MGX Minerals Announces Completion of 3,000 Metre Drill Program at Case Lake Lithium; 8,000 Metre Spring Drill Program Planned
February 22 2018 - 8:30AM
InvestorsHub NewsWire
MGX Minerals Announces Completion of 3,000
Metre Drill Program at Case Lake Lithium; 8,000 Metre Spring Drill
Program Planned
Vancouver, BC -- February 22,
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 completed a 30-hole, 3,000
metre diamond drill program on the Northeast Dyke at its Case Lake
Property near Cochrane, Ontario. Drilling successfully
intersected multiple course-grain pale green spodumene zones at
shallow depths and over good intervals (see Figure 1). All drill
core has been shipped to SGS Canada Inc. for assay.
Figure 1 PWM-18-71, Boxes
5-8, 18.2-35.8 m. Note coarse-grained pale green spodumene inner
intermediate zone in boxes 6 and 7.
Planning for the spring/early
summer exploration program on Case Lake Property, Cochrane, Ontario
is underway and will consist of:
- 8000 m of drilling over three
targets (Table 1)
- Geological Mapping
Spring Targets |
Area |
Meterage |
1 |
Between
Main and South Dykes |
3000
m |
2 |
Between
Main and NE Dykes |
3000
m |
3 |
West side
of Main Dyke |
2000
m |
|
total |
8000 m |
|
|
|
Fall Targets |
Area |
Meterage |
4 |
East
Dyke |
2000
m |
5 |
Down Dip
of Main Dyke |
3000
m |
6 |
domes |
TBA |
Table 1 2018 Proposed Drilling
at Case Lake
Proposed Drilling
The proposed 8000 m drilling for the spring/early summer drill
program will target the new spodumene pegmatite dykes located
between the Main Dyke and the South Dyke (Figure 2 – Target 1).
These new spodumene dykes were discovered at the end of the 2017
Main Dyke drill program (Power Metals press release dated Nov. 27,
2017). One of the new dykes was intersected in drill hole PWM-17-49
with 1.61 % Li2O and 143.8 ppm Ta over 3.0 m (see press release dated January 24,
2018).
The spring/early summer drill program will also target the area
between the Main Dyke and the Northeast Dykes (Figure 2 - Target
2). Coarse-grained spodumene pegmatite was intersected in the 5400
m drill program on the Main and North Dykes and in the 3020 m drill
program on the Northeast Dyke. The Northeast Dyke is located 900 m
northeast along strike of 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 drill program between the Main
and Northeast Dykes will test the presence of the spodumene
mineralization along strike.
A drill program will test spodumene mineralization identified
during the mapping program on granitic outcrops west of the Main
Dyke (Figure 2 - Target 3).
Additional targets will be drilled in Fall 2018 including the East
Dyke, down dip extension of Main Dyke and dome targets identified
during the Spring mapping program.
Figure 2 2018 Drilling exploration targets at Case Lake
Property.
Proposed Mapping
Power Metals identified that the Main, North, South, East and
Northeast pegmatite dykes are not hosted by the Case Batholith as
previously thought, but by a single laccolith (Power Metals press
release dated Nov. 6, 2017). A laccolith is a dome-shaped igneous
body with a flat bottom which is an offshoot of a batholith. A
laccolith looks similar to a water drop on a table. The Case
Batholith is a 50 x 85 km ovoid granitic complex characterized by a
gravity low. Power Metals has identified that the Batholith has
multiple domes along its margins.
The domes are visible in Google Earth images as white outcrops and
are topographic highs. These domes have no historic exploration
work on them and they have the potential to host spodumene
pegmatites similar to the Main and the Northeast Dykes. A total of
nine domes have been identified on the Case Lake Property and will
be mapped and sampled:
- Three domes along the Translimit
Road
- Three domes near the intersection
of the Translimit Road and the Crossover Road
- A dome bisected by the Tomlinson
Road
- The “Henry Dome” which hosts the
Main, North, South, East and Northeast Dykes
- A dome near Kabika
Lake
(Figure 3).
Exploration on the domes will consist of traverses along GPS grid
lines within each dome to map the lithology and collect grab
samples to evaluate the lithium content of the
tonalite/granodiorite and pegmatite dykes. Pegmatite dykes will be
stripped, trenched and power washed to expand their exposure.
Spodumene pegmatite dykes will be channel sampled and assayed. Each
dome will be evaluated as a potential drill target.
Figure 3 Case Lake Property granitic dome targets for 2018
mapping program.
Case Lake
The 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.
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.
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