MGX Minerals Announces Completion
of Site Survey for 3D Seismic Geophysics at Paradox Basin, Utah
Petrolithium Project
VANCOUVER, BRITISH COLUMBIA / January 2, 2018 / MGX
Minerals Inc. ("MGX" or the "Company") (CSE: XMG / OTCQB: MGXMF / FKT: 1MG) is pleased to announce
that the site survey, in preparation for 3D seismic geophysics, at
the Company's Paradox Basin Petrolithium Project, has been
completed. The site survey covers the Company's Blueberry Unit
within its Utah Petrolithium portfolio (the "Project"). The survey
includes approximately 9,000 source points. The purpose of the
geophysical survey is to outline subsurface geological formations
and structures favorable for accumulations of oil and gas as well
as lithium brine bearing formations.
The Blueberry Unit consists of 80,380 acres of unitized Federal,
State and Private lands. MGX controls the overwhelming majority of
mineral claims within the Blueberry Unit inclusive of lithium and
other brine minerals. The Blueberry Unit is part of the Company's
Paradox Basin land holding and joint venture portfolio. The
Blueberry Unit (oil, gas and lithium) and Lisbon Valley Claims
(lithium) consist of over 110,000 acres of oil and gas leases and
approximately 118,000 acres of largely overlying and contiguous
mineral claims. Brine content within the Lisbon Valley oilfield
have been historically reported as high as 730 ppm lithium
(Superior Oil 88-21P).
The Project is being simultaneously explored for oil, gas,
lithium and other brine minerals as part of the Company's North and
South Americas exploration, testing and analyses strategy to
determine locations for deployment of the Company's lithium and
mineral extraction technology inclusive of Petrolithium,
geothermal, and other lithium brine feedstock sources. MGX controls
over two million acres of lithium mineral claims throughout North
America.
Lisbon Valley and Paradox Basin Geology
The Lisbon Valley oilfield has approximately 140 wells. According
to production statistics, as reported by the Utah Department of
Natural Resources, Oil, Gas and Mining Division, cumulative
lifetime production within the Lisbon Valley oilfield has totaled
51.4 million barrels of oil as of June 2017 ("Oil Production by
Field, Utah Department of Natural Resources, Division of Oil, Gas
and Mining"; June 2017; Click Here). The Paradox Basin
has been noted by the USGS as having one of the largest undeveloped
oil and gas fields in the United States ("Assessment of Oil and Gas
Resources in the Paradox Basin Province"; USGS; 2011; Click Here).
Blueberry Unit
MGX is currently earning a 75% working interest in the Project,
with the remaining interest primarily controlled by a private Utah
corporation (the "Paradox Partner"). The Paradox Partner has been
engaged by MGX as subcontracted operator of the Project. The
Project is host to National Instrument (N.I) 51-101 estimated
prospective resources (the "Estimate") consisting of leasehold and
royalty interests in San Juan County, Utah and Miguel County.
Colorado. The estimate was prepared by the Ryder Scott Company,
L.P. ("Ryder Scott"), an independent qualified reserves evaluator
within the meaning of N.I. 51-101 - Standards of Disclosure for Oil
and Gas Activities ("NI 51-101"), with an effective date of June
30, 2017. The Estimate was prepared in accordance with N.I. 51-101
and the Canadian Oil and Gas Evaluation Handbook.
Qualified Person
The technical portions of this press release were prepared and
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.
MGX may decide to advance its petrolithium projects into
production without first establishing mineral resources supported
by an independent technical report or completing a feasibility
study. A production decision without the benefit of a technical
report independently establishing mineral resources or reserves and
any feasibility study demonstrating economic and technical
viability creates increased uncertainty and heightens economic and
technical risks of failure. Historically, such projects have a much
higher risk of economic or technical failure.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with
interests in advanced material and energy assets throughout North
America. Learn more at www.mgxminerals.com.
Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.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 (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.