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MGX Minerals Inc.

MGX Minerals unveils high grade gold assays from drilling at Fran project in British Columbia

The firm revealed that 16 diamond drill holes were sunk for 5,653 metres in the C$1.9 million program at the 13,905 hectare project

MGX Minerals Inc. -
The encouraging results mean MGX s now planning a follow up seven-hole, 2,800 m drill program at the asset

MGX Minerals Inc (CSE:XMG) (OTCMKTS:MGXMF) has unveiled high grade gold results from drilling at its Fran project in British Columbia.

The firm revealed that 16 diamond drill holes were sunk for 5,653 metres (m) in the C$1.9 million program at the 13,905 hectare project and18 km of Induced Polarization (IP) surveys were undertaken.

Due to the positive findings, MGX is now planning a follow up seven-hole, 2,800 m drill program to further delineate extensions of a high grade zone, it said in a statement.

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The property lies in the Omineca mining division of north-central British Columbia, 30km southwest of the Mount Milligan gold-copper mine.

Highlight assays from the 16 holes include 2.23m of 23.26 grams per ton (g/t) gold in one hole, from 235.5m to 237.73m. Another hole threw up 1 meter of 21.0 g/t of the yellow metal from 225.08m to 226.08m.

Verified continuity

Results from this 2018/2019 exploration program at Fran have verified continuity at the Bullion Alley Zone.

MGX said interpretation of the results suggested higher gold grades correlate with vein strikes and shear geology in this 200m  by 250m area.

The new 2,800m program is aimed at further delineating the south-east and north-west) extensions of the high-grade Bullion Alley gold zone.

Additional drilling will focus in site-specific areas of the north monzodiorite-hornfels contact zone, where most drilling at Bullion Alley has taken place.

Shares in Toronto added 7.7% to $0.21 each.

---Updates for share price---

Contact the author at [email protected]m

Quick facts: MGX Minerals Inc.

Price: $0.19

Market: CSE
Market Cap: $25.97 m
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