Mr. Jared Lazerson reports
MGX MINERALS DRILLS HIGH-GRADE GOLD MINERALIZATION AT FRAN GOLD PROJECT, BRITISH COLUMBIA
MGX Minerals Inc. has release drill results from the 2018/2019 exploration program at its 13,905-hectare Fran gold property located in the Omineca mining division of north-central British Columbia, just 30 kilometres southwest of the Mount Milligan gold-copper mine. Highlights from drilling include:
- 1.3 metres of 13.50 grams per tonne gold from 235.0 to 236.3 metres in DDH FR18-94;
- 2.23 metres of 23.26 g/t Au from 235.5 to 237.73 metres in DDH FR18-95;
- 4.1 metres of 6.55 g/t Au from 138.25 to 142.35 metres in DDH FR18-96;
- 1.0 metre of 21.0 g/t Au from 225.08 to 226.08 metres in DDH FR18-100;
- 8.85 metres of 1.0 g/t Au from 265.00 to 273.85 metres in DDH FR18-100;
- 0.80 metre of 8.38 g/t Au from 166.00 to 166.80 in DDH FR18-102.
The $1.9-million exploration program completed 16 NQ-size diamond drill holes across 5,653 metres as well as 18 kilometres of induced polarization surveys. Based on the positive results, MGX is now planning a follow-up seven-hole, 2,800-metre drill program to further delineate the southeast and northwest 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 subparallel gold-bearing shear zones. Interpretation of the results suggests higher gold grades correlate with vein strike flexure and intersecting shears in this 200-by-250-metre area, along with relatively consistent continuity downdip to the north.
Approximately 75 per cent of the gold enriched shear zones of Bullion Alley are hosted in porphyritic monzonite with the remaining 25 per cent hosted in Inzana formation (Takla group) indurated volcanic and sedimentary lithologies. Several other synmineral to postmineral 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 dike/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.
The associated table shows 12 out of 16 drill hole intercepts greater than one g/t Au as intersected interval lengths (not true width).
FRAN 2018/2019 DDH INTERVAL LENGTH REPORTING GREATER THAN ONE G/T AU
DDH From To Interval Au Cu
No. (m) (m) (m) (g/t) (%)
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 43.11 0.50 1.03 0.02
FR18-97 45.11 46.63 1.52 1.11 0.02
FR18-98 25.30 26.30 1.00 6.75 0.04
FR18-98 33.00 34.00 1.00 1.92 0.06
FR18-98 206.22 206.89 0.67 1.0 0.03
FR18-99 9.35 10.02 0.67 3.87 0.03
FR18-99 68.68 69.53 0.85 2.63 0.02
FR18-99 103.14 103.76 0.62 1.99 0.08
FR18-99 103.76 104.41 0.65 2.19 0.07
FR18-99 223.73 224.40 0.67 5.25 0.83
FR18-100 225.08 226.08 1.00 21.0 0.10
FR18-100 265.00 273.85 8.85 1.0 0.06
FR18-100 307.32 308.33 1.01 6.22 0.03
FR18-101 219.03 221.00 1.97 2.36 0.18
FR18-101 346.40 347.71 1.31 1.65 0.04
FR18-102 94.41 95.15 0.74 1.51 0.03
FR18-102 113.0 114.14 1.14 1.4 0.02
FR18-102 132.14 132.64 0.50 1.91 0.04
FR18-102 166.00 166.80 0.80 8.38 0.10
FR18-102 186.14 187.50 1.36 1.89 0.05
FR18-102 187.50 188.35 0.85 2.19 0.07
FR18-102 188.35 189.14 0.79 4.9 0.02
FR18-102 215.00 216.14 1.14 1.22 0.03
FR18-103 105.68 106.76 1.08 2.74 0.04
FR18-103 115.11 115.89 0.78 4.02 0.06
FR18-103 148.50 149 0.50 1.88 0.02
FR18-103 150.33 151 0.67 4.89 0.02
FR18-103 156.06 157.42 1.36 4.21 0.29
FR18-103 157.98 158.48 0.50 1.05 0.08
FR18-103 178.00 178.6 0.60 1.05 0.02
FR18-103 308.69 309.84 1.15 1.19 0.02
FR18-103 338.94 339.44 0.50 1.0 0.09
Note
Elevated copper values greater than 0.1 per cent Cu contain elevated zinc and silver values
(not listed).
Induced polarization survey
As part of the exploration program, MGX also retained Scott Geophysics Ltd. to complete an induced polarization (IP) survey. The objective of the IP survey was to combine 3-D inversion results with drill result to further refine targets that may be indicative of structures and/or mineralized bodies at Fran consistent with high-grade gold/polymetallic share zones and veins.
Next steps
A seven-hole, 2,800-metre drill program to further delineate the southeast and northwest extensions of the high-grade Bullion Alley gold zone are now being planned. Additional drilling will focus in site-specific areas of the north monzodiorite-hornfels contact zone, where most drilling at Bullion Alley has taken place.
Fran gold project
The Fran property encompasses 13,905 hectares located in the Omineca mining division of north-central British Columbia. The property lies in a northwest-trending belt of volcanic rocks in the Quesnelia terrain which host alkalic porphyry Cu-Au deposits, including the Mount Milligan gold-copper mine located 38 km northeast of Fran.
Quality assurance/quality control
The sample chain of custody was managed by site geologist Myles Dickson, PGeo. Drill core was stored and split at a secure storage facility in Fort St. James, B.C., and shipped to ACT Labs Minerals for assay using 1A2-ICP Kamloops Au-fire assay and 1E3-Kamloops Aqua Regia ICP (AQUAGEO). ACT is an independent, ISO-certified analytical laboratory located in Kamloops, B.C. Blanks and standards were used for data verification purposes.
Qualified person
Andris Kikauka, PGeo, 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 Inc.
MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets.
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