VANCOUVER, BC / ACCESSWIRE / June 30, 2020 / MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to announce that a field crew has accessed the Tillicum Heino-Money Deposit main haulage portal at the 2050 level. Multiple higher level portals have been identified all feeding into the shoot and primary mine haulage. Rail and water piping appear to be in good condition with no apparent flooding or structural degradation at the portal. Sampling has been undertaken with gold assays now pending. A structural engineering review by SRK Consulting (Canada) is now underway. In excess of 400 diamond drill holes, representing over 40,000 meters, are reported to have been completed by previous owners, approximately half of which were drilled from 5 levels of underground development.
MGX Directors Andris Kikuaka (P. Geo) and Jared Lazerson at the Re-opened 2050 Level Mine Haulage Portal, Approximately 7000 Feet of Elevation, June 21, 2020
Additional Site Activities
The field crew has begun cataloging drill core. Site activities are in support of a Technical Report and Resource Estimate by SRK Consulting (Canada) expected to be prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Technical Report is expected to be completed within days with Resource Estimate to follow.
Previous production at the property included a 5,503 ton bulk sample grading 0.599 ounces per ton in 1993 from the Heino-Money Zone processed using gravity separation and flotation. See British Columbia MINFILE 082FNW234 for detailed information regarding the deposit and claims.
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 forward‐looking 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. Forward‐looking 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.