VANCOUVER, BRITISH
COLUMBIA / InvestorsHub
NewsWire / February 2, 2017 - MGX Minerals
Inc. ("MGX" or the "Company") (CSE:
XMG / FKT:
1MG / OTC:
MGXMF) is pleased to announce it has acquired the Lisbon
Valley petro lithium project (the "Project") located in the Paradox
Basin, Utah.
The Project includes 888 placer mineral claims inclusive of lithium
brine mineral rights covering the majority of the Lisbon Valley oil
and gas field (see Figure 1), where historic lithium brine content
has been reported as high as 730 parts per million lithium
(Superior Oil 88-21P).
"This recent acquisition in the Paradox Basin is strategic
for MGX. These claims cover the majority of the Lisbon Oilfield
placing MGX as a major player in oilfield lithium brine in the
United States," stated MGX Chairman Marc Bruner.
Geologic Setting
The Lisbon Valley oil and gas field is located approximately 40
miles southeast of Moab, Utah in the salt anticline belt on the
southwest edge of the Paradox Basin in San Juan county. The
oilfield was first discovered by Pure Oil Company in 1960. The
Lisbon field produces oil and gas from the southwest flank of a
faulted anticlinal trap in the Devonian sandstones and
Mississippian limestones (Segal et al., 1986).
The Paradox Basin covers large parts of San Juan, Garfield,
Wayne, Emery, and Grand Counties in southeastern Utah. The Basin
was a structural and depositional trough associated with the
Pennsylvanian-age Ancestral Rocky Mountains. The subsiding basin
developed a shallow-water carbonate shelf that locally contained
carbonate buildups along its south and southwest margins.
The region is home to the former Rio Algom uranium mill
facility, an active copper mine operated by Lisbon Valley Mining
Company, and a natural gas processing plant located in the city of
Lisbon, Utah.
Extraction of Lithium from Oil Field Brine
As previously announced, MGX and engineering partner PurLucid
Treatment Solutions ("PurLucid") have successfully extracted
lithium from oil sands wastewater (see press release dated January 3, 2017). The
Company and PurLucid are now preparing for deployment of the pilot
plant shortly with commercial scale deployment expected during the
second half of 2017.
The pilot plant unit represents fully integrated technology
combining MGX's patent pending lithium extraction process, which
potentially reduces recovery times of lithium and other valuable
minerals from 18 months to one day when compared with conventional
lithium extraction, with PurLucid's patented water purification
technology, which removes particulate and dissolved material
including dissolved and emulsified oil, colloids and heavy
metals.
Pilot Plant Optimization Update
Results from pilot plant optimization testing will be released
shortly as part of the completion of the pilot plant. Lithium
carbonate has been extracted from oil well production waste water
at the Company's flagship Sturgeon Lake property. Results are currently
under technical review and will be released shortly (see Figure
2).
Figure 1. MGX Minerals South Paradox Basin Claims
Figure 2. Lithium carbonate produced from Sturgeon Lake
Oilfield production water using MGX's patent pending recovery
process and engineering partner PurLucid Treatment Solution's
patented oilfield wastewater filtration technologies.
Qualified Persons
The technical portions of this press release were prepared by
Dr. Preston McEachern, CEO of PurLucid Treatment Solutions Inc.,
and have been reviewed by Andris Kikauka (P. Geo.), Vice President
of Exploration for MGX Minerals. Mr. Kikauka is a non-independent
Qualified Person within the meaning of National Instrument (N.I.)
43-101 Standards.
About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company
engaged in the development of large-scale industrial mineral
portfolios in western Canada and the United States. The Company
operates lithium, magnesium and silicon projects throughout British
Columbia and Alberta as well as petro lithium exploration in Utah.
MGX recently released a
maiden N.I. 43-101 compliant mineral resource estimate for its
Driftwood Creek magnesium project, which outlined 8.3
million tonnes grading 43.31% magnesium oxide. In January the
Company received a
20-year Mining Lease for Driftwood Creek. Additionally,
the Company is the largest
lithium brine land holder in Canada, controlling nearly
487,000 hectares of land representing over one million barrels of
brine production per day. For further information, please visit the
Company's website at www.mgxminerals.com.
Contact Information
Jared Lazerson
Chief Executive Officer
Telephone: 1.604.681.7735
Email: jared@mgxminerals.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 including the completion of the rights
offering (collectively "forward-looking information") within the
meaning of applicable securities laws. Forward-looking information
is typically identified by words such as: "believe", "expect",
"anticipate", "intend", "estimate", "potentially" and similar
expressions, or are those, which, by their nature, refer to future
events. 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 factors. 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.