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MGX Minerals higher as drilling starts at Northeast Dyke at Case Lake lithium project

Last updated: 15:43 10 Jan 2018 EST, First published: 04:43 10 Jan 2018 EST

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Pictured: Batteries. Case Lake is a lithium property in Ontario

MGX Minerals Inc (CSE:XMG, OTCQB:MGXMF) told investors that its joint venture partner Power Metals Corp (CVE:PWM) had kicked off a 2,000m drill program on the Northeast Dyke at Case Lake in Ontario.

Hole PWM-18-51  will be the first hole on the Northeast dyke, the firm revealed, and it is now in progress.

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It is collared 5 metres north of the spodumene pegmatite outcrop and will drill underneath the location of the surface high grade assays, which were reported last month.

Those assays ranged from 6.04% to 7.14% lithium oxide for rock samples on surface.

Other highlight samples included 6.75% lithium oxide and 6.04% lithium in another sample.

The Northeast Dyke lies 900 meters (m) northeast along strike of the recently completed 5,400 m drill program on the North and Main Dykes and is within the same tonalite dome as the North and Main Dykes.

READ - MGX Minerals flags latest drilling results from Power Metals Corp at Case Lake

Case Lake lies close to the Ontario-Quebec border and the pegmatite swarm consists of five dykes -  North, Main, South, East and Northeast.

Last month Power announced additional drilling results for the Main Dyke.

Highlights included 2.19% lithium oxide (Li2O) over six metres (m) and 2.11% Li2O) over 11 metres at hole PWM-17-33, and 1.81% Li2O over 17 metres at PWM-18-34.

Drill hole PWM-17-33 lithium and tantalum mineralization includes lithium grades up to 3.02 % Li2O over 2.0 m and 2.84 % Li2O over 4.0 m, while tantalum grades are up to 554.0 parts per million (ppm) tantalum (Ta) over 2.0 m.

MGX shares are up 3.54% to C$1.17.

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