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MGX Minerals Announces Exploration Results up to 75 Ounces per Tonne Silver at Silver Queen Deposit and 0.4 Ounces Per Tonne Gold at Grizzly Deposit, Tillicum Claims, British Columbia

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VANCOUVER, BC / ACCESSWIRE / February 10, 2021 / MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG)(FKT:1MG)(OTC PINK:MGXMF) is pleased to announce project geochemical analysis results of rock chip samples taken from the Grizzly, Silver Queen (Photo 1), Arnie Flats, East Ridge, Jennie and Road Zones.

Zone Name

Sample no

Au g/t

Au oz/t

Ag g/t

Ag oz/t

Cu ppm

Pb ppm

Zn ppm

Grizzly

20GRIZ1

10.55

0.308

16

0.47

1665

345

456

Grizzly

20GRIZ2

3.52

0.103

10.55

0.31

274

355

416

Grizzly

20GRIZ5

14.25

0.416

6.21

0.18

208

23.4

86

Arnie Flats

20AF1

4.17

0.122

430

12.54

460

1085

403

Arnie Flats

20AF2

3.47

0.101

421

12.28

462

889

278

Silver Queen

20SQ1

1.48

0.043

19

0.55

57.5

40.2

62

Silver Queen

20SQ2

2.87

0.084

9.06

0.26

37.7

45.5

73

Silver Queen

20SQ7

1.08

0.032

2590

75.54

807

110500

180000

East Ridge

20EAST1

1.33

0.039

13.95

0.41

2170

15.5

13300

East Ridge

20EAST2

2.32

0.068

47.8

1.39

961

2350

4520

Jennie

20JEN1

1.13

0.033

42.4

1.24

295

6990

13300

Jennie

20JEN4

1.46

0.043

3.02

0.09

99

177.5

3690

Road

20ROAD1

2.28

0.067

7.55

0.22

109

396

2700

(analytical data reported by ALS Canada Ltd, method ME-MS41, and Au-GRA22)

Grizzly- Located 0.6 kilometers east and southeast of Tillicum Mountain, shear-related calc-silicate-quartz skarn zones host sulphide mineralization consists primarily of massive pyrrhotite, pyrite-marcasite, sphalerite, chalcopyrite, galena, and traces of free gold hosted in conformable bands to pods within pelitic schist (shale protolith), tuffaceous basalt and feldspar porphyry (hybrid diorite) intrusion. The Grizzly mineralization closely resemble the Heino-Money & East Ridge Zones. In 1989, diamond drilling Grizzly Zone yielded values up to 10.4 grams per tonne gold over 1.2 metres in hole G89-214; 19.9 grams per tonne gold over 0.9 metre in hole G89-213 and 2.6 grams per tonne gold with 15.3 grams per tonne silver over 14.4 metres in hole G89-220, including 3.3 metres yielding 5.1 grams per tonne gold and 15.8 grams per tonne silver. Rock chip sampling from a roadcut near the 1989 drilling obtained gold values of 14.52 g/t Au (0.424 ounces/ton Au) across a sample interval of 0.35 meters (1.15 feet). This area in the southern portion of the Grizzly Zone, and several drill holes are planned to intersect extensions of the southern (higher elevation) gold-bearing portions of the Grizzly Zone.

Silver Queen- Locally tuffs and limy/sandy sediments strike east to northeast, dipping steeply south, have been intruded by numerous dikes. The gold and silver mineralization is related to hornfelsing associated with various dykes and sills and the mid-Jurassic Goatcanyon granitic stock. Mineralization is stratiform and hosted in limy and garnetiferous greenstone. Mineralization has been traced over a strike length of 950 metres. Drilling on the zone has identified several 20- metre thick mineralized skarn zones hosted in a 30- metre wide sequence of impure calcareous quartzites, siltstones and thin marble beds marginal to feldspar porphyry sills. Sulphide mineralization consisted of pyrite, pyrrhotite, tetrahedrite, sphalerite, galena, pyrargyrite and arsenopyrite. Alteration minerals include quartz, tremolite, actinolite and anhedral garnet. Grab sample 20SQ-7, located near the north portion of the NE trending Silver Queen trend, consisted of massive sphalerite-galena, and returned assay values of 2,590 grams/tonne Ag (75.54 ounces/ton Ag), 11.05% Pb, 18.0% Zn.

Arnie Flats- Locally, tuffaceous and meta-basaltic andesites near a hybrid diorite sill host two sub-parallel calc-silicate skarn zones. The zones trend east to northeast with moderate dip to southwest, and have been traced for 120 metres along strike. Sulphide mineralization consists of disseminated and stringer pyrite with pyrrhotite and trace argentite or tetrahedrite. Alteration minerals include epidote, quartz and chlorite. Rock chip samples 20AF-1 & 2 returned assay values of 4.17 & 3.47 g/t Au (0.122 & 0.101 ounces/ton Au), and 430 & 421 g/t Ag (12.54 & 12.3 ounces/ton Ag).

The Grizzly, Silver Queen and Arnie Flats Zones qualify as extension and exploration targets for further drill testing where drilling is planned for Grizzly in 2021. The Jennie and Road Zones also have good exploration potential, and they align as north extensions of the high-grade gold Heino-Money Zone.

Recent Exploration

As announced July 24th, 2020, six 0.5kg to 1kg, samples were taken at the 2030 Portal of the Heino-Money Pit Zone at the Heino Gold Deposit 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 gold analysis by fire assay and gravimetric finish up to 6 ounces per tonne Au are reported. Previous silver, lead, and zinc assays from press release issued July 20 are included. Bulk Samples are of selected mineralized material and are not representative of the deposit as no mineral resource estimate at any level of confidence has been completed:

Sample #

Weight kg

Au ppm

Au oz/ton

Ag ppm

Ag oz/ton

Pb %

Zn %

301

.78

138.5

4.04

1090

31.8

9.05

3.92

302

.61

87.4

2.56

522

15.2

4.75

4.94

303

.94

207.0

6.04

94

2.7

1.015

3.38

304

.93

114.0

3.33

1080

31.5

9.13

4.49

305

.94

85.5

2.49

1080

31.5

7.5

5.35

306

.51

7.52

0.22

295

8.6

3.45

12.55


Historical Work

Summary of recorded surface and underground drilling from the NI 43-101 compliant technical report (the "SRK Report") are reported below:

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.

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
neil@mgxminerals.com
Web: www.mgxminerals.com

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.



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