MGX Minerals samples over 6 oz/ton gold at Tillicum Mountain, British Columbia

MGX Minerals Heino Gold Deposit

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MGX Minerals Inc. [XMG-CSE; MGXMF-OTC; 1MG-FSE] announced initial gold assays from the Heino Gold Deposit underground workings at the Tillicum Mountain property 12 km east of the West Kootenay region of British Columbia. Six 0.5kg to 1kg, samples were taken at the 2030 Portal of the Heino-Money Pit Zone during the SRK Consulting (Canada) site visit July 8, 2020. Samples have undergone gold analysis by fire assay and gravimetric finish and returned up to 6 oz/tonne gold.

Highlights included 4.04 oz/ton gold, 31.8 oz/ton silver, 9.05% lead and 3.92% zinc; 2.56 oz/ton gold, 15.2 oz/ton silver, 4.75% lead and 4.94% zinc; and 6.04 oz/ton gold, 2.7 oz/on silver, 1.015% lead and 3.38% zinc.

Small scale production occurred in 1981, 1984, and 1993 from the Heino-Money Zone and totalled 8,173 ounces of gold and 7,038 ounces of silver recovered.

The Tillicum Mountain property is an advanced mining property since it has substantial underground development in place, and many targets to explore via extensions of existing adits and drilling from underground and surface. Exploration within the property includes the Heino-Money, Grizzly, and East Ridge.

The Heino-Money Zone gold mineralization is contained in a near vertical structure which averages about 6 feet in width and which, to date, has been delineated over a strike length of approximately 600 feet and a vertical extent of 300 feet. The mineralized zone remains open both on strike and to depth. The East Ridge deposit contains the majority of presently defined gold-bearing mineralization, and the East Ridge Deposit remains open along strike and to depth. Based on previous deep drilling, there is potential for East Ridge (A, B, C & D Zones) mineralization to extend to depth over 400 metres, and based on previous geochemical sampling and geophysical surveys, the north and south lateral extension of the East Ridge Zone also has potential to extend several hundred metres. The Grizzly is at an early stage of exploration, located approximately 900 metres to the southeast of the East Ridge deposit, and represents a large gold-silver bearing mineralized system that requires further drill testing.

Management is planning to drill the depth extension of the steeply-dipping Heino-Money Zone where it intersects the moderately dipping East Ridge A Zone and has filed a Notice of Work.

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