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MGX Minerals Announces Commencement of Large-Scale Drill Program

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VANCOUVER, BRITISH COLUMBIA / June 21, 2018 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / OTCQB: MGXMF / FSE: 1MG) is pleased to report that joint-venture partner Power Metals Corp. (“Power Metals”) has commenced drilling in the Main Dyke area on the Henry Dome at the Case Lake lithium property (“Case Lake”). Power Metals expects to complete over 15,000 metres of drilling and will test several new targets that were recently identified through previous drilling and mapping.

In 2017 Power Metals completed approximately 5,400 metres of drilling across 50 holes in the Main, North and South Dyke last year with great success. Highlights from the 2017 fall/winter drilling on the Main Dyke included:

  • PWM-17-08: 1.94 % Li2O and 323.75 ppm Ta over 26.0 m
  • PWM-17-09: 1.23 % Li2O and 148.0 ppm Ta over 16.0 m
  • PWM-17-10: 1.74 % Li2O and 245.96 ppm Ta over 15.06 m

Lithium grades are up to 3.29 % Li2O over 1.0 m in PWM-17-08 in the quartz core with coarse-grained pale green spodumene.

Near the end of the 2017 drill program, Power Metals’ exploration team discovered two new spodumene pegmatite dykes located between the Main Dyke and the South Dyke. The first new dyke was intersected in PWM-17-42 and 43 with locally up to 30% spodumene. The exploration team then targeted the new dyke to intersect it again in PWM-17-44 and 49. This new dyke is located 20-40 m down hole from the Main Dyke and 35-40 m vertical depth from the surface. The second new spodumene pegmatite dyke was intersected in PWM-17-42 and 49. It is located 50 m down hole from the Main Dyke and 50-80 m vertical depth from surface.

One of the drill targets for the 2018 summer drill program will be to extend the strike length of these two new spodumene pegmatite dykes between the Main and South Dykes.

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 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
The technical portions of this press release were reviewed by Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals. 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 & 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”, “postulate” 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.

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Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by the use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report/TechMoney360 does not take responsibility for the accuracy of forward looking statements and advises the reader to perform their own due diligence on forward looking numbers or statements.

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