MGX Minerals Inc. (”MGX” or the ”Company”) (CSE: XMG; FRA: 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
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.
SOURCE: MGX Minerals Inc.