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MGX Minerals Announces Exploration Results up to 75 oz/t Silver at Silver Queen Deposit and 0.4 oz/t Gold at Grizzly Deposit

10.02.2021  |  Accesswire
VANCOUVER, February 10, 2021 - MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG)(FKT:1MG)(OTC PINK:MGXMF) is pleased to announce project geochemical analysis results of rock chip samples taken from the Grizzly, Silver Queen (Photo 1), Arnie Flats, East Ridge, Jennie and Road Zones.

Zone Name
Sample no
Au g/t
Au oz/t
Ag g/t
Ag oz/t
Cu ppm
Pb ppm
Zn ppm
Grizzly
20GRIZ1
10.55
0.308
16
0.47
1665
345
456
Grizzly
20GRIZ2
3.52
0.103
10.55
0.31
274
355
416
Grizzly
20GRIZ5
14.25
0.416
6.21
0.18
208
23.4
86
Arnie Flats
20AF1
4.17
0.122
430
12.54
460
1085
403
Arnie Flats
20AF2
3.47
0.101
421
12.28
462
889
278
Silver Queen
20SQ1
1.48
0.043
19
0.55
57.5
40.2
62
Silver Queen
20SQ2
2.87
0.084
9.06
0.26
37.7
45.5
73
Silver Queen
20SQ7
1.08
0.032
2590
75.54
807
110500
180000
East Ridge
20EAST1
1.33
0.039
13.95
0.41
2170
15.5
13300
East Ridge
20EAST2
2.32
0.068
47.8
1.39
961
2350
4520
Jennie
20JEN1
1.13
0.033
42.4
1.24
295
6990
13300
Jennie
20JEN4
1.46
0.043
3.02
0.09
99
177.5
3690
Road
20ROAD1
2.28
0.067
7.55
0.22
109
396
2700

(analytical data reported by ALS Canada Ltd, method ME-MS41, and Au-GRA22)

Grizzly- Located 0.6 kilometers east and southeast of Tillicum Mountain, shear-related calc-silicate-quartz skarn zones host sulphide mineralization consists primarily of massive pyrrhotite, pyrite-marcasite, sphalerite, chalcopyrite, galena, and traces of free gold hosted in conformable bands to pods within pelitic schist (shale protolith), tuffaceous basalt and feldspar porphyry (hybrid diorite) intrusion. The Grizzly mineralization closely resemble the Heino-Money & East Ridge Zones. In 1989, diamond drilling Grizzly Zone yielded values up to 10.4 grams per tonne gold over 1.2 metres in hole G89-214; 19.9 grams per tonne gold over 0.9 metre in hole G89-213 and 2.6 grams per tonne gold with 15.3 grams per tonne silver over 14.4 metres in hole G89-220, including 3.3 metres yielding 5.1 grams per tonne gold and 15.8 grams per tonne silver. Rock chip sampling from a roadcut near the 1989 drilling obtained gold values of 14.52 g/t Au (0.424 ounces/ton Au) across a sample interval of 0.35 meters (1.15 feet). This area in the southern portion of the Grizzly Zone, and several drill holes are planned to intersect extensions of the southern (higher elevation) gold-bearing portions of the Grizzly Zone.

Silver Queen- Locally tuffs and limy/sandy sediments strike east to northeast, dipping steeply south, have been intruded by numerous dikes. The gold and silver mineralization is related to hornfelsing associated with various dykes and sills and the mid-Jurassic Goatcanyon granitic stock. Mineralization is stratiform and hosted in limy and garnetiferous greenstone. Mineralization has been traced over a strike length of 950 metres. Drilling on the zone has identified several 20- metre thick mineralized skarn zones hosted in a 30- metre wide sequence of impure calcareous quartzites, siltstones and thin marble beds marginal to feldspar porphyry sills. Sulphide mineralization consisted of pyrite, pyrrhotite, tetrahedrite, sphalerite, galena, pyrargyrite and arsenopyrite. Alteration minerals include quartz, tremolite, actinolite and anhedral garnet. Grab sample 20SQ-7, located near the north portion of the NE trending Silver Queen trend, consisted of massive sphalerite-galena, and returned assay values of 2,590 grams/tonne Ag (75.54 ounces/ton Ag), 11.05% Pb, 18.0% Zn.

Arnie Flats- Locally, tuffaceous and meta-basaltic andesites near a hybrid diorite sill host two sub-parallel calc-silicate skarn zones. The zones trend east to northeast with moderate dip to southwest, and have been traced for 120 metres along strike. Sulphide mineralization consists of disseminated and stringer pyrite with pyrrhotite and trace argentite or tetrahedrite. Alteration minerals include epidote, quartz and chlorite. Rock chip samples 20AF-1 & 2 returned assay values of 4.17 & 3.47 g/t Au (0.122 & 0.101 ounces/ton Au), and 430 & 421 g/t Ag (12.54 & 12.3 ounces/ton Ag).

The Grizzly, Silver Queen and Arnie Flats Zones qualify as extension and exploration targets for further drill testing where drilling is planned for Grizzly in 2021. The Jennie and Road Zones also have good exploration potential, and they align as north extensions of the high-grade gold Heino-Money Zone.

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.

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

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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