​MGX Minerals (XMG) (MGXMF) Announces 15,000 Meter Drill Program at Case Lake Lithium JV

Spotlight Companies  |

MGX Minerals Inc. (CSE:XMG) (FKT:1MG) (OTCQB:MGXMF) is pleased to announce that the Spring Drill program at the Company’s Case Lake Lithium JV (“Case Lake”) will commence in May. Spring/Summer drilling will total 8,000 meters followed by an additional 7,000 meters of planned drilling in the Fall. There have been 8,400 meters of drilling completed at Case Lake to date. Substantial spodumene mineralization intersections have included:

  • PWM-17-34: 1.81 % Li2O over 17.0 m
  • PWM-17-33: 2.11 % Li2O over 11.0 m
  • PWM-17-10: 1.74 % Li2O over 15.06 m
  • PWM-17-08: 1.94 % Li2O over 26.0 m

Proposed Drilling
The 8,000-meter Spring drill program will target new spodumene pegmatite dykes located between the Main Dyke and the South Dyke (Target 1) (Figure 1). These new dykes were discovered in the final drilling of the Main Dyke in the Fall of 2017 and include drill hole PWM-17-49 with 1.61% Li2O and 143.8 ppm Ta over 3.0 meters.

The Spring drill program will also target the area between the Main Dyke and the Northeast Dykes (Target 2). Coarse-grained spodumene pegmatite was intersected in the Main and North Dykes and in the Northeast Dyke. The Northeast Dyke is located 900 meters Northeast along strike of the North and Main Dykes and is within the same tonalite dome as the North and Main Dykes. The Northeast, North and the Main Dykes are on-strike and all within the same dome indicating that they were emplaced in the same deep-seated structure.

Additional drilling will test spodumene mineralization identified during the mapping program on granitic outcrops west of the Main Dyke (Target 3). Followup drilling in the Fall will target the East Dyke, down dip extension of Main Dyke and additional targets within the dome identified during the Spring.

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.

In the interest of full disclosure, we call the reader's attention to the fact that Equities.com, Inc. is compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way be considered as a recommendation to buy, sell or hold these securities. Equities.com is not a registered broker dealer, investment advisor, financial analyst, investment banker or other investment professional. We are a publisher of original and third party news and information. All profiles are based on information that is available to the public. The information contained herein should not be considered to be complete and is not guaranteed by Equities.com to be free from misstatement or errors. The views expressed are our own and not intended to be the basis for any investment decision. Readers are reminded to do their own due diligence when researching any companies mentioned on this website. Always bear in mind that investing in early-stage companies is risky and you are encouraged to only invest an amount that you can afford to lose completely without any change in your lifestyle. Equities has been compensated with cash, common shares and/or warrants for market awareness services provided.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
XMG:CNX MGX Minerals Inc. 0.79 0.02 2.60 302,118
MGXMF MGX Minerals Inc 0.61 0.02 3.39 536,530

Comments

Emerging Growth

CMX Gold & Silver Corp.

CMX Gold & Silver Corp is an exploration stage company. The Company is engaged in the acquisition, exploration and development of silver and copper/gold properties in the USA.