MGX Minerals Reports Initial Assays from Heino Gold Deposit Underground
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MGX Minerals Reports Initial Assays from Heino Gold Deposit Underground

Monday, July 20, 2020 2:30 PM
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VANCOUVER, BC / ACCESSWIRE / July 20, 2020 / MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG) (FKT:1MG) (OTC:MGXMF) is pleased to announce initial assays from the Heino Gold Deposit underground workings. Six 0.5kg to 1kg, samples were taken at the 2030 Portal of the Heino-Money Pit Zone during the SRK Consulting (Canada) Site Visit July 8th, 2020. Samples were shipped under direct chain of custody to ALS Canada Ltd. in Kamloops, British Columbia, crushed and pulverized, with further shipment to ALS Canada Ltd, North Vancouver, BC under custody of ALS Canada Ltd. The samples have undergone 35 Element Aqua Regia ICP Analyses (ME-ICP41), Ore Grade Ag (Ag-OG46), Ore Grade Zinc (Zn-OG46), and Ore Grade Lead (Pb-OG46). Up to 1090 grams per tonne silver, 9.13% Lead and 12.55% Zinc are reported. Samples may not be representative of the deposit as a whole. Gold fire assays have now been requested and are expected at the end of the week. Significant Results are reported below:

 

Recv'd Wt. kg

Ag ppm

Pb %

Zn %

301

0.78

1090

9.05

3.92

302

0.61

522

4.75

4.94

303

0.94

94

1.015

3.38

304

0.93

1080

9.13

4.49

305

0.94

1080

7.5

5.35

306

0.51

295

3.45

12.55

Historical Drilling and Production

Summary of recorded surface and underground drilling from the SRK Report.

Table 10-1: Summary of recorded drilling

Year(s)

Mineral Zone

Surface Drilling

Underground Drilling

No. of Holes

Meterage

No. of Holes

Meterage

1981-1987

Heino-Money

100

7,060

9

177

1988

   

92

3,079

1993

   

8

284

1981-1984

East Ridge

26

1,586

   

1988

75

13,149

14

610

1989

10

1,446

   

1984

Silver Queen

12

?

   

1984

Grizzly

4

615

   

1984

Arnie Flats

5

292

   

Totals

232

24,148

123

4,150

Small scale production occurred in 1981, 1984, and 1993 from the Heino-Money Zone. Table 6-4 from the SRK Report summarizes tonnages and metal content recovered per year of extraction.

Table 6-4: Summary of bulk sampling conducted on the Heino-Money Zone

Year

Mined Tonnes

Milled

Tonnes

Au Grams Recovered

Au Ounces Recovered

Ag Grams Recovered

Ag Ounces Recovered

1981

58

58

4,570

145

3,259

105

1984

227

168

48,351

1,554

51,570

1,658

1985/1986

2,972

2,972

98,910

3,180

   

1993

6,800

5,503

102,455

3,294

164,071

5,275

Total

10.057

8,701

254,286

8,173

218,900

7,038

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 NI 43-101.

Advisors

Kingsdale Advisors is acting as strategic shareholder and communications advisor and Norton Rose Fulbright Canada LLP is acting as legal advisor to MGX Minerals Inc.

About MGX Minerals Inc.

MGX Minerals Inc. invests in commodity and technology companies and projects focusing on battery and energy mass storage technology, extraction of minerals from fluids, and exploration for industrial minerals and precious metals.

Contact Information:

Neil Foran
Chief Financial Officer
[email protected]
Web: www.mgxminerals.com

Andy Radia
Director, Communications and Marketing
Kingsdale Advisors
Ph: 416-867-2357
[email protected]

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. All statements, other than statements of historical fact, included herein are forwardlooking information. Forward-looking information in this press release include, but are not limited to, statements with respect to plans for assessment and other activities conducted and proposed to be conducted at the Heino-Money Deposit and Tillicum Claims, the preparation and filing of the Technical Report, and the preparation for structural engineering review for the purpose of underground bulk sampling. Forwardlooking information is generally, but not always, identified by 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 or conditions "will", "would", "may", "could" or "should" occur.

The Company's forward-looking information are based on the applicable assumptions and factors the Company considers reasonable as of the date hereof, based on the information available to the Company at such time, including without limitation, the receipt of any necessary permits, licenses and regulatory approvals, and the Company's ability to comply with environmental, health and safety laws. 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 risk factors. These factors include, among others, geological and environmental factors, operating or technical difficulties in connection with the activities contemplated in this press release, general economic conditions, or conditions in the financial markets. 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. Except as required by securities law, the Company does not intend, and does not assume any obligation, to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

SOURCE: MGX Minerals Inc.

MGX Minerals Inc.
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