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MGX Minerals Provides Exploration Update from Heino Gold Deposit

30.07.2020  |  Accesswire

VANCOUVER, July 30, 2020 - MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG) (FKT:1MG) (OTC:MGXMF) is pleased to provide details of on site activities at the Heino Gold Deposit and Tillicum Claims.

Metallurgy

As recommended by mine engineering consultants SRK Consulting (Canada) Ltd., two 150 kg. samples from Heino-Money Gold Zone and East Ridge Zone have been sent for metallurgic testing for extraction of gold and silver at ALS Canada. The Heino material is from the 2130 adit portal area, where recent bulk sampling has taken place (as reported below), and the East Ridge sample is from historical 1988 drill core.

Soil Samples

Twenty-five soil samples have been taken from a 200 x 300 meter area East of Tillicum Mountain. The samples have been sent for assay and results are expected shortly.

Magnetometer Survey

A total of 3.9km of magnetometer survey have been completed to further delineate and detail the extension of Heino and East Ridge Zones.

Drilling

The Notice of Work for a 3000 meter drill program has received preliminary review by the British Columbia Ministry of Mines and has been found to have no known archaeological sites within the proposed work area. The application is expected to enter the consultation phase shortly.

LiDAR Mapping

The Company is reviewing proposals for helicopter LiDAR and satellite hyperspectral and synthetic radar mapping options for proposed 5751 ha. survey as recommended by SRK Consulting. Both options will provide data for the identification of surface mineralization, related structures, and existing infrastructure without interference from vegetation. The helicopter based proposal would also provide a magnetometer survey and is likely to be the chosen method. Data will provide a modern mapping basis for infrastructure planning and future exploration.

Recent Exploration

As announced July 24th, 2020, six 0.5kg to 1kg, samples were taken at the 2030 Portal of the Heino-Money Pit Zone at the Heino Gold Deposit during the SRK Consulting (Canada) Site Visit July 8th, 2020. Samples were shipped under direct chain of custody to ALS Canada Ltd. in Kamloops, British Columbia, crushed and pulverized, with further shipment to ALS Canada Ltd, North Vancouver, BC under custody of ALS Canada Ltd. The samples have undergone gold analysis by fire assay and gravimetric finish up to 6 ounces per tonne Au are reported. Previous silver, lead, and zinc assays from press release issued July 20 are included. Bulk Samples are of selected mineralized material and are not representative of the deposit as no mineral resource estimate at any level of confidence has been completed:

Sample #

Weight kg

Au ppm

Au oz/ton

Ag ppm

Ag oz/ton

Pb %

Zn %

301

.78

138.5

4.04

1090

31.8

9.05

3.92

302

.61

87.4

2.56

522

15.2

4.75

4.94

303

.94

207.0

6.04

94

2.7

1.015

3.38

304

.93

114.0

3.33

1080

31.5

9.13

4.49

305

.94

85.5

2.49

1080

31.5

7.5

5.35

306

.51

7.52

0.22

295

8.6

3.45

12.55

Historical Work

Summary of recorded surface and underground drilling from the NI 43-101 compliant technical report (the "SRK Report") are reported below:

Table 10-1: Summary of recorded drilling

Year(s)

Mineral Zone

Surface Drilling

Underground Drilling

No. of Holes

Meterage

No. of Holes

Meterage

1981-1987

Heino-Money

100

7,060

9

177

1988

92

3,079

1993

8

284

1981-1984

East Ridge

26

1,586

1988

75

13,149

14

610

1989

10

1,446

1984

Silver Queen

12

?

1984

Grizzly

4

615

1984

Arnie Flats

5

292

Totals

232

24,148

123

4,150

Small scale production occurred in 1981, 1984, and 1993 from the Heino-Money Zone. Table 6-4 from the SRK Report summarizes tonnages and metal content recovered per year of extraction.

Table 6-4: Summary of bulk sampling conducted on the Heino-Money Zone

Year

Mined Tonnes

Milled

Tonnes

Au Grams Recovered

Au Ounces Recovered

Ag Grams Recovered

Ag Ounces Recovered

1981

58

58

4,570

145

3,259

105

1984

227

168

48,351

1,554

51,570

1,658

1985/1986

2,972

2,972

98,910

3,180

1993

6,800

5,503

102,455

3,294

164,071

5,275

Total

10.057

8,701

254,286

8,173

218,900

7,038

Qualified Person

Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals, has prepared, reviewed and approved the scientific and technical information in this press release. Mr. Kikauka is a non-independent Qualified Person within the meaning of NI 43-101.

Advisors

Kingsdale Advisors is acting as strategic shareholder and communications advisor and Norton Rose Fulbright Canada LLP is acting as legal advisor to MGX Minerals Inc.

About MGX Minerals Inc.

MGX Minerals Inc. invests in commodity and technology companies and projects focusing on battery and energy mass storage technology, extraction of minerals from fluids, and exploration for industrial minerals and precious metals.

Contact Information:

Neil Foran
Chief Financial Officer
neil@mgxminerals.com
Web: www.mgxminerals.com

Andy Radia
Director, Communications and Marketing
Kingsdale Advisors
Ph: 416-867-2357
aradia@kingsdaleadvisors.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. All statements, other than statements of historical fact, included herein are forward?looking information. Forward-looking information in this press release include, but are not limited to, statements with respect to plans for assessment and other activities conducted and proposed to be conducted at the Heino-Money Deposit and Tillicum Claims, the preparation and filing of the Technical Report, and the preparation for structural engineering review for the purpose of underground bulk sampling. Forward?looking information is generally, but not always, identified by the words "expects", "plans", "anticipates", "in the event", "if", "believes", "asserts", "position", "intends", "envisages", "assumes", "recommends", "estimates", "approximate", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.

The Company's forward-looking information are based on the applicable assumptions and factors the Company considers reasonable as of the date hereof, based on the information available to the Company at such time, including without limitation, the receipt of any necessary permits, licenses and regulatory approvals, and the Company's ability to comply with environmental, health and safety laws. 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 risk factors. These factors include, among others, geological and environmental factors, operating or technical difficulties in connection with the activities contemplated in this press release, general economic conditions, or conditions in the financial markets. 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. Except as required by securities law, the Company does not intend, and does not assume any obligation, to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

SOURCE: MGX Minerals Inc.



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