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VANCOUVER, British Columbia, Sept. 10, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / OTCQB: MGXMF / FSE: 1MG) is pleased to announce that joint-venture partner Power Metals Corp. (TSX.V: PWM) (“Power Metals”) has reported that assays have confirmed the presence of high grade Lithium (Li) and Tantalum (Ta) mineralization on Gullwing-Tot Lakes Property located 30 km northeast of Dryden, Ontario. Gullwing Lake pegmatite and Tot Lake pegmatite are located 6.3 km apart and are hosted by the same mafic metavolcanics unit.

Figure 1
  Spodumene – quartz core, sample 159056, Tot Lake


Figure 2
  Coarse-grained Ta-oxide in albitized K-feldspar zone, sample 159238, Tot Lake


Figure 3
  Pure spodumene sample with trace lepidolite, sample 159082, Gullwing North outcrop


Figure 4
  Large Ta-oxide crystal on albite, sample 159254, Gullwing North outcrop


Figure 5
  Location of high grade grab samples from Gullwing and Tot Lakes pegmatites, northeast of Dryden.


The assay highlights from grab samples from Tot Lake pegmatite include:

  • - 4.58 % Li2O from quartz – spodumene core, sample 159056 (Figure 1)
  • - 2.62 % Li2O from quartz – spodumene core, sample 159057
  • - 1.68 % Li2O and 233 ppm Ta from pink spodumene pegmatite zone, sample 1590235
  • - 498 ppm Ta from albitized K-feldspar zone, sample 159238 (Figure 2)

The assay highlights from grab samples on the Gullwing North outcrop include:

  • - 6.78 % Li2O from pure spodumene sample, sample 159082 (Figure 3)
  • - 0.73 % Li2O from spodumene – albite – quartz sample, sample 159084
  • - 759 ppm Ta from large Ta-oxide crystals in albite unit, sample 159254 (Figure 4)

Photos accompanying this announcement are available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/4ac51e8e-05a8-43fc-8072-df59d1c8f39b

http://www.globenewswire.com/NewsRoom/AttachmentNg/5e026e21-6650-44b5-80d2-1211b42443e0

http://www.globenewswire.com/NewsRoom/AttachmentNg/15c4e162-2b26-4ba7-8490-413d99044bf7

http://www.globenewswire.com/NewsRoom/AttachmentNg/f3de2212-94de-41fb-8e9f-d19906d26088

Location map for Gullwing and Tot Lakes pegmatites is given in Figure 5 and tables of assays and UTM coordinates are given in Tables 1 and 2.

Mapping on Tot Lake pegmatite revealed eye-popping lithium and tantalum mineralization with pale green megacrystic spodumene blades up to 75 cm long and 15 cm wide identified next to megacrystic K-feldspar crystals in historical trench 3 (Power Metals Corp, press release dated July 11, 2018). The Ta-oxide crystals are up to 1 by 2 cm in size and are some of the largest Ta-oxide crystals in pegmatites in the province of Ontario. Typically, Ta-oxide minerals are 1 to 2 mm in size. In addition to lithium and tantalum mineralization, the cesium mineralization is also impressive at Tot Lake. Pollucite (Cs ore mineral) at Tot Lake is concentrated in a 1 by 5 m pod near the southwestern end of the pegmatite dyke where it comprises 32 vol% of the pod (Breaks et al., 2014). Pollucite is rare in nature and is only known at four other pegmatite localities in Ontario (Breaks et al., 2014). Pollucite is an indicator mineral for extreme chemical fractionation.

Table 1. High grade Li assays for grab samples from Gullwing and Tot Lakes pegmatites, UTM NAD 83, Zone 15.

Sample No. Station Easting
(m)
Northing
(m)
Elevation
(m)
Lithology Ta
(ppm)
Li2O
(%)
Pegmatite
159082 JK-18-157 532777 5529476 397 Pegmatite 7.2 6.78 Gullwing North
159056 JK-18-126 538935 5530873 287 Pegmatite 27.8 4.58 Tot Lake
159057 JK-18-126 538935 5530872 287 Pegmatite 78 2.62 Tot Lake
159235 AV-18-075 538930 5530873 397 Pegmatite 233 1.68 Tot Lake
159059 JK-18-126 538934 5530872 396 Ultramafic
Volcanic
18.2 0.757 Tot Lake
159084 JK-18-158b 532777 5529480 393 Pegmatite 40.6 0.733 Gullwing North
159058 JK-18-127 538936 5530878 392 Pegmatite 9.2 0.551 Tot Lake
159241 AV-18-080 538932 5530877 400 Pegmatite 40 0.512 Tot Lake
Sample 159059 represents the metasomatized ultramafic host rock next to spodumene-rich pegmatite.

Table 2. High grade Ta assays for grab samples from Gullwing and Tot Lakes pegmatites, UTM NAD 83, Zone 15.

Sample No. Station Easting
(m)
Northing
(m)
Elevation
(m)
Lithology Ta
(ppm)
Li2O
(%)
Pegmatite
159254  AV-18-104  532783 5529473 401  Pegmatite  759  0.007  Gullwing North
159238 AV-18-078 538918 5530897 399 Pegmatite 498 0.019 Tot Lake (north)
159235 AV-18-075 538930 5530873 397 Pegmatite 233 1.68 Tot Lake
159237 AV-18-077 538916 5530888 401 Pegmatite 227 0.342 Tot Lake
159239 AV-18-079 538933 5530876 397 Pegmatite 208 0.004 Tot Lake
159262 AV-18-111 532774 5529386 413 Pegmatite 150 0.013  Central Gullwing 
159236 AV-18-076 538935 5530874 395 Pegmatite 101 0.061 Tot Lake

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/305d77af-706a-42a5-bba5-197d9c29b219

Quality Control
The grab samples were shipped to SGS analytical lab in Lakefield, Ontario by Manitoulin Transport. SGS analytical lab in Lakefield has ISO 17025 certification. Every 20 samples included one external quartz blank and one external lithium standard. The ore grade Li2O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.002 % Li2O. A QA/QC review of the standards and blanks for this mapping program indicate that they passed and the assays are accurate and not contaminated.

Gullwing-Tot Lakes
Gullwing-Tot Lakes Property is located in Drope and Webb townships, 30 km northeast of Dryden, NW Ontario with excellent road access. Gullwing and Tot Lakes pegmatites contain spodumene. The Property was optioned from Exiro Minerals Corp. in 2017 (Power Metals press release dated April 20, 2017). The Property is located 5.5 km northeast of the Mavis Lake spodumene pegmatite field.

Terms of the Joint-Venture
MGX currently has a paid 20% working interest in five lithium hard rock properties in Ontario controlled by Power Metals Inc as well as any additional properties acquired by Power Metals prior to August 2020. MGX also maintains the right to acquire an additional 15% working interest, for a total of 35%, in each of the hard rock lithium properties by making a one-time payment of $10M prior to August 2020. MGX currently holds an option to acquire 10,000,000 shares of Power Metals at $0.65 (see press release dated August 2, 2017).

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 National Instrument 43-101 Standards.

About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com.

Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
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. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. 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 factors. 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. 

Source: https://web.tmxmoney.com/article.php?newsid=7271969408868937&qm_symbol=XMG:CNX

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COMPANY INFO
Name: MGX Minerals Inc.
Canada Symbol: XMG
Germany Symbol / WKN: 1MG / A12E3P
Shares Issued & Outstanding: 122,655,926
Phone: +1 604 681 7735
Email: jared@mgxminerals.com
Web: www.mgxminerals.com
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