MGX Minerals Announces Bulk Sample from Heino Gold Deposit Assays up to 2 oz/t Gold and 53% Free Gold Recovery in Phase I Metallurgy Testing

ALS Metallurgy Phase I for Heino Deposit

A set of samples from the project site were received at ALS Metallurgy on August 4, 2020. These included approximately 140 kilograms of surface rock samples from the Heino zone. The Heino samples were prepared into 3 composites, each representing a section of the surface outcropping.

Each sample was staged and crushed to minus 6 mesh, homogenized and split into sub-samples using a rotary splitter where applicable. Smaller sample masses were riffle split. A 500 gram head cut was extracted from each sample and analyzed using a screened metallic preparation method, which includes fire assays on the plus 106µm portion and duplicate cuts of the minus 106µm portion following pulverizing. An additional 200 gram head cut was extracted from each sample, pulverized, and gold fire assays were conducted on duplicate 30 gram aliquots. Three different screens were used with metallic screen providing the best recovery. Assays were completed by ALS Global Canada.

ALS Metallurgy PhaseI II

A series of bench scale flotation tests are now planned, preceded by gravity concentration, on the Heino composite. Gravity concentration on each ground feed will include processing through a laboratory Knelson concentrator, followed by hand panning to achieve a low mass concentrate. Gravity tails would advance to flotation. The objective of the flotation testing would be to produce a bulk sulphide concentrate that contains elevated levels of gold and silver, and maximize recovery of these precious metals. Five rougher kinetic tests on the composite are budgeted to investigate reagent requirements and recovery as a function of primary grind size. One rougher test per composite would exclude gravity concentration for comparison.

An open circuit cleaner flotation tests is budgeted to investigate the potential to produce high grade concentrates, and evaluate the effect of regrinding. Finally, a locked cycle test is budgeted for each to confirm metallurgical performance in closed circuit. All test products would be assayed for Au, Ag, Pb, Zn, Fe and S. Final concentrates produced in locked cycle tests would be submitted for a suitable multi-element analysis to determine minor element levels.

A series of graduated cylinder settling tests on flotation tailings are budgeted to scope out suitable flocculant types. A sub-sample of tailings from each locked cycle test would be submitted to ALS Geochemistry for an Acid-Base Accounting analysis package.

Prreliminary metallurgy results for the East Ridge Zone are under review and expected to be released shortly.

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 is a Canadian resource and technology company.

Contact Information:

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

Media:

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

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 holding the postponed Meeting, the filing of an amended notice of meeting and record date for the postponed Meeting and sampling and testing and any and all results expected therefrom. 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 ability to host the postponed Meeting at a later date, the ability to find a suitable location which can accommodate an in-person shareholders' meeting, the ability of the Company to seek and obtain Court-ordered relief from the statutory deadline for holding the Meeting, the ability of the Company to successfully complete sampling and testing and any and all results expected therefrom. 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, uncertainties arising from the COVID-19 pandemic, and general economic conditions or conditions in the financial markets or factors otherwise affecting project sites or sampling and testing. 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.