MGX Minerals Announces Completion of Site Visit by SRK Consulting at Heino Gold Deposit

Introduction

• SRK undertook a site visit to the MGX's Heino Gold Project on 7-9 July 2020.

• The primary aim of the Phase 1 work was to verify and resample mineralized intercepts from available historical drill core.

• In addition, surface and underground outcrops were examined to gain an understanding of the geological controls on the mineralization and provide input to the Phase 2 lithological, structural and resource modelling.

• Work was undertaking with the guidance and assistance of the MGX team and geologist Andris Kikauka

Geology overview

• Mineralization is hosted within the Milford Group, a sequence of Upper Paleozoic to Triassic pelitic schists, calc-silicates and metavolcanoclastics

• Three intrusive episodes are recognized:

  1. Porphyritic dioritic sills (Jurassic)

  2. Monzonitic Goat Canyon and Halifax Creek stocks (Late Cretaceous)

  3. Lamprophyre dykes (Eocene)

• The area is structurally complex with at least two stages of folding, multiple shear zones and faults recognised.

• Peak metamorphic grade throughout the region is typically of sillimanite facies.

Geology overview

• Gold and Silver is reported from shear zone related skarns developed adjacent to, or in close proximity to quartz monzodiorite porphyry sills.

• Mineralization is strongly structurally controlled with two styles recognised:

1. Steeply dipping, Heino-Money Zone type mineralization 2. Shallower dipping East Ridge Zone type mineralization

• The age, interrelationship and timing between the two styles is still poorly understood with some interpretations considering the highgrade Heino-Money Zone a remobilization and enrichment of the East Ridge Zone mineralization style.

Geology overview

• Finely disseminated sulphides occur within the foliation or as coarse-grained aggregates with quartz, plagioclase, sericite, tremolite-actinolite, clinozoisite, garnet, biotite and microcline assemblages

• Sulphides include pyrrhotite, pyrite-marcasite, arsenopyrite, sphalerite, galena, and minor chalcopyrite and tetrahedrite.

• Native gold occurs within and along the margins of quartz calcsilicate segregations and associated with sulphides.

Drill Core observations

Further work

From the site visit SRK can recommend the following to develop a more detailed understanding of the structure and controls on mineralization:

• High resolution LiDAR survey with detailed structural interpretation

• Further surface structural mapping

• Development of a 3D lithostructural model

• Integration of structural interpretation with high resolution geophysics

• Understanding timing and kinematics of shearing and mineralization

• Relationship of mineralization age to intrusive history

• Re-evaluation of mineralization models. For example, Skarn type versus shear zone hosted and intrusion related systems?

Qualified Person

Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals, has prepared, reviewed and approved the scientific and technical information in this press release. Mr. Kikauka is a non-independent Qualified Person within the meaning of NI 43-101.

Advisors

Kingsdale Advisors is acting as strategic shareholder and communications advisor and Norton Rose Fulbright Canada LLP is acting as legal advisor to MGX Minerals Inc.

About MGX Minerals Inc.

MGX Minerals Inc. invests in commodity and technology companies and projects focusing on battery and energy mass storage technology, extraction of minerals from fluids, and exploration for industrial minerals and precious metals.

Contact Information

Neil Foran
Chief Financial Officer
neil@mgxminerals.com
Web: www.mgxminerals.com

Andy Radia
Director, Communications and Marketing
Kingsdale Advisors
Ph: 416-867-2357
aradia@kingsdaleadvisors.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forward?looking information. Forward-looking information in this press release include, but are not limited to, statements with respect to plans for assessment and other activities conducted and proposed to be conducted at the Heino-Money Deposit and Tillicum Claims, the preparation and filing of the Technical Report, and the preparation for structural engineering review for the purpose of underground bulk sampling. Forward?looking information is generally, but not always, identified by the words "expects", "plans", "anticipates", "in the event", "if", "believes", "asserts", "position", "intends", "envisages", "assumes", "recommends", "estimates", "approximate", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.

The Company's forward-looking information are based on the applicable assumptions and factors the Company considers reasonable as of the date hereof, based on the information available to the Company at such time, including without limitation, the receipt of any necessary permits, licenses and regulatory approvals, and the Company's ability to comply with environmental, health and safety laws. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various risk factors. These factors include, among others, geological and environmental factors, operating or technical difficulties in connection with the activities contemplated in this press release, general economic conditions, or conditions in the financial markets. The reader is referred to the Company's public filings for a more complete discussion of such risk factors, and their potential effects, which may be accessed through the Company's profile on SEDAR at www.sedar.com. Except as required by securities law, the Company does not intend, and does not assume any obligation, to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

SOURCE: MGX Minerals Inc.