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Fresh-cut core from drilling at shallow depths between 18 and 36 m: Note the coarse-grained spodumene mineralization (assays pending and expected shortly).

Today, MGX Minerals Inc. reported on its joint venture at Case Lake in Ontario, where a 30 holes drill program over 3,000 m has now been completed, with assay results expected shortly. Currently, MGX owns 20% of the Case Lake hardrock lithium project and can increase its stake to 35% anytime. 

As previous drill results have shown, Case Lake is turning out as a world-class hardrock lithium project, whereas MGX has joint ventured 4 other lithium projects from Power Metals. MGX owns stakes in numerous other projects and is therefore ideally diversified to profit from the new mega-trend of the new energy ecomomy.

In North America, MGX owns 2 million acres of lithium brine properties and very soon, the first commercial petrolithium system is planned go into production. In South America, MGX opened up a new office and recently started to sample brines from 4 Chilean projects, with results expected shortly. With its rapid minerals extraction technology, MGX is also targeting geothermal brines in California to extract lithium, magnesium and zinc. 

The market also eagerly awaits the publication of a PEA ("Preliminary Ecomomic Assessment") on its 100% owned Driftwood Magnesium Project in British Columbia. Driftwood is a large and high-grade magnesite deposit at surface, which has all of the ingredients to be put into production relatively fast as a quarry-style mine. Already in late 2016, an insitu value of more than a billion dollars was estimated

Results from each project may put MGX on the radar of private and institutional investors, major oil and gas producers as well as lithium end-users worldwide. Hence, highly interesting times are in front of us and may go hand in hand with global recognition and appreciation. 

Case Lake: A World-Class Lithium Project

Once the assay results from the 30 holes (3,000 m) are out, a large drill program over 8,000 m is planned to be completed until the summer. The upcoming drilling aims to test multiple targets to discover new lithium-bearing pegmatite bodies:

Target #1

As below map shows, Target #1 lies between the Main Dyke and the South Dyke, both of which had been discovered and delineated with past drill programs. Between both dykes is another dyke, which was intersected when drilling into and past the Main Dyke. The upcoming drilling may make the discovery of this new and high-grade dyke official. 

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Target #2

The upcoming drill program will also test the Target #2 area for a new discovery between the Main Dyke and the Northeast Dyke Swarm. The Northeast Dyke is located 900 northeast from the North Dyke and Main Dyke, along trend, whereas all of these known dykes are hosted within the same tonalite dome, indicating that the 900 m area in between may host more lithium-bearing pegmatite dykes (potentially under shallow overburden). 

Target #3

Mapping west of the Main Dyke identified spodumene-bearing mineralization in granitic outcrops, indicating that larger pegmatite dykes may be present near surface. The upcoming drill program aims to discover such new dykes. 

Other Targets in Fall 2018

Additional targets are planned to get tested with a subsequent drill program in the Fall, especially the East Dyke (Target #3), the Main Dyke (down dip extension) and  the dome targets identified with the upcoming mapping program in the Spring.  

To date, the Main, North, South, East and Northeast Dykes have been identified, which are not hosted by the Case Batholith (a 50 x 85 km ovoid granitic complex) as previously thought, but by a single laccolith (a dome-shaped igneous body with a flat bottom, looking similar to a water drop on a table; wa laccolith is an offshoot of a batholith). The Case Batholith has multiple domes along its margins, which are visible in Google Earth images as white outcrops and are topographic highs. These domes have no historic exploration work on them and they have the potential to host spodumene pegmatites similar to the Main and the Northeast Dykes. A total of 9 domes have been identified on the Case Lake Property and will be mapped and sampled with the upcoming exploration programs. 

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Company Details


MGX Minerals Inc.
#303 - 1080 Howe Street
Vancouver, BC, Canada V6C 2T1
Phone: +1 604 681 7735 
Email: jared@mgxminerals.com
www.mgxminerals.com

Shares Issued & Outstanding: 99,758,991


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Canadian Symbol (CSE): XMG
Current Price: $1.57 CAD (02/21/2018)
Market Capitalization: $157 Million CAD


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German Symbol / WKN (Tradegate): 1MG / A12E3P
Current Price: €0.994 EUR (02/21/2018)
Market Capitalization: €99 Million EUR 

Previous Coverage

Report #45 “MGX Partner Broadcasting on US Television“

Report #44 “The Big Rethinking Begins: Multiple Lithium Projects in Chile Test the Rapid Lithium Extraction Technology from MGX“

Report #43 “Global Lithium Dominance? MGX Doubles Performance of Lithium Extraction Filters“

Report #42 “Scores of Tail Winds for MGX becoming a Leader in the New Energy Economy“

