XMG:CC - MGX Minerals Announces Assays up to 1.04% Lithium 0.1% Cesium and 0.35% Rubidium at GC Lithium Project British Columbia

(TheNewswire)

Vancouver, BC - TheNewswire - April 28, 2023 - MGXMinerals Inc. (“ MGX ” orthe “ Company ”) (CSE:XMG) (FKT:1MG)(OTC:MGXMF) VANCOUVER, The GC occurrence (082LNE024minfile), is characterized by subvertical pegmatite dykes 3 to 7metres in width that follows a trend of 062° cutting thewell-developed fabric of the host biotitegneiss. It is exposed discontinuously for at least 65 m along strike.The GC pegmatite dyke is approximately 3-7 meter width over 60 meterstrike length trending ENE, dip 80 NNW). The main dyke exhibits minoroffsets by brittle-ductile structures as well as several narrowadditional pegmatite dykes. The GC dyke is characterized by intergrowngrey translucent quartz. Trace amounts of rose quartz occurs inpegmatite and older country rock. The rose colour is caused byirradiation induced aluminium (Al) and phosphorous (P) that replacessilicon (Si) in the atom lattice. K-feldspar is off-white to beige,and colourless to pale green silvery muscovite is interspersed withlarge and clustered black tourmaline. The main showing consists of amedial zone measuring containing up to 5% pink to pale purplelepidolite, up to 2% predominantly pink tourmaline, and traces ofcordierite & black tourmaline. The basic mineral assemblagesobserved in the GC pegmatites are quartz+feldspar+black tourmaline orquartz+feldspar+biotite, with moderately fractionated assemblagesincluding muscovite, rose quartz, garnet, beryl, cordierite, and oxideminerals, and highly fractionated assemblages add phosphate minerals,lepidolite, and multi-colored tourmaline (Addie, 2103). Approximately100 meters southwest of the main showing, a 3-6 meter wide dyke istraced for 25 meters striking 55 degrees and dips 80 degrees north.This dyke may be an offset of the main showing, and is characterizedby megacryst muscovite and adjacent marble layers in micaceous gneisscountry rock (with minor tourmaline), whereasthe main showing isdominated by megacryst tourmaline (with minor muscovite & marblelayer in micaceous gneiss country rock). Faulting is affected byisoclinal folds trending easterly. Jointing is perpendicular tofaulting. The GC showings area is surrounded by several smallodd-shaped ‘cross fault’ ponds with increased jointing. The GCshowing has extensive hornblende alteration in the micaceous gneisscountry rock. Approximately, 150 meters south of the main showing, a5-10 meter wide quartzite band forms a resistant ridge trending east.The quartzite band dips 20-27 degrees south. Further south the countryrock is micaceous schist and interlayered micaceous gneiss. Garnetalteration occurs in the south portion of the property where therelatively flat lying quartzite unit forms a topographic high(>2,100 m elevation). This area also has occurrences of pods andlenses of heavy limonite, minor pyrrhotite and magnetite. Thepyrrhotite and magnetite zones are interpreted as Proterozoic age andare not the same age as the Tertiary pegmatites. The pyrrhotite andmagnetite zones may have potential for rare earth element bearingminerals related to nepheline syenite (the Mount Copeland area is known to contain rare earth elementsassociated with magnetite, limonite and pyrrhotite).

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SummerExploration

Mineralized pegmatite was mapped and 5 rock chipsamples were analyzed in 2022, and 2 grab samples analyzed in 2023. Five chip samples were shipped to ALS North Vancouver for aqua regiamethod (ME-MS41).  Two hand specimens (grab samples) from the firsttwo rock chip samples were analyzed in 2023 using method ME-MS89L(super trace DL Na2O2 by ICP-MS).  Five chip samples were shipped toALS North Vancouver for aqua regia method (ME-MS41). Analysis resultsfrom 4 samples taken from the GC pegmatite (22GC 1-4), and one countryrock sample (22GC5) located 30 meters distance from the pegmatite arelisted (ALS certificate VA22228222): For quality control purposes, MGX Minerals measuredinterval length with tape measure, took photos and hand specimensamples taken for each of the 5 rock chip sample sites. ALS Canada Ltdcarried out QC/QA standards, blanks and duplicate samples on 7submitted rock samples listed below. Due tothe small sample total, MGX Minerals did not take duplicate samples orinsert blanks and standards. Descriptions of 5rock chip samples taken on the GC showings arelisted as follows :

