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MGX Minerals Inc.

MGX Minerals poised for drilling restart at Fran gold project

Initial drilling this winter will see a twin vertical hole sunk to confirm and test below a historic hole from 2002 in the Hiiltop zone, said MGX

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In recently reported Fall drilling, the highest-grade gold was contained within a quartz-pyrite vein

MGX Minerals Inc (CSE:XMG) (FKT:1MG) (OTCQB:MGXMF) told investors that drilling will restart soon at the Fran gold project in British Columbia.

Initial drilling this winter will see a twin vertical hole sunk to confirm and test below a historic hole from 2002 in the Hilltop zone.

WATCH: MGX Minerals sees great potential from three parts of the company

This hole assayed 13 meters of 3.76 g/t (grams per ton) gold from between 153m and 166 m, including 5.10 meters of 12.89 g/t of the yellow metal and 18.70 g/t gold over 1 meter.

Other historical holes included an intercept of 2.10m at 15.90 ppm (parts per million) gold.

Earlier this month, MGX reported Fall drilling results, which showed one hole returning a broad intercept from 227 to 241 metres of gold mineralization at depth in the Bullion Alley Gold Zone.

This confirmed the extension of gold mineralization in veins from near surface to depth

The highest-grade gold was contained within a quartz-pyrite vein which averaged 21 grams per ton (g/t) gold over 2.2m, including 35.9 g/t gold across 0.76m and 26.70 g/t gold over 0.75 metres.

The Fran property encompasses 10,227 hectares and lies 30km southwest of the Mount Milligan Gold-Copper Mine and 19km by logging road from the Mount Milligan western access road.

A total of 15,575 meters of diamond drilling was completed in 87 drill holes at the Bullion Alley Zone before 2018.

Previous drilling identified three areas along the northwest trending 1.5km strike with up to three lateral zones in addition to proximate gold zones such as the Hilltop Zone.

No significant drilling at depth has occurred on the property.

It's a busy period for the group. The group said this week that subsidiary MGX Renewables had entered the final phase of development of its next-generation zinc-air mass storage system.

READ: MGX Minerals makes discovery at Fran property in British Columbia

The modular plant is designed to deliver power in the range 20kW-50MW, while storage capacity will be anywhere from 120Kwh-1GWh.

With the advantage of rechargeable zinc-air fuel cell technology, it can be configured to support a wide range of discharge power.

MGX reported that all the components of the system have been designed, tooled and received with the exceptions of the fuel cell and regenerator plates. Housings are expected to arrive this month.

MGX’s zinc-air flow battery efficiently stores energy in the form of zinc particles and contains none of the traditional high-cost battery commodities such as lithium, vanadium, or cobalt.

It allows for low-cost mass storage of energy and can be used for a wide range of applications.

Shares were unchanged in Toronto at $0.51.

 

Contact Giles Gwinnett at [email protected]

Follow Giles on Twitter @Gile74

 

Quick facts: MGX Minerals Inc.

Price: $0.21

Market: CSE
Market Cap: $29.48 m
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