MGX Minerals Announces 1.79% Li 186ppm Ta Over 6m at Case Lake Lithium, Ontario
VANCOUVER, British Columbia, Jan. 24, 2018 (GLOBE 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 additional 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-17-45: 1.67 % Li2O and 127.7 ppm Ta over 6.0 m (8.0 to 14.0 m)
- PWM-17-45: 1.58 % Li2O and 233.68 ppm Ta over 8.0 m (23.0 to 31.0 m)
- PWM-17-46: 1.79 % Li2O and 186.45 ppm Ta over 6.0 m
- PWM-17-50: 1.31 % Li2O and 106.62 ppm Ta over 6.0 m (12.0 to 18.0 m)
- PWM-17-50: 1.48 % Li2O and 179.35 ppm Ta over 11.0 m (31.0 to 42.0 m)
Drill hole PWM-17-45 assayed lithium and tantalum grades up to 1.94 % Li2O and 735 ppm Ta. The coarse-grained spodumene inner intermediate zone from 8.0 to 14.0 m is followed by a very coarse-grained pegmatite zone and K-feldspar and pure quartz core (14.0 to 23.0 m) and by another high-grade coarse-grained spodumene inner intermediate zone from 23.0 to 31.0 m. This indicates that the high-grade spodumene pegmatite zone is concentrically zoned around the quartz core. An impressive 47 cm long spodumene crystal occurs in the core near 10 m depth (Figure 1). The Main Dyke in this hole has a good-grade outer pegmatite zone and the total width of the Main Dyke in PWM-17-45 is 34.71 m.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fcd3857d-d54a-4c7c-8e2f-556e90b18303
Drill hole PWM-17-50 has continuous Main Dyke pegmatite for 32.02 m. The pegmatite intersection contained high-grade coarse-grained inner intermediate zone (12.0 to 18.0 m) followed by quartz core and by another high-grade coarse-grained spodumene inner intermediate zone (31.0 to 42.0 m). This indicates again that the high-grade spodumene pegmatite zone is concentrically zoned around the quartz core (Figure 2).
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e9757baf-5588-43e0-a68e-fbaac805b67d
PWM-17-49 was drilled to target both the first and second new spodumene dykes that were discovered down hole of the Main Dyke near the end of the 2017 drill program. 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-17-49: 1.61 % Li2O and 143.8 ppm Ta over 3.0 m
- PWM-17-49: 2.13 % Li2O and 265.0 ppm Ta over 1.0 m
Assay highlights for assays > 0.5 % Li2O holes PWM-17-45 to 50 are given in Table 1. Drill hole collar locations are given in Table 2.
Table 1 Assay highlights for PWM-17-45 to 50.
| Drill Hole No. | Including | From (m) | To (m) | Interval (m) | Li2O (%) composite | Ta (ppm) composite |
| PWM-17-45 | 8.00 | 14.00 | 6.00 | 1.67 | 127.70 | |
| PWM-17-45 | including | 8.00 | 10.00 | 2.00 | 2.05 | 91.05 |
| PWM-17-45 | 23.00 | 31.00 | 8.00 | 1.58 | 233.68 | |
| PWM-17-45 | including | 25.00 | 29.00 | 4.00 | 1.99 | 287.50 |
| PWM-17-45 | including | 25.00 | 26.00 | 1.00 | 1.94 | 735.00 |
| PWM-17-46 | 8.00 | 14.00 | 6.00 | 1.79 | 186.45 | |
| PWM-17-47 | 9.00 | 13.00 | 4.00 | 1.05 | 105.25 | |
| PWM-17-49 | 31.45 | 34.45 | 3.00 | 1.61 | 143.80 | |
| PWM-17-49 | including | 32.45 | 33.45 | 1.00 | 2.13 | 265.00 |
| PWM-17-49 | 60.00 | 61.00 | 1.00 | 0.62 | 98.70 | |
| PWM-17-50 | 12.00 | 18.00 | 6.00 | 1.31 | 106.62 | |
| PWM-17-50 | 31.00 | 42.00 | 11.00 | 1.48 | 179.35 | |
| PWM-17-50 | including | 38.00 | 41.00 | 3.00 | 2.26 | 279.33 |
Power Metals and MGX have an ongoing 3000 m drill program on the Northeast Dyke that commenced in early January (see press release dated January 10, 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-17-45 | 578207.7 | 5431673.3 | 351.54 | -45 | 150 | 74 |
| PWM-17-46 | 578142.8 | 5431629.2 | 359.74 | -45 | 150 | 65 |
| PWM-17-47 | 578115.0 | 5431622.3 | 348.14 | -45 | 150 | 65 |
| PWM-17-48 | 578060.7 | 5431591.6 | 348.34 | -45 | 150 | 65 |
| PWM-17-49 | 578292.3 | 5431636.6 | 350.40 | -45 | 150 | 68 |
| PWM-17-50 | 578179.6 | 5431659.6 | 352.44 | -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.