MGX Minerals Announces BLM Permit
Approval for
3D Seismic Survey at Paradox
Basin, Utah
Petrolithium Project
VANCOUVER,
BRITISH COLUMBIA -- September
17,
2018
-- InvestorsHub NewsWire -- MGX
Minerals Inc. ("MGX" or the
"Company") (CSE:
XMG /
OTCQB: MGXMF /
FSE:
1MG)
is
pleased
report
that
the
Company's local
Operating Partner (the
"Partner") has received
approval from the U.S. Bureau of
Land Management ("BLM") to
complete
a 65.4 square
mile 3D seismic survey over the
Blueberry Unit ("Blueberry") at the
Company's Utah Petrolithium
Project (the
"Project") located in the Paradox Basin of Utah. The survey
will
include 9,062 source
points and comprise 6,354 vibrator points, 841 buggy drill points
and 1,867 Heli points. The
Company plans to commence the 3D Seismic
Survey shortly.
The Blueberry
Unit (oil, gas and lithium) and Lisbon Valley claims
(lithium) consist
of approximately
115,000
acres of oil and gas leases and 118,000 acres of largely overlying
and contiguous mineral claims.
The
Project is being simultaneously explored for oil, gas, lithium and
other brine minerals to determine locations for deployment of the
Company's lithium and mineral extraction technology.
Brine content
within the Lisbon Valley oilfield have been historically reported
as high as 730 ppm lithium (Superior Oil 88-21P).
The
Lisbon Valley
oilfield has
approximately 140 wells and is
contiguous with the Blueberry Unit. 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 May
2018
("Oil
Production by Field, Utah Department of Natural Resources, Division
of Oil, Gas and Mining"; January
2018; 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 the Partner. 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.
Estimated Gross
Volumes
Unrisked
Prospective
(Recoverable) Hydrocarbon Resources
Leasehold
Interest in San Juan County, Utah and San Miguel County,
Colorado
MGX MINERALS INC.
As
of June 30,2017
Formation
|
ULTIMATE RECOVERY OIL MMBO
|
ULTIMATE RECOVERY GAS BCF
|
COC*
|
LOW
|
BEST
|
HIGH
|
LOW
|
BEST
|
HIGH
|
|
Paradox
Clastics
|
CB2
|
41.799
|
59.498
|
85.324
|
33.441
|
47.602
|
68.266
|
0.075
|
CB3
|
41.915
|
60.641
|
85.833
|
33.536
|
48.517
|
68.671
|
0.075
|
CB4
|
12.766
|
18.745
|
26.692
|
10.213
|
14.781
|
21.355
|
0.075
|
CB5
|
33.185
|
48.065
|
68.841
|
26.548
|
38.453
|
55.074
|
0.075
|
CB6
|
6.603
|
9.607
|
13.874
|
5.283
|
7.686
|
11.100
|
0.045
|
CB7
|
1.892
|
2.735
|
3.948
|
1.514
|
2.188
|
3.158
|
0.032
|
CB8
|
19.108
|
27.525
|
39.079
|
15.287
|
22.022
|
31.264
|
0.068
|
CB9
|
11.452
|
16.671
|
23.711
|
9.162
|
13.337
|
18.970
|
0.068
|
CB10
|
14.565
|
21.169
|
30.088
|
11.652
|
16.936
|
24.073
|
0.068
|
CB11
|
2.021
|
2.929
|
4.244
|
1.617
|
2.344
|
3.396
|
0.032
|
CB12
|
9.352
|
13.609
|
19.525
|
7.482
|
10.887
|
15.620
|
0.045
|
CB13
|
9.333
|
13.158
|
19.297
|
7.468
|
10.815
|
15.438
|
0.045
|
CB14
|
3.195
|
4.621
|
6.634
|
2.556
|
3.697
|
5.308
|
0.045
|
CB15
|
6.455
|
9.432
|
13.633
|
5.164
|
7.546
|
10.908
|
0.045
|
CB16
|
2.752
|
3.987
|
5.768
|
2.202
|
3.190
|
4.615
|
0.045
|
CB17
|
3.770
|
5.390
|
7.835
|
3.016
|
4.313
|
6.269
|
0.040
|
CB18
|
4.673
|
6.728
|
9.572
|
3.739
|
5.383
|
7.658
|
0.045
|
CB19
|
16.690
|
24.226
|
34.542
|
13.358
|
19.381
|
27.636
|
0.068
|
CB20
|
2.931
|
4.253
|
6.118
|
2.435
|
3.402
|
4.895
|
0.040
|
CB21
(Cane
Creek)
|
35.336
|
51.338
|
73.971
|
28.272
|
41.073
|
59.177
|
0.097
|
CB22
|
5.635
|
8.261
|
11.957
|
4.508
|
6.609
|
9.566
|
0.045
|
Leadville
|
1.000
|
2.100
|
4.000
|
153.000
|
231.700
|
341.600
|
0.066
|
|
|
|
|
|
|
|
|
*COC Chance of
Commerciality = Chance of Discovery * Chance of
Development
Rapid Lithium
Brine Extraction Technology
MGX has
developed a rapid lithium extraction technology eliminating or
greatly reducing the physical footprint and investment in large,
multi-phase, lake sized, lined evaporation ponds, as well as
enhancing the quality of extraction and recovery across a complex
range of brines as compared with traditional solar evaporation.
This technology is applicable to petrolithium
(oil and gas
wastewater), natural brine, and other brine sources such as
lithium-rich mine and industrial plant wastewater. The technology
was recently chosen as winner of the Base and Specialty Metals
Industry Leadership Award at the 2018 S&P Global Platts Global
Metals Awards, held in London in May (see press
release dated May 18, 2018).
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.