MGX Minerals Preparing to Conduct Drill Program at Francisco Basin Lithium Brine Project, Chile
September 27 2018 - 8:00AM
InvestorsHub NewsWire
MGX Minerals
Preparing to Conduct Drill Program
at Francisco Basin Lithium Brine Project,
Chile
Vancouver, BC --
September 27, 2018 -- InvestorsHub NewsWire -- MGX Minerals Inc.
(“MGX” or the “Company”) (CSE:
XMG / FKT:
1MG / OTCQB:
MGXMF) is pleased to announce it has received
notice from the Chilean state agency National Geology and Mining
Service (“SERNAGEOMIN”) that the Company will be approved to carry
out a 6-hole drill program at the Francisco Basin lithium project
(“Francisco Basin” or the “Project”) located 30 kilometers south of
Salar de Maricunga. MGX has also received a positive response from
the Environmental Assessment Service (“SEA") and does not expect
that an environmental impact assessment will be required in order
to carry out these exploration activities on the
Project.
MGX and its
Chilean joint venture partners continue to work with SRK Consulting
Inc. (U.S.) to complete a definitive exploration program for
the Francisco Basin lithium project. The Project lease area
comprises 12,900 hectares and reconnaissance brine sampling in
January 2018 confirmed the presence of lithium enrichment in
surface brines. An electromagnetic geophysical survey was completed
in April 2018 and results indicated strong potential for the
presence of two highly conductive brines zones where significant
thickness and horizontal coverage may exist. In May 2018 additional
samples were taken near the southern shore of the surface and sent
to Servicios Quimicos Ltda. (“SERQUIM”) in Antofagasta, Chile, for
content analysis. Results reported to date are shown in Table 1
below.
Table 1.
Francisco Basin Assay Samples
Sample |
Na g/L |
K g/L |
Li ppm |
Mg g/L |
SO4 g/L |
B ppm |
Dens |
Northern Lagoon - January
2018 |
LNF 01 |
75.2 |
4.59 |
372 |
2.00 |
4.07 |
799 |
1.179 |
LNF 02 |
72.5 |
4.34 |
372 |
1.92 |
4.07 |
832 |
1.170 |
LNF 03 |
69.5 |
4.06 |
369 |
1.85 |
3.74 |
767 |
1.163 |
LNF 04 |
74.5 |
4.32 |
374 |
1.75 |
4.02 |
832 |
1.174 |
LNF 05 |
80.0 |
4.40 |
388 |
1.78 |
4.71 |
961 |
1.188 |
LNF 06 |
67.9 |
3.98 |
361 |
1.73 |
3.85 |
821 |
1.181 |
LNF 07 |
79.8 |
4.66 |
387 |
1.74 |
4.44 |
864 |
1.183 |
LNF 08 |
73.4 |
4.31 |
371 |
1.86 |
3.93 |
842 |
1.172 |
LNF 09 |
76.8 |
4.39 |
374 |
1.70 |
4.05 |
864 |
1.174 |
LNF 10 |
80.0 |
4.56 |
384 |
1.86 |
4.38 |
896 |
1.185 |
Northern Lagoon - May
2018 |
LNF 01 |
103.0 |
6.62 |
694 |
3.54 |
28.70 |
- |
- |
Southern Lagoon - January
2018 |
LNF 11 |
2.35 |
0.19 |
7.9 |
0.15 |
3.07 |
248 |
1.007 |
LNF 12 |
0.57 |
0.41 |
3.0 |
0.003 |
1.55 |
151 |
1.121 |
LNF 13 |
1.27 |
0.01 |
0.4 |
0.07 |
0.61 |
65 |
1.002 |
The Francisco
Basin salar resides within a large, fault-bound, alluvium-filled
basin to the immediate south of the Copiapó Volcano. The basin is
closed, drains a large area and the salar appears to be the lowest
point within the drainage. The rocks in the drainage surrounding
this salar are dominantly volcanic, ranging in age from Eocene to
Miocene, juxtaposed with some older rocks. To the west is a
Cretaceous sedimentary sequence separated from the volcanic rocks
of the Francisco Basin area by the Cerro Guerrita Fault. To the
east, an older Oligocene to Miocene volcanic sequence is overlain
by the Copiapó volcanic rocks. The Francisco Basin alluvial basin
sits at the junction of three catchments. These river systems
presumably provide the fill for the basin and are in part, along
with the limits of the salar, structurally controlled. The alluvial
fill may be covering post-Copiapó aged
faulting.
About
MGX’s Chilean Lithium Joint
Venture
MGX is earning a
50% interest in Chilean Lithium Salars SpA (“CLS”). CLS is a wholly
owned subsidiary of Chilean Lithium Salars Holdings Ltd. (“CLSH”)
and holds a 100% interest in three prospective lithium exploration
projects located in Chile, including the Francisco Basin, Laguna
Brava and Laguna Escondida lithium projects (the “Projects”).
To acquire an undivided 50% interest in CLS, MGX has agreed
to make Option Payments totaling US $1.5 million, incur exploration
expenditures totaling US $2 million, and complete an NI 43-101
resource estimate on at least one of the Projects within 20 months.
MGX is acting as project operator and has appointed Mr. Aldo
Boitano, current project manager for CLS, as project manager to
work alongside Kura Minerals. MGX maintains the right to
participate as a service provider of the engineering, construction
and/or procurement of a brine processing plant using its rapid
lithium extraction technology.
Rapid
Lithium Brine Extraction
Technology
MGX has developed
a rapid lithium extraction technology that reduces the capital cost
of recovery compared to traditional solar evaporation as it does
not require the investment in large, multi-phase, lake sized, lined
evaporation ponds, greatly reducing the physical footprint and
enhancing the quality of extraction and recovery across a complex
range of brines previously considered un-processable due to
complexity or geographical location outside of solar evaporation