Mr. Andris Kikauka reports

MGX MINERALS ANNOUNCES FILING OF NOTICE OF WORK FOR DRILLING AT GC LITHIUM (LCT) PROJECT, BRITISH COLUMBIA

MGX Minerals Inc. has filed a notice of work with the British Columbia Ministry of Energy, Mines and Low Carbon Innovation for drilling at its 100-per-cent-owned GC lithium project.

Drilling will be targeted to detect depth extension of surface mineralization, and detail zonation of various rare metal bearing minerals. The GC lithium claim is centred approximately 10 kilometres northwest of Revelstoke in southeast British Columbia. Pegmatites in the Boulder Mountain and Turbo Ridge area contain variable lepidolite and pink (or green) tourmaline mineralization. Granitic pegmatite bodies of rare metal LCT (lithium-cesium-tantalum) variety occur on the GC mineral claims.

The company has proposed an initial diamond drill (DDH) program of five holes from four drill pads, utilizing NQ size core, in close proximity to GC and Grail pegmatite occurrences where surface sampling in 2022 returned assay values up to 1.04 per cent lithium, 0.1 per cent cesium and 0.35 per cent rubidium. The pegmatites generally range one to eight metres width, 40- to 200-metre strike length, and exhibit tabular and dike or sill-like form. The width and coarse crystalline texture of the pegmatites increase where they intersect cross structures and other pegmatites. Lithium-bearing lepidolite and other rare metal (Cs, Rb, Be, Ta, REE) bearing minerals. Geology of the GC occurrence compares favourably with the Tanco mine at Bernic Lake, Man., which features extensive cesium-bearing pollucite mineralization in a highly fractionated sill that is not exposed on surface.

Geology

The GC occurrence (082LNE024 minfile), is characterized by subvertical pegmatite dikes three to seven metres in width that follows a trend of 062 degrees cutting the well-developed fabric of the host biotite gneiss. It is exposed discontinuously for at least 65 m along strike. The GC pegmatite dike is approximately three to seven metres width over 60-metre strike length trending ENE (east-northeast), dip 80 NNW (north-northwest)). The main dike exhibits minor offsets by brittle-ductile structures as well as several narrow additional pegmatite dikes. The GC dike is characterized by intergrown grey translucent quartz. Trace amounts of rose quartz occurs in pegmatite and older country rock. The rose colour is caused by irradiation induced aluminium (Al) and phosphorous (P) that replaces silicon (Si) in the atom lattice. K-feldspar is off-white to beige, and colourless to pale green silvery muscovite is interspersed with large and clustered black tourmaline. The main showing consists of a medial zone measuring containing up to 5 per cent pink to pale purple lepidolite, up to 2 per cent predominantly pink tourmaline, and traces of cordierite and black tourmaline. The basic mineral assemblages observed in the GC pegmatites are quartz plus feldspar plus black tourmaline or quartz plus feldspar plus biotite, with moderately fractionated assemblages including muscovite, rose quartz, garnet, beryl, cordierite and oxide minerals, and highly fractionated assemblages add phosphate minerals, lepidolite and multicoloured tourmaline. Approximately 100 metres southwest of the main showing, a three-to-six-metre-wide dike is traced for 25 metres striking 55 degrees and dips 80 degrees north. This dike may be an offset of the main showing, and is characterized by megacryst muscovite and adjacent marble layers in micaceous gneiss country rock (with minor tourmaline), whereasthe main showing is dominated by megacryst tourmaline (with minor muscovite and marble layer in micaceous gneiss country rock). Faulting is affected by isoclinal folds trending easterly. Jointing is perpendicular to faulting. The GC showings area is surrounded by several small odd-shaped cross fault ponds with increased jointing. The GC showing has extensive hornblende alteration in the micaceous gneiss country rock. Approximately, 150 metres south of the main showing, a five-to-10-metre wide quartzite band forms a resistant ridge trending east. The quartzite band dips 20 to 27 degrees south. Further south the country rock is micaceous schist and interlayered micaceous gneiss. Garnet alteration occurs in the south portion of the property where the relatively flat lying quartzite unit forms a topographic high (greater than 2,100 m elevation). This area also has occurrences of pods and lenses of heavy limonite, minor pyrrhotite and magnetite. The pyrrhotite and magnetite zones are interpreted as Proterozoic age and are not the same age as the Tertiary pegmatites. The pyrrhotite and magnetite zones may have potential for rare-earth element bearing minerals related to nepheline syenite (the Mount Copeland area is known to contain rare earth elements associated with magnetite, limonite and pyrrhotite).

Previous exploration

Mineralized pegmatite was mapped and five rock chip samples were analyzed in 2022, and two grab samples analyzed in 2023. Five chip samples were shipped to ALS North Vancouver for aqua regia method (ME-MS41). Two hand specimens (grab samples) from the first two rock chip samples were analyzed in 2023 using method ME-MS89L (super trace DL Na2O2 by ICP-MS). Five chip samples were shipped to ALS North Vancouver for aqua regia method (ME-MS41). Analysis results from four samples taken from the GC pegmatite (22GC 1-4), and one country rock sample (22GC5) located 30 metres distance from the pegmatite are listed (ALS certificate VA22228222).

The geochemical analysis results of the GC pegmatite (high in lithium and cesium) suggests it is an LCT type of pegmatite. Also, there are phosphate minerals (for example, apatite) and phosphorous-bearing rose quartz present in the GC pegmatite (rock samples 22GC1-4). The feldspar-quartz-biotite gneiss country rock (rock sample 22GC5) with minor pyrrhotite and magnetite, contains high phosphorous and higher Ce values in comparison with the pegmatite (rock samples 22GC1-4). Relatively high boron values are noted in the pegmatite and correlates with increased tourmaline.

Qualified person

Andris Kikauka (PGeo), chief executive officer of 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.

About MGX Minerals Inc.

MGX Minerals is a diversified Canadian resource and technology company with interests in advanced materials, metals and energy technologies.

We seek Safe Harbor.