Wed, 21 Aug 2019

VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / August 12, 2019 / MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG)(FKT:1MG)(OTCQB:MGXMF) is pleased to report drill results from the 2018/2019 exploration program at its 13,905 hectare Fran Gold Property ("Fran" or the "Property") located in the Omineca mining division of north-central British Columbia, just 30km southwest of the Mount Milligan Gold-Copper mine. Highlights from drilling include:

  • 1.3 meters of 13.50 g/t Au from 235.0 to 236.3 meters in DDH FR18-94
  • 2.23 meters of 23.26 g/t Au from 235.5 to 237.73 meters in DDH FR18-95
  • 4.1 meters of 6.55 g/t Au from 138.25 to 142.35 meters in DDH FR18-96
  • 1.0 meter of 21.0 g/t Au from 225.08 to 226.08 meters in DDH FR18-100
  • 8.85 meters of 1.0 g/t Au from 265.00 to 273.85 meters in DDH FR18-100
  • 0.80 meters of 8.38 g/t Au from 166.00 to 166.80 in DDH FR18-102

The C$1.9 million exploration program completed 16 NQ-size diamond drill holes across 5,653 meters (see Figure 1 and Table 1) as well as 18 kilometers of Induced Polarization surveys (see Figure 2). Based on the positive results, MGX is now planning a follow up seven-hole, 2,800 meter drill program to further delineate the SE and NW extensions of the high-grade Bullion Alley gold zone.

Discussion of Drill Results

Results from the Winter 2018/2019 exploration program at Fran verified continuity of the north contact at the Bullion Alley Zone. The contact zone between the intrusive monzonite and hornfels volcanic/sedimentary rocks host several sub-parallel gold bearing shear zones. Interpretation of the results suggest higher gold grades correlate with vein strike flexure and intersecting shears in this 200 X 250 m area, along with relatively consistent continuity down-dip to the north.

Approximately 75% of the gold enriched shear zones of Bullion Alley are hosted in porphyritic monzonite with the remaining 25% hosted in Inzana Formation (Takla Group) indurated volcanic and sedimentary lithologies. Several other syn to post-mineral vein types have been identified in drilling and in outcrops in the Bullion Alley zone. The best gold values are localized in areas of vein flexures where thickening of mineralized structures occur. These structures are associated with increased K-feldspar, magnetite, chlorite, silica, and carbonate alteration, and monzonite composition hornblende and plagioclase porphyry dyke/sill lithologies in Late Triassic-Early Jurassic porphyritic monzonite host-rock as well as hornfels in Inzana Formation (Takla Group) volcanic and sedimentary host-rocks.

Figure 1. Drill Hole Locations and Section Line

The table below reports 12 out of 16 drill hole intercepts >1 g/t Au as intersected interval lengths (not true width):

Table 1. Fran 2018-2019 DDH Interval Length Reporting >1g/t Au

DDH #

From (m)

To (m)

Interval m

g/t Au

% Cu

FR18-92

175.5

177.09

1.59

2.19

0.30

FR18-92

183.0

185.05

2.05

1.03

0.06

FR18-92

255.7

256.34

0.64

2.19

0.11

FR18-92

273.5

274.1

0.60

2.62

0.09

FR18-92

274.62

275.1

0.48

6.73

0.23

FR18-92

279.0

280.72

1.72

1.58

0.03

FR18-92

292.0

294.0

2.0

1.09

0.01

FR18-92

303.55

304.1

0.55

1.08

0.06

FR18-93

277.0

278.0

1.0

1.20

0.02

FR18-93

298.6

299.1

0.5

1.77

0.23

FR18-93

305.0

306.0

1.0

1.69

0.11

FR18-94

222.0

223.12

1.12

2.37

0.08

FR18-94

231.35

231.9

0.55

6.37

0.62

FR18-94

235.0

236.3

1.3

13.50

0.25

FR18-94

259.0

260.0

1.0

4.99

0.02

FR18-95

204.0

205.32

1.32

5.91

0.15

FR18-95

227.0

228.34

1.34

2.78

0.23

FR18-95

229.24

230.1

0.86

3.05

0.07

FR18-95

235.5

237.73

2.23

23.26

0.15

FR18-95

276.7

279.35

2.65

1.41

0.26

FR18-95

284.88

285.64

1.51

1.40

0.05

FR18-96

44.50

46.02

1.52

3.28

0.01

FR18-96

138.25

142.35

4.10

6.55

0.14

FR18-96

157.50

166.15

8.65

3.13

0.12

FR18-96

181.00

181.50

0.50

4.04

0.17

FR18-96

207.00

208.00

1.00

2.05

0.01

FR18-96

247.19

250.00

2.81

1.65

0.04

FR18-96

254.2

254.90

0.65

8.89

0.06

FR18-97

39.75

40.90

1.15

3.61

0.01

FR18-97

42.61

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