VANCOUVER, BRITISH COLUMBIA / October 12, 2016 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) announces that initial results from 2016 field work at its 100% owned Fran gold property (“Fran” or the “Property”) has generated numerous high-priority drill targets with significant gold and copper exploration potential.
Work in 2016 at Fran focused on further defining large-scale positive magnometer anomalies in the Fran East zone (“Fran East”) (see Figure 1). Fran East is located 35 kilometers’ south-west of the Mount Milligan mine, which hosts 5.7M oz. Au / 2.2B lbs. Cu proven and probable reserves, and is operated by Thompson Creek Metals (TSX: TCM). Field crews completed a 100-metre spaced soil sampling program at Fran East that included collection of 260 soil samples and 15 rock samples. Assay results were submitted for interpretation to Activation Laboratories Ltd. (“Activation Laboratories)”, who carried out spatiotemporal geochemical hydrocarbon (“SGH”) analysis.
Figure 1. Fran Gold magnometer survey
Initial results from the first 68 soil samples representing two grids covering the northern half of the magnetic anomaly have been analyzed and interpretation of SGH analysis by Activation Laboratories highlighted unique and signature traits associated with copper-gold mineralization at depth. Results from SGH sampling suggests the Fran East magnetometer anomaly zone is underlain by an area approximately 1 x 0.4 kilometers with SGH signatures associated with Cu-Au mineralization. (Figures 2 and 3).
Figure 2. SGH gold pathfinder 3D-view
Figure 3. SGH copper pathfinder 3D-view
In addition to an excellent response from SGH sampling, a rock chip sample (Sample 16FR-08) of angular float located approximately one-kilometer ESE of the SGH survey area returned a geochemical analysis of 34.1 g/t gold (0.995 opt). This sample contains mariposite (chromium mica), muscovite, hematite, pyrite, and chalcopyrite (see photo 1). The source of the SGH anomalies and gold-bearing rock sample are not known at this time, but further geochemical and exploration drilling is planned for this new zone on the eastern portion of the Property.
Photo 1. Rock chip sample 16FR-08 which assayed 34 g/t gold
About Fran Gold Property
The Fran property encompasses 10,200 hectares across 15 mineral tenures within the Omineca mining division of central British Columbia. A total of 87 historic diamond drill holes spanning more than 15,000 meters have been completed to date within the Bullion Alley zone, where three parallel gold-bearing trending Quartz veins are traced for several hundred meters. Fran is located within the Quesnellia Terrane of the Canadian Cordillera and is underlain by the Takla Group of Late Triassic to Early Jurassic sedimentary and volcaniclastic rocks that are intruded by dykes and small stocks of monzonite, monzodiorite, diorite and more.
* The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.
The technical portions of this press release have been reviewed by Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals.