2018-01-05 06:16 ET – News Release
Also News Release (C-PWM) Power Metals Corp
Mr. Jared Lazerson of MGX reports
MGX MINERALS ANNOUNCES 17.0 METRES OF 1.81% LI2O AT CASE LAKE LITHIUM PROJECT
MGX Minerals Inc.’s joint venture partner Power Metals Corp. has released drill results for the main dike at Case Lake, Cochrane, Ont.
- PWM-17-33: 2.19 per cent lithium oxide (Li2O) over 6.0 metres (5.0 to 11.0 m);
- PWM-17-33: 2.11 per cent Li2O over 11.0 m (22.0 to 33.0 m);
- PWM-17-34: 1.81 per cent Li2O over 17.0 m.
Drill hole PWM-17-33 lithium and tantalum mineralization includes lithium grades up to 3.02 per cent Li2O over 2.0 m and 2.84 per cent Li2O over 4.0 m in PWM-17-33. Tantalum grades are up to 554.0 parts per million Ta over 2.0 m in PWM-17-33. The coarse-grained spodumene inner intermediate zone from 5.0 to 11.0 m is followed by a very coarse-grained white K-feldspar and pure quartz core (11.0 to 22.0 m) and by another coarse-grained spodumene inner intermediate zone from 22.0 to 33.0 m. This indicates that the high-grade spodumene pegmatite zone is concentrically zoned around the quartz core. The main dike at this hole location has an additional narrow low-grade outer pegmatite zone with the total width of the main dike in PWM-17-33 of 32.65 m.
Drill hole PWM-17-34 also has a width of 17.0 m of continuous lithium and tantalum mineralization. Highlights include grades up to 2.59 per cent Li2O over 1.0 m and 2.42 per cent Li2O over 2.0 m. Tantalum grades are up to 264.25 ppm Ta over 4.0 m. A second high-grade lithium zone of 1.79 per cent Li2O over 3.0 m has been identified in this hole. Including the narrow low-grade outer pegmatite zone, the total width of the main dike in PWM-17-34 is 27.5 m.
The main dike is consistently 30 to 35 m exposed on surface and in shallow drill holes. With depth, the main dike becomes multiple spodumene pegmatite dikes separated by tonalite, and remains contained within the same 30 to 35 m envelop of mineralization. Additional highlights include:
- PWM-17-16: 1.12 per cent Li2O and 119.03 ppm Ta over 7.0 m;
- PWM-17-19: 2.56 per cent Li2O and 47.50 ppm Ta over 1.14 m;
- PWM-17-22: 2.95 per cent Li2O and 255 ppm Ta over 1.0 m;
- PWM-17-22: 2.40 per cent Li2O and 35.45 ppm Ta over 2.0 m.
Assay highlights for assays greater than 0.5 per cent Li2O holes PWM-17-02 to 34 reported in the associated table.
ASSAY HIGHLIGHTS FOR PWM-17-02 TO 34 Li2O Ta Drill hole Including From To Interval weighted average weighted average No. (m) (m) (m) (%) (ppm) PWM-17-02 60.60 63.50 2.90 0.82 86.48 PWM-17-02 78.00 79.00 1.00 0.60 26.20 PWM-17-03 98.47 98.80 0.33 1.08 162.00 PWM-17-14 30.55 31.05 0.50 0.93 72.70 PWM-17-14 32.50 33.00 0.50 0.63 59.80 PWM-17-15 20.20 21.20 1.00 0.57 108.00 PWM-17-15 30.10 32.30 2.20 0.65 56.70 PWM-17-16 2.00 9.00 7.00 1.12 119.03 PWM-17-16 including 7.00 9.00 2.00 2.09 115.80 PWM-17-16 27.00 29.00 2.00 0.74 36.55 PWM-17-16 36.80 38.13 1.33 0.72 61.08 PWM-17-17 7.15 12.00 4.85 1.54 53.16 PWM-17-17 10.00 11.00 1.00 2.05 33.00 PWM-17-17 28.05 30.00 1.95 2.39 92.59 PWM-17-18 36.00 41.00 5.00 0.93 58.96 PWM-17-18 including 36.00 37.00 1.00 2.18 51.90 PWM-17-18 54.21 55.12 0.91 1.47 95.10 PWM-17-19 61.67 62.81 1.14 2.56 47.50 PWM-17-20 18.00 19.00 1.00 1.27 93.70 PWM-17-21 38.00 39.00 1.00 0.63 69.60 PWM-17-21 45.00 46.00 1.00 1.30 98.70 PWM-17-22 58.00 62.00 4.00 1.54 35.85 PWM-17-22 including 59.00 61.00 2.00 2.40 35.45 PWM-17-22 71.00 72.85 1.85 2.08 187.92 PWM-17-22 including 71.00 72.00 1.00 2.95 255.00 PWM-17-23 29.90 32.00 2.10 0.88 59.51 PWM-17-24 57.50 61.50 4.00 0.74 57.85 PWM-17-33 5.00 11.00 6.00 2.19 195.27 PWM-17-33 including 5.00 7.00 2.00 3.02 93.30 PWM-17-33 22.00 33.00 11.00 2.11 259.31 PWM-17-33 including 27.00 29.00 2.00 2.48 554.00 PWM-17-33 including 28.00 32.00 4.00 2.84 213.75 PWM-17-34 8.00 25.00 17.00 1.81 136.10 PWM-17-34 including 15.00 17.00 2.00 2.42 113.55 PWM-17-34 including 18.00 22.00 4.00 1.93 264.25 PWM-17-34 including 22.00 23.00 1.00 2.59 37.50 PWM-17-34 29.00 32.00 3.00 1.79 61.30 PWM-17-34 including 30.00 32.00 2.00 2.16 78.00 PWM-17-34 48.05 48.83 0.78 0.52 14.70 PWM-17-34 53.98 55.00 1.02 1.20 29.80
Drill holes PWM-17-05, 06, 07, 11, 12, 13, 25, 26, 27, 28, 29 and 30 have no significant lithium values. Assays for PWM-17-31 and 32 are pending. Drill holes intersected the pegmatite dikes at near vertical; intervals are proximate to true width.
Drilling to recommence
A 2,000-metre drill program on the newly discovered northeast dike is expected to commence within a week. Grab sample assays from the surface sampling on the northeast dike range from 6.04 per cent to 7.14 per cent Li2O (see press release dated Dec. 4, 2017).
The drill core was sampled so that one metre of the Case batholith tonalite host rock was sampled followed by one m long samples of the pegmatite dike and one m of the Case batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the less-than-20-centimetre pegmatite veins in tonalite which were merged into one sample. The drill core samples were delivered to Actlabs preparation lab in Timmins by Power Metals’ geologists. The core was crushed and pulverized in Timmins and then shipped to Actlabs analytical lab in Ancaster which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore-grade Li2O per cent was prepared by sodium peroxide fusion with analysis by ICP-OES (inductively coupled plasma optical emissions spectroscopy) with a detection limit of 0.01 per cent Li2O.
Case Lake joint venture
Case Lake property is located in Steele and Case townships, 80 kilometres east of Cochrane in Northeastern Ontario close to the Ontario-Quebec border. The Case Lake pegmatite swarm consists of five dikes: north, main, south, east and northeast dikes. MGX currently has a 20-per-cent working interest in Case Lake with the right to acquire an additional 15 per cent. The company holds an option to acquire 10 million shares of Power Metals at 65 cents (see press release dated Aug. 2, 2017).
The technical portions of this press release were reviewed by Andris Kikauka, PGeo, 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 Inc.
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America.
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