A description of the 5 rock chip samples taken on the GC showing arelisted as follows:

The geochemical analysis results of the GC pegmatite(high in lithium and cesium), suggests it is an LCT type of pegmatite.Also, there are phosphate minerals (e.g. apatite) and phosphorousbearing rose quartz present in the GC pegmatite (rock samples22GC1-4). The feldspar- quartz-biotite gneiss country rock (rocksample 22GC5) with minor pyrrhotite and magnetite, contains highphosphorous and higher Ce values in comparison to the pegmatite (rocksamples 22GC1-4). Relatively high boron values are noted in thepegmatite and correlates with increased tourmaline.

Recommended exploration work includes detailed geological mapping and systematic sampling tofurther delineate and characterize pegmatite bodies. The pegmatiteslack definitive geophysical characteristics. It is recommended that acomprehensive program of prospecting, bedrock mapping, rock/soilgeochemical sampling and about 500 meters of core drilling(approximately 4-6 drill holes from 4 sites) core drilling becompleted on the property.

Silicon Metal

MGX has sold its British Columbia Silicon Metalproperties to Mt. Wilson Silica Ventures Inc. for $500,000, payable ininstalments, pursuant to a purchase and sale agreement dated March 1,2023.   The first instalment of $250,000 has been paid and the property has been transferred. The secondinstalment will become due and payable when Mt. Wilson Silica VenturesInc. obtains all permits required for the development, constructionand commercial operation of the first mine on the property.  Theagreement also grants MGX a one-time contractual right of first offerfor the purchase at market prices of the lesser of (a) 100,000 tonnesof 99% silica, or (b) 50% of total output production from theproperty.

REN Tantalum-Niobium

MGX has sold its REN Tantalum-Niobium project to NorthAmerican Carbonatite Exploration Pty. Ltd. for $140,000 AUS minusoutstanding property payments passed due, pursuant to a purchase andsale agreement dated March 9, 2023.

Corporate Update

MGX has used the majority of funds from the recentproperty sales to pay down accounts payable including legal, auditorsand accountants for the purpose of returning to trade and as well asproperty payments and various AP.  The major outstanding audit itemremains the final signoff on its PurLucid subsidiary which is believedto be near completion.  The Company appointed Stephen Saltzman as adirector and member of the Audit Committee, effective November 1,2022.

Qualified Person

Andris Kikauka (P. Geo.), CEO of MGX Minerals, hasprepared, reviewed and approved the scientific and technicalinformation in this press release. Mr. Kikauka is a non-independentQualified Person within the meaning of NI 43-101.

About MGX Minerals

MGX Minerals is a diversified Canadian resource andtechnology company with interests in advanced materials, metals andenergy technologies.

ContactInformation:

mgxminerals.com

Andris Kikauka

Chief Executive Officer

andris@mgxminerals.com

604 373 8565

Forward-LookingStatements

This press release containsforward-looking information or forward-looking statements(collectively, "forward-looking information") within themeaning of applicable securities laws. All statements, other thanstatements of historical fact, included herein are forward ? looking information.Forward-looking information in this press release include, but are notlimited to, statements with respect to holding the postponed Meeting,and the filing of an amended notice of meeting and record date for thepostponed Meeting. Forward-looking information is generally, but notalways, 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 orconditions "will", "would", "may","could" or "should" occur.

The Company’s forward-lookinginformation are based on the applicable assumptions and factors theCompany considers reasonable as of the date hereof, based on theinformation available to the Company at such time, including withoutlimitation, the ability to host the postponed Meeting at a later date,and the ability to find a suitable location which can accommodate anin-person shareholders’ meeting. The Company cautions investors thatany forward-looking information provided by the Company is not aguarantee of future results or performance, and that actual resultsmay differ materially from those in forward-looking information as aresult of various risk factors. These factors include, among others,uncertainties arising from the COVID-19 pandemic, and general economicconditions or conditions in the financial markets. The reader isreferred to the Company's public filings for a more completediscussion of such risk factors, and their potential effects, whichmay 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, toupdate or revise any forward-looking information, whether as a resultof new information, events or otherwise.

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