XMG:CC - MGX Minerals Announces Filing of Notice of Work for Drilling at GC Lithium (LCT) Project British Columbia

(TheNewswire)

Vancouver, BC - TheNewswire - May 9, 2023 - MGXMinerals Inc. (“ MGX ” orthe “ Company ”) (CSE:XMG) (FKT:1MG)(OTC:MGXMF) announces a Notice of Work has beenfiled with the British Columbia Ministry of Energy, Mines and LowCarbon Innovation for drilling at its 100% owned GC LithiumProject.

Drilling will be targeted to detect depth extension of surfacemineralization, and detail zonation of various rare metal bearingminerals. The GC lithium claim is centered approximately 10 kilometersnorthwest of Revelstoke in southeast British Columbia.  Pegmatites inthe Boulder Mountain and Turbo Ridge area contain variable lepidoliteand pink (or green) tourmaline mineralization. Granitic pegmatitebodies of rare metal LCT (lithium-cesium-tantalum) variety occur onthe GC mineral claims.

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 biotite gneiss. It is exposed discontinuously forat least 65 m along strike. The GC pegmatite dyke is approximately 3-7meter width over 60 meter strike length trending ENE, dip 80 NNW). Themain dyke exhibits minor offsets by brittle-ductile structures as wellas several narrow additional pegmatite dykes. The GC dyke ischaracterized by intergrown grey translucent quartz. Trace amounts ofrose quartz occurs in pegmatite and older country rock. The rosecolour is caused by irradiation induced aluminium (Al) and phosphorous(P) that replaces silicon (Si) in the atom lattice. K-feldspar isoff-white to beige, and colourless to pale green silvery muscovite isinterspersed with large and clustered black tourmaline. The mainshowing consists of a medial zone measuring containing up to 5% pinkto pale purple lepidolite, up to 2% predominantly pink tourmaline, andtraces of cordierite & black tourmaline. The basic mineralassemblages observed in the GC pegmatites are quartz+feldspar+blacktourmaline or quartz+feldspar+biotite, with moderately fractionatedassemblages including muscovite, rose quartz, garnet, beryl,cordierite, and oxide minerals, and highly fractionated assemblagesadd phosphate minerals, lepidolite, and multi-colored tourmaline(Addie, 2013). Approximately 100 meters southwest of the main showing,a 3-6 meter wide dyke is traced for 25 meters striking 55 degrees anddips 80 degrees north. This dyke may be an offset of the main showing,and is characterized by megacryst muscovite and adjacent marble layersin micaceous gneiss country rock (with minor tourmaline), whereasthemain showing is dominated by megacryst tourmaline (with minormuscovite & marble layer in micaceous gneiss country rock).Faulting is affected by isoclinal folds trending easterly. Jointing isperpendicular to faulting. The GC showings area is surrounded byseveral small odd-shaped ‘cross fault’ ponds with increasedjointing. The GC showing has extensive hornblende alteration in themicaceous gneiss country rock. Approximately, 150 meters south of themain showing, a 5-10 meter wide quartzite band forms a resistant ridgetrending east. The quartzite band dips 20-27 degrees south. Furthersouth the country rock is micaceous schist and interlayered micaceousgneiss. Garnet alteration occurs in the south portion of the propertywhere the relatively flat lying quartzite unit forms a topographichigh (>2,100 m elevation). This area also has occurrences of podsand lenses 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 isknown to contain rare earth elements associated with magnetite,limonite and pyrrhotite).

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Previous Exploration

Mineralized pegmatite was mapped and 5 rock chip samples were analyzedin 2022, and 2 grab samples analyzed in 2023.  Five chip samples wereshipped to ALS North Vancouver for aqua regia method (ME-MS41).  Twohand specimens (grab samples) from the first two rock chip sampleswere analyzed in 2023 using method ME-MS89L (super trace DL Na2O2 byICP-MS).  Five chip samples were shipped to ALS North Vancouver foraqua regia method (ME-MS41). Analysis results from 4 samples takenfrom the GC pegmatite (22GC 1-4), and one country rock sample (22GC5)located 30 meters distance from the pegmatite are listed (ALScertificate VA22228222):

The geochemical analysis results of the GC pegmatite (high in lithiumand cesium), suggests it is an LCT type of pegmatite. Also, there arephosphate minerals (e.g. apatite) and phosphorous bearing rose quartzpresent in the GC pegmatite (rock samples 22GC1-4). The feldspar-quartz-biotite gneiss country rock (rock sample 22GC5) with minorpyrrhotite and magnetite, contains high phosphorous and higher Cevalues in comparison to the pegmatite (rock samples 22GC1-4).Relatively high boron values are noted in the pegmatite and correlateswith increased tourmaline.

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 and technology companywith interests in advanced materials, metals and energy technologies.

Contact Information:

mgxminerals.com

Andris Kikauka

Chief Executive Officer

andris@mgxminerals.com

604 373 8565

Forward-Looking Statements

This press release contains forward-looking information orforward-looking statements (collectively, "forward-lookinginformation") within the meaning of applicable securities laws.All statements, other than statements of historical fact, includedherein are forward?looking information. Forward-looking informationin this press release include, but are not limited to, statements withrespect to holding the postponed Meeting, and the filing of an amendednotice of meeting and record date for the postponed Meeting.Forward-looking information is generally, but not always, identifiedby 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-looking information are based on theapplicable assumptions and factors the Company considers reasonable asof the date hereof, based on the information available to the Companyat such time, including without limitation, the ability to host thepostponed Meeting at a later date, and the ability to find a suitablelocation which can accommodate an in-person shareholders’ meeting.The Company cautions investors that any forward-looking informationprovided by the Company is not a guarantee of future results orperformance, and that actual results may differ materially from thosein forward-looking information as a result of various risk factors.These factors include, among others, uncertainties arising from theCOVID-19 pandemic, and general economic conditions or conditions inthe financial markets. The reader is referred to the Company's publicfilings for a more complete discussion of such risk factors, and theirpotential effects, which may be accessed through the Company's profileon SEDAR at www.sedar.com . Except as required by securitieslaw, the Company does not intend, and does not assume any obligation,to update or revise any forward-looking information, whether as aresult of new information, events or otherwise.

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