 |
1.00 |
0.76 |
30.50 |
PWM-17-42 |
|
65.00 |
68.00 |
3.00 |
0.99 |
88.33 |
PWM-17-42 |
|
90.66 |
93.00 |
2.34 |
0.04 |
343.89 |
PWM-17-43 |
|
67.65 |
68.80 |
1.15 |
0.85 |
94.10 |
PWM-17-44 |
|
9.00 |
11.00 |
2.00 |
0.60 |
38.70 |
PWM-17-44 |
|
54.58 |
61.00 |
6.42 |
1.11 |
73.00 |
PWM-17-44 |
including |
57.00 |
58.00 |
1.00 |
1.94 |
1.90 |
Drill holes intersected the
pegmatite dykes at almost 90 degrees, so intervals are close to
true widths.
Power Metals has an ongoing 2000 m drill program on the Northeast
Dyke that started January 10th, 2018.
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 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 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.
Table 2 North, Main and South Dyke 2017 drill
program collar locations. UTM NAD 83, Zone 17. NQ
core.
Drill Hole No. |
Easting |
Northing |
Elevation (m) |
Dip
(°) |
Azimuth (°) |
Length (m) |
PWM-17-35 |
578124.7 |
5431670.5 |
351.94 |
-45 |
150 |
80 |
PWM-17-36 |
578098.7 |
5431700.7 |
344.64 |
-45 |
150 |
104 |
PWM-17-37 |
578075.1 |
5431738.5 |
343.54 |
-45 |
150 |
131 |
PWM-17-38 |
578064.7 |
5431701.8 |
342.54 |
-45 |
150 |
110 |
PWM-17-39 |
578042.1 |
5431740.9 |
345.05 |
-45 |
150 |
140 |
PWM-17-40 |
578226.8 |
5431700.5 |
348.34 |
-45 |
150 |
76 |
PWM-17-41 |
578210.0 |
5431734.7 |
339.74 |
-45 |
150 |
104 |
PWM-17-42 |
578242.7 |
5431708.7 |
346.74 |
-45 |
150 |
101 |
PWM-17-43 |
578242.9 |
5431708.0 |
346.34 |
-48 |
125 |
101 |
PWM-17-44 |
578265.9 |
5431680.0 |
350.64 |
-45 |
150 |
71 |
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
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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.
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contains forward-looking information or forward-looking statements
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