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MGX Minerals' joint venture partner Power Metals Corp extends Case Lake drill program

Last updated: 17:00 16 Nov 2017 GMT, First published: 08:44 16 Nov 2017 GMT

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Highlight assays so far includes 1.94% lithium oxide over 26m in one hole

Petrolithium group MGX Minerals Inc's (CSE: XMG, OTCQB: MGXMF) joint venture partner Power Metals Corp has extended the drill program at Case Lake in Ontario, where finds have been encouraging.

So far, 44 holes have been sunk and now five more shallow holes are planned for a total of 49 drill holes.

In September, MGX took a 20% working interest in all of Power's current hard rock assets  and any future assets that the firm acquires. These are at Case Lake,  Paterson Lake, Gullwing-Tot Lake and Larder River - in Ontario.

Case Lake consists of five dykes: North, Main, South, East and Northeast Dykes.

MGX lithium assets now include control over 2mln acres of lithium brine property in North America,

Highlights of drilling so far includes 1.94% lithium oxide and 323.75ppm (parts per million) Ta (tantalum) over 26 metres (m) in one hole.

Another showed 1.74% lithium and 245.96 ppm Ta over 15.06 m Main Dyke spodumene pegmatite zone extended 250m to the west.

"I am pleased that our drill program on the North and Main Dykes successfully intersected thick high-grade intervals of spodumene pegmatite and I look forward to receiving the assay results from the Main Dyke drill holes and planning the upcoming drill program on the Northeast Dyke," said Dr Selway, Power Metals, the vice -president of Exploration said.

MGX and Power Metals are now planning a 2,000 metre drill program on the Northeast Dyke in January next year and are in the final steps of contracting an industry leading metallurgist.

When final assays are received, an analysis of the initial characterization of the spodumene in the Main Dyke will be undertaken along with other metallurgical testing.

MGX also noted today it had received and accepted the resignation of H. David Read from the board due to health reasons with immediate effect. The search for  new director has begun.

Shares were unchanged at C$0.97 each in Toronto.

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on 28/11/17