XMG:CC - MGX Minerals Announces Exploration at GC Lithium Project British Columbia
(TheNewswire)
VANCOUVER – TheNewswire - September 7, 2022 - MGX Minerals Inc. (“MGX” or the “Company”)(CSE:XMG) (CNSX:XMG.CN) (FKT:1MG) (OTC:MGXMF) is pleased to announce completion of geophysicalexploration at the wholly owned GC Lithium Pegmatite Claims in BritishColumbia. MGX Minerals has carried outgeological mapping and geochemical sampling of the GC (andGrail) pegmatite. A total of 7 rock chip samples of mineralizedpegmatite have been sent to ALS Global for ME-MS89L for sodiumperoxide fusion geochemical analysis including Li-Cs-Rb-Ta-Be-Y andrare earth elements. Management intends to develop and extend knownlimits of pegmatite hosted rare metal-bearing mineralization.
The GC claims are on the south flank of theFrenchman's Cap gneiss dome in the Shuswap Metamorphic Complex.Gneiss, quartzite, schist, calc-silicate rocks, minor marble andargillite are isoclinally folded with easterly trending structures.Folding and jointing are common with planes intruded by swarms ofpegmatite and lamprophyre dikes. Locally, the area is underlain bycalc-silicate metamorphic and paragneiss units of the Proterozoic toLower Paleozoic Monashee complex. Granitic pegmatite bodies of therare metal LCT (lithium-cesium-tantalum) variety occur onthe GC Property. LCT pegmatites are known to contain anomalouslevels of beryllium, niobium and tantalum. A 3 to 6- metre widepegmatite dike of coarse-grained quartz, feldspar with black and pinktourmaline is hosted by a biotite (lepidolite) schist. Minor amountsof beryl and rose quartz are also reported. The pegmatite trends 062degrees and has been followed for 65 metres. In 1968, the area wasprospected, silt sampled and mapped by Stampede Oils asthe GC claim. In 2013, two rock samples (48193 and 48194) of thepegmatite dike assayed up to 0.111 per cent caesium and greater than0.2 per cent lithium and rubidium, respectively (Assessment Report34293). In 2015, rock sampling yielded values up to 1.72 per centlithium, 0.124 per cent caesium and greater than 0.2 per cent rubidium(Assessment Report 36579).
LCT pegmatites are a petrogenetically defined subset ofgranitic pegmatites that are associated with certain granites. Theyconsist mostly of quartz, potassium feldspar, albite, and muscovite.Common accessory minerals include garnet, tourmaline, and apatite. LCTpegmatite deposits can contain extractable amounts of a number ofelements, including lithium, cesium, tantalum and niobium. The mostwell-known granitic LCT pegmatite in Canada is the highly fractionatedTanco Pegmatite, located 180 km northeast of Winnipeg, Manitoba thatconsists of a subhorizontal saddle-shaped body measuring 1,500 m longby 1,000 m wide by up to 100 m thick that does not outcrop. Highlyfractionated pegmatite fields in northwestern Canada, including LittleNahanni Pegmatite Group and O’Grady batholith in the NorthwestTerritories, have only recently been discovered.
The LCT variety of pegmatites are sought after forbasic source materials in electrification
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:
Andris Kikauka
Chief Executive Officer
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 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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