Report #41 “MGX Goes Big, Develops Utility-Scale Battery Storage System“

Report #40 “Positioned to Profit from Transition to New Energy Economy“

Report #39 “MGX Assembles Dream Team For California Lithium Strategy“

Report #38 “MGX: The Next GreenTech Energy Giant“

Report #37 “MGX Partners with Highbury Energy to make Petroleum Coke more Clean“

Report #36 “Technological Breakthrough in the Mass Energy Storage Industry“

Report #35 “Eureka! MGX Starts Developing Silica Projects after Acquisition of Mass Storage Battery Technology“

Report #34 “MGX Going Big on Petrolithium: The first large-scale integrated petroleum and lithium project ever developed“

Report #33 “Driving into the Realms of Tesla & Co: MGX Acquires Mass Storage Battery Technology from Teck Resources“

Report #32 “Backed by Private and Institutional Heavyweights: MGX cashes up for Lithium Extraction and Exploration“

Report #31 “MGX Revolutionizes the Lithium World - Commissions First Rapid Lithium Extraction System“

Report #30 “Full Steam Ahead: MGX Engages Senator Polanco (Ret.) to Head California Lithium Brine Strategy“

Report #29 “MGX to Target Geothermal Market for Extraction of Lithium and Gold“

Report #28 “MGX Minerals Commences Development of the World‘s First Petrolithium Field“

Report #27 “Canadian Government Backs MGX Minerals‘ Petrolithium Cleantech“

Report #26 “MGX Minerals Solves the Magnesium Problem of the Lithium Industry“

Report #25 “Hard-Rock Lithium Exposure for MGX“

Report #24 “One of the Largest Initial Oil Estimates in US History“

Report #23 “MGX starts Petrolithium pilot plant to deliver hard facts for strategic partners“

Report #22 “Time to bet: Sprott takes a position in MGX“

Report #21 “Petrolithium: First Come First Served“

Report #20 “Successful Independent Verification of the MGX Lithium Extraction Technology“

Report #19 “MGX to Drill the World‘s First PetroLithium Well in Utah“

Report #18 “MGX Reports Upgrading of Lithium Brine from 67 to 1600 ppm Lithium“ 

Report #17 “MGX technology nominated for prestigious Katerva Award, the Nobel Prize of Sustainability“ 

Report #16 “Unconventional oil play legend Marc Bruner to take MGX and PetroLithium to the next level“ 

Report #15 “Total Conviction: MGX forms PetroLithium Corp. to expand into the US oilfield brine markets“ 

Report #14: “MGX Extracts Lithium from Oil Wastewater - Begins Monumental Integration with Big Oil“

Report #13 "MGX Partners with Oil Major on Lithium Brine, New Energy Industry Facing Fundamental Shift“

Report #12 "Game Changing Potential: MGX Minerals‘ Pilot Plant for Rapid Production of Lithium Nears Completion“

Report #11 "MGX assays 34 g/t gold from surface sampling in British Columbia“

Report #10 “Official: MGX owns magnesium worth multi-billions of dollars and starts pilot plant shortly“

Report #9 “One of the world‘s largest lithium resources on the horizon?“

Report #8 “Ready for significant lithium brine work in Alberta“

Report #7 “At the forefront of Alberta‘s lithium brine riches“

Report #6 “Pioneering Lithium in Alberta: MGX Minerals Teams Up“

Report #5 “Time to Put a Lithium Production Process in Place“

Report #4 “MGX Minerals Taps Into Canada‘s Potentially Largest High-Grade Lithium Resources“

Report #3 “MGX Minerals Receives Mining Lease for 20 years (in British Columbia!)“

Report #2 “MGX Minerals Accelerates Towards Production“

Report #1 “MGX Minerals Plans To Enter The Magnesium Market“

Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. The author hold a long position in MGX Minerals Inc. and is being paid a monthly retainer from Zimtu Capital Corp., which company also holds a long position in MGX Minerals Inc. The company may decide to advance its petrolithium projects into production without first establishing mineral resources supported by an independent technical report or completing a feasibility study. A production decision without the benefit of a technical report independently establishing mineral resources or reserves and any feasibility study demonstrating economic and technical viability creates increased uncertainty and heightens economic and technical risks of failure. Historically, such projects have a much higher risk of economic or technical failure.

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COMPANY INFO
Name: MGX Minerals Inc.
Canada Symbol: XMG
Germany Symbol / WKN: 1MG / A12E3P
Shares Issued & Outstanding: 99,758,991
Phone: +1 604 681 7735
Email: jared@mgxminerals.com
Web: www.mgxminerals.com
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