XMG:CC - MGX Minerals Announces Exploration at GC Lithium (LCT) Project British Columbia

(TheNewswire)

VANCOUVER – TheNewswire - July20, 2023 - MGX Minerals Inc. (“MGX” or the “Company”)(CSE:XMG) (FKT:1MG) (OTC:MGXMF) announces exploration has beencompleted at the Company’s wholly owned GC Lithium Project.Exploration, led by MGX CEO, Andris Kikauka (P.Geo), includinggeochemical sampling and geological mapping in support of futurediamond drilling. Fourteen rock chip samples were taken from 3pegmatite showings in the main zone.  The total strike length is 2400meters with multiple lithium bearing pegmatite zones.   As previouslyannounced ( see Press Releasedated May 9, 2023 ) a Notice of Work for drilling has beenfiled with the British Columbia Ministry of Energy, Mines and LowCarbon Innovation.  Drilling will be targeted to detect depthextension of surface mineralization, and detail zonation of variousrare metal bearing minerals. Pegmatites in the Boulder Mountain andTurbo Ridge area contain variable lepidolite and pink (or green)tourmaline mineralization. Granitic pegmatite bodies of rare metal LCT(lithium-cesium-tantalum) variety occur on the GC mineralclaims.

The Company has proposed an initial diamond drill(“ DDH ”)program of 5 holes from 4 drill pads, utilizing NQ size core, in closeproximity to GC and Grail pegmatite occurrences where surface samplingin 2022 returned assay values up to 1.04% lithium, 0.1% cesium, and0.35% rubidium.  The pegmatites generally range 1-8 meters width,40-200 meter strike length, and exhibit tabular and dyke or sill-likeform.  The width and coarse crystalline texture of the pegmatitesincrease where they intersect cross-structures and other pegmatites.Lithium-bearing lepidolite and other rare metal (Cs, Rb, Be, Ta, REE)bearing minerals. Geology of the GC occurrence compares favourablywith the Tanco Mine at Bernic Lake, Manitoba which features extensivecesium bearing pollucite mineralization in a highly fractionated sillthat is not exposed on surface.

Geology

The GC occurrence (082LNE024 MINFILE), is characterized bysubvertical pegmatite dykes 3 to 7 metres in width that follows atrend of 062° cutting the well-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 pyrrhotite and magnetitezones may have potential for rare earth element bearing mineralsrelated to nepheline syenite (the Mount Copeland area is known tocontain rare earth elements associated with magnetite, limonite andpyrrhotite).

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PreviousExploration

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 ):

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.

Corporate Update

The Company continues to await final comments on itsfiscal year 2021 audit from its auditor.  Due to the length of timefor audit completion, management, in conjunction with its securitiescounsel and accountant has begun to pursue an alternative strategy toreturn the Company to trade and allow the Company access to equityfinancing through any and all means including merger, acquisition,joint venture or otherwise.  The Company retains significant assetsincluding the above mentioned GC Lithium project, and the advancedphase Fran Gold and Driftwood Creek Magnesium projects.

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

604 305 0078

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 pressrelease include, but are not limited to, statements with respect toholding the postponed Meeting, and the filing of an amended notice ofmeeting and record date for the postponed Meeting. Forward-lookinginformation 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-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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