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MGX Minerals shares gain 3%, samples 34.1 g/t Au at Fran

Wednesday, October 12, 2016 11:41
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(Before It's News)

MGX Minerals Inc.’s (CNSX:XMG) shares were nearly 3% higher on Wednesday after the company said initial results from 2016 fieldwork at its 100%-owned Fran gold property have 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 is located 35 kilometres southwest of the Mount Milligan mine, which hosts 5.7 million ounces gold/2.2 billion pounds copper of proven and probable reserves, and is operated by Thompson Creek Metals.

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., which carried out spatiotemporal geochemical hydrocarbon (SGH) analysis.

Initial results from the first 68 soil samples representing two grids covering the northern half of the magnetic anomaly have been analysed, and interpretation of SGH analysis by Activation Laboratories highlighted unique and signature traits associated with copper-gold mineralisation at depth. Results from SGH sampling suggest the Fran East magnetometer anomaly zone is underlain by an area approximately one by 0.4 km with SGH signatures associated with Cu-Au mineralisation.

In addition, a rock-chip sample (sample 16FR-08) of angular float located approximately one km east-southeast of the SGH survey area returned a geochemical analysis of 34.1 grams per tonne gold (0.995 ounce per ton). This sample contains mariposite (chromium mica), muscovite, hematite, pyrite and chalcopyrite. The source of the SGH anomalies and gold-bearing rock sample is not known at this time, but further geochemical and exploration drilling is planned for this new zone on the eastern portion of the property.

MGX shares were up 2.9% at C$0.18 on Wednesday.

Story by ProactiveInvestors

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