MGX Minerals Announces Spodumene Mineralization Intersected on New Northeast Dyke at Case Lake; Drill Program Increased to 30...
January 22 2018 - 8:00AM
InvestorsHub NewsWire
MGX Minerals Announces
Spodumene Mineralization Intersected on New Northeast Dyke at Case
Lake; Drill Program Increased to 3,000
metres
Vancouver, BC
-- January 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 initial drilling and
intersected lithium mineralization on the Northeast Dyke at the
Case Lake Property in Ontario (see figure 1). The Winter 2018 drill
program is in its early stages and the presence of up to 30% coarse
grained spodumene in drill core has been found in several of the
first few holes. The first samples have been shipped to SGS
preparation lab in Cochrane, Ontario. Due to this occurrence, Power
Metals has increased its current drill program from 2000m to
3000m.
Drilling of the first drill holes on the Northeast Dyke commenced
with shallow holes below the spodumene-rich outcrop of assays up to
7.14% Li2O (see press release dated December 4th
2017) and then stepped out to drill down dip and along strike.
These initial drill holes have assisted the exploration team to
determine the orientation of the pegmatite dyke.
The Northeast Dyke is located 900 m northeast along strike of the
recently completed 5400m 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. A 50 drill hole program was
completed on the Main Dyke in December 2017 which encountered
multiple wide intercepts of Li20.
Figure 1 Northeast
Dyke
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.
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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