VANCOUVER, British Columbia, Sept. 21, 2017 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (FKT:1MG) (OTC:MGXMF) is pleased to announce that it has been provided with an update regarding ongoing drilling at its Case Lake Lithium Joint Venture with Power Metals Corp.
A PDF accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/Attachm...2b8700d2a2
Drilling has successfully intersected significant mineralization at the Company’s Case Lake Lithium Joint Venture. The Case Lake drill target area consists of a pegmatite dyke swarm: North, Main and South Dykes as well as multiple unnamed pegmatite dykes. Drill hole PWM-17-08 intersected 35.22m of continuous spodumene pegmatite as part of the Main Dyke with very coarse-grained spodumene crystals up to 10 cm long.
A total of 12 drill holes have been completed to date. With the exception of hole 3, all drill holes intersected spodumene bearing pegmatite (Table 1, Figure 7). Assays are pending. The drill program targeted downdip extension of North, Main and South Dykes in an area of known mineralization, strike extension and in previously untested areas such as the South Dyke. Drill core has been split and shipped with assays now pending.
Highlights include:
Drill holes PWM-17-08, 09 and 10 tested the up and down dip extension of the Main Dyke.
- PWM-17-08 intersected continuous spodumene pegmatite from 18.86 to 54.08 m for an interval of 35.22 m of the Main Dyke (Figures 1 and 2).
- PWM-17-09 intersected continuous spodumene pegmatite from 26.5 to 60.0 m for an interval of 33.5 m of the Main Dyke. This intersection included a 42 cm long x 2 cm wide pale green spodumene blade (Figures 3 to 6).
- PWM-17-10 intersected spodumene pegmatite from 33.83 to 62.05 m for an interval of 28.22 m of Main Dyke. This interval includes two sections of Case Batholith host rock: 2.99 m and 0.62 m long.
Drill holes PWM-17-01, 02 and 03 intersected the Main and South Dykes as part of the western extension of the strike length of both Dykes.
- These holes extended the Main Dyke Zone lithium mineralization 152 m to the west from historic drilling. These were the first holes drilled in the previously untested South Dyke and were designed to test for lithium mineralization at depth.
- Pegmatite dykes were intersected as predicted in the 3D model of the Project built on historical drill data.
- The Main Dyke Zone in PWM-17-02 was intersected from 53.10 to 88.84 m for an interval of 35.74 m. The Zone consisted of a 10.4 m long spodumene pegmatite dyke with up to 25 vol% very coarse-grained spodumene, a 2.99 m long aplite dyke, and multiple other thin aplite dykes.
Drill holes PWM-17-04 and 05 tested downdip extension of North and Main Dykes downdip of historic hole DDH-5.
- Drill hole PWM-17-04 intersected 1.7 m of North Dyke. The Main Dyke Zone was intersected from 75.2 to 107.55 m for an interval of 32.35 m. The Main Dyke Zone consisted of 3 spodumene-bearing dykes up to 12.8 m long, one pegmatite dyke and one aplite dyke. One dyke within of the Main Dyke Zone is a 1.85 m long spodumene dyke which contains 30-40 vol% pale green coarse-grained spodumene. Assays are pending. (Visual estimates of spodumene vol% do not always equate to Li 2 O % grade.)
Drill holes PWM-17-06 and 07 tested the downdip extension of the Main Dyke downdip from historic hole DDH-2. Drill hole PWM-17-06 intersected 9 m of spodumene pegmatite.
Drill holes PWM-17-11 and 12 tested the eastern extension of the Main Dyke along strike. These holes intersected multiple pegmatite dykes hosted by metasedimentary rocks.
Summation of intersections of spodumene bearing pegmatite at the Main Dyke, Case Lake
| Drill Hole | From (m) | To (m) | Interval (m) | Lithology | ||||
| PWM-17-02 | 53.10 | 63.50 | 10.40 | spodumene pegmatite | ||||
| PWM-17-04 | 75.20 | 88.00 | 12.80 | spodumene pegmatite | ||||
| PWM-17-06 | 82.00 | 91.00 | 9.00 | spodumene pegmatite | ||||
| PWM-17-08 | 18.86 | 54.08 | 35.22 | continuous spodumene pegmatite | ||||
| PWM-17-09 | 26.50 | 60.00 | 33.50 | continuous spodumene pegmatite | ||||
| PWM-17-10 | 33.83 | 62.05 | 28.22 | spodumene pegmatite including a total of 3.61 m of tonalite |
| Table 1. Power Metals 2017 Case Lake drill hole collar location. UTM NAD83, Zone 17. | ||||||||||||
| Drill hole | Easting (m) | Northing (m) | Elevation (m) | Depth (m) | Azimuth (°) | Dip (°) | ||||||
| PWM-17-01 | 578021.1 | 5431600.4 | 346.6 | 155 | 150 | 45 | ||||||
| PWM-17-02 | 578002.1 | 5431633.2 | 346.8 | 183 | 150 | 45 | ||||||
| PWM-17-03 | 577982.4 | 5431671.5 | 343.2 | 212 | 150 | 45 | ||||||
| PWM-17-04 | 578118 | 5431734 | 347 | 140 | 150 | 45 | ||||||
| PWM-17-05 | 578117.6 | 5431735 | 347 | 138 | 150 | 70 | ||||||
| PWM-17-06 | 578167 | 5431769 | 347 | 140 | 150 | 45 | ||||||
| PWM-17-07 | 578167 | 5431769 | 347 | 133 | 150 | 68 | ||||||
| PWM-17-08 | 578208 | 5431702 | 350 | 70 | 150 | 45 | ||||||
| PWM-17-09 | 578208 | 5431702 | 350 | 75 | 150 | 82 | ||||||
| PWM-17-10 | 578152 | 5431675 | 350 | 100 | 150 | 45 | ||||||
| PWM-17-11 | 578247 | 5431750 | 349 | 90 | 150 | 45 | ||||||
| PWM-17-12 | 578254 | 5431798 | 349 | 120 | 150 | 45 | ||||||
True mineralization thickness is not yet known.
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. Both the North and Main Dykes have spodumene-rich zones (muscovite-K-feldspar-quartz-spodumene-albite) and albitic aplite border zones. Spodumene is absent in the beryl-type South Dyke and the potassic pegmatite East Dyke. The Northeast Dyke contains very coarse-grained spodumene. MGX currently maintains a 20% working interest in the project with a right to acquire up to 35% of the project and an additional 3 other Ontario Lithium properties controlled by Power Metals.
Qualified Person Julie Selway, Ph.D., P.Geo. supervised the preparation of the scientific and technical disclosure in this news release. Dr. Selway is a Qualified Person ("QP") as defined by National Instrument 43-101. Dr. Selway is supervising the exploration program at Case Lake. Dr. Selway completed a Ph.D. on granitic pegmatites in 1999 and worked for about 3 years as a pegmatite geoscientist for the Ontario Geological Survey. Dr. Selway also has twenty-three scientific journal articles on pegmatites. A National Instrument 43-101 report has been prepared on Case Lake Property and filed on July 18, 2017.
About MGX Minerals MGX Minerals is a diversified Canadian resource company with interests in petrolithium, magnesium and silicon assets throughout North America. Learn more at 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 including the completion of the rights offering (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 .
Contact Information Jared Lazerson President and CEO Telephone: 1.604.681.7735 Web: www.mgxminerals.com
