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MGX Minerals Inc
Symbol XMG
Shares Issued 140,385,960
Close 2021-10-14 C$ 0.05
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MGX Minerals plans exploration at GC property

2021-10-14 14:22 ET - News Release

Mr. Andris Kikuaka reports

MGX MINERALS ANNOUNCES EXPLORATION FOR NUCLEAR AND SPACE METALS AT GC LITHIUM -- CAESIUM -- TANTALUM -- RUBIDIUM PROJECT, BRITISH COLUMBIA

MGX Minerals Inc. has planned exploration at its 100-per-cent-owned GC lithium, cesium, tantalum and rubidium property, located in Southern British Columbia. The purpose of the planned exploration is to identify nuclear and space metals potential. In 2013, two rock samples (48193 and 48194) of the pegmatite dike assayed up to 0.111 per cent cesium and greater than 0.2 per cent lithium and rubidium, respectively (British Columbia assessment report No. 34293). In 2015, rock sampling yielded values up to 1.72 per cent lithium, 0.124 per cent cesium and greater than 0.2 per cent rubidium (British Columbia assessment report No. 36579). The dike is known to be at least 65 metres in length and three metres to six metres wide.

Nuclear and space metals

Tantalum, niobium, titanium and rubidium metals are generally known for their high melting point and ability to withstand extreme heat, and they have direct applications in nuclear and space flight. Cesium is a liquid metal similar to mercury and is currently used in space applications, including as a propellant in small ion thrusters.

GC project geology

The claims are on the south flank of the Frenchman's Cap gneiss dome in the Shuswap metamorphic complex. Gneiss, quartzite, schist, calc-silicate rocks, minor marble and argillite are isoclinally folded with easterly trending structures. Folding and jointing are common with planes intruded by swarms of pegmatite and lamprophyre dikes. Locally, the area is underlain by calc-silicate metamorphic and paragneiss units of the Proterozoic to Lower Paleozoic Monashee complex. Granitic pegmatite bodies of the rare metal LCT (lithium/cesium/tantalum) variety occur on the GC property. LCT pegmatites are known to contain anomalous levels of beryllium, niobium and tantalum. A three-metre-wide to six-metre-wide pegmatite dike of coarse-grained quartz and feldspar with black and pink tourmaline is hosted by a biotite (lepidolite) schist. Minor amounts of beryl and rose quartz are also reported. The pegmatite trends 62 degrees and has been followed for 65 metres.

LCT pegmatites in Canada

LCT pegmatites are a petrogenetically defined subset of granitic pegmatites that are associated with certain granites. They consist mostly of quartz, potassium feldspar, albite and muscovite. Common accessory minerals include garnet, tourmaline and apatite. LCT pegmatite deposits can contain a number of elements, including lithium, cesium, tantalum and niobium. The most well-known granitic LCT pegmatite in Canada is the highly fractionated Tanco pegmatite, located 180 kilometres northeast of Winnipeg, Man., which consists of a subhorizontal saddle-shaped body measuring 1,500 metres long by 1,000 metres wide by up to 100 metres thick that does not outcrop. Highly fractionated pegmatite fields in northwestern Canada, including Little Nahanni pegmatite group and O'Grady batholith in the Northwest Territories, have only recently been discovered.

Exploration

MGX Minerals is planning to perform detailed geological mapping and geochemical sampling of the GC pegmatite and subsequent core drilling in order to understand potential for tantalum, niobium, titanium, cesium and rubidium.

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 standards.

About MGX Minerals Inc.

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

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