MGX Minerals reports high grade gold discovery at Fran Gold Project, British Columbia
Vancouver BC – MGX Minerals Inc’s share price increased by almost 10% today after the company announced a significant gold discovery at its Fran Gold Project in British Columbia, 30 km southwest of the Mount Milligan Gold-Copper Mine.
Drill hole FR18-95 in the Bullion Alley Gold Zone was drilled at an inclination of 55 degrees and depth of 314m and yielded a broad intercept from 227.0 to 241.0 meters of gold mineralization at depth. The highest-grade gold mineralisation was found in a quartz-pyrite vein which averaged 21 g/t Au over 2.2m including 35.9 g/t Au across 0.76m and 26.70 g/t Au over 0.75m
FR18-95 is located between historic drill holes 75 and 81/62 and successfully intercepted the 50-70 meter down-dip extensions of mineralized Zone 3, Zone 2, and Zone 1. The highest grade of gold mineralisation at each of the zones was 4.25 g/t over 0.52m and 6.74 g/t gold over 0.83m at Zone 3. 35.9 g/t Au across 0.76m at Zone 2 and 2.21 g/t Au over 1.35m at Zone 1 respectively.
MGX is currently reviewing data from the Fall 2018 drill program and will begin drilling again this week. The Winter 2018 drill program will test under-explored zones with high grade historical results close to the Main Zone.The property covers 10,227 hectares and has been the subject of shallow exploration since the late 1990’s. Prior to 2018, a total of 15,575 meters of diamond drilling were completed in 87 holes at the Bullion Alley Zone.
According to the press release, MGX's chief executive officer Jared Lazerson stated that “previous operators did not test the Bullion Alley strike at depth, but drilling deeper than ever before at Fran appears to have returned initial favorable results” so the company" has now opened Fran Property up to a re-examination."