VANCOUVER – TheNewswire - September 7, 2022 - MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (CNSX:XMG.CN) (FKT:1MG) (OTC:MGXMF) is pleased to announce completion of geophysical exploration at the wholly owned GC Lithium Pegmatite Claims in British Columbia.  MGX Minerals has carried out geological mapping and geochemical sampling of the GC (and Grail) pegmatite.  A total of 7 rock chip samples of mineralized pegmatite have been sent to ALS Global for ME-MS89L for sodium peroxide fusion geochemical analysis including Li-Cs-Rb-Ta-Be-Y and rare earth elements.  Management intends to develop and extend known limits of pegmatite hosted rare metal-bearing mineralization.

The GC claims are on the south flank of the Frenchman's Cap gneiss dome in the Shuswap Metamorphic Complex. Gneiss, quartzite, schist, calc-silicate rocks, minor marble and argillite are isoclinally folded with easterly trending structures. Folding and jointing are common with planes intruded by swarms of pegmatite and lamprophyre dikes. Locally, the area is underlain by calc-silicate metamorphic and paragneiss units of the Proterozoic to Lower Paleozoic Monashee complex. Granitic pegmatite bodies of the rare metal LCT (lithium-cesium-tantalum) variety occur on the GC Property.  LCT pegmatites are known to contain anomalous levels of beryllium, niobium and tantalum. A 3 to 6- metre wide pegmatite dike of coarse-grained quartz, feldspar with black and pink tourmaline is hosted by a biotite (lepidolite) schist. Minor amounts of beryl and rose quartz are also reported. The pegmatite trends 062 degrees and has been followed for 65 metres.  In 1968, the area was prospected, silt sampled and mapped by Stampede Oils as the GC claim.  In 2013, two rock samples (48193 and 48194) of the pegmatite dike assayed up to 0.111 per cent caesium and greater than 0.2 per cent lithium and rubidium, respectively (Assessment Report 34293). In 2015, rock sampling yielded values up to 1.72 per cent lithium, 0.124 per cent caesium and greater than 0.2 per cent rubidium (Assessment Report 36579).

LCT pegmatites are a petrogenetically defined subset of granitic pegmatites that are associated with certain granites. They consist mostly of quartz, potassium feldspar, albite, and muscovite. Common accessory minerals include garnet, tourmaline, and apatite. LCT pegmatite deposits can contain extractable amounts of a number of elements, including lithium, cesium, tantalum and niobium.  The most well-known granitic LCT pegmatite in Canada is the highly fractionated Tanco Pegmatite, located 180 km northeast of Winnipeg, Manitoba that consists of a subhorizontal saddle-shaped body measuring 1,500 m long by 1,000 m wide by up to 100 m thick that does not outcrop. Highly fractionated pegmatite fields in northwestern Canada, including Little Nahanni Pegmatite Group and O’Grady batholith in the Northwest Territories, have only recently been discovered.

The LCT variety of pegmatites are sought after for basic source materials in electrification

Qualified Person

Andris Kikauka (P. Geo.), CEO of 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.

About MGX Minerals

MGX Minerals is a diversified Canadian resource and technology company with interests in advanced materials, metals and energy technologies.

Contact Information:

mgxminerals.com

Andris Kikauka

Chief Executive Officer

andris@mgxminerals.com

604 373 8565

Forward-Looking Statements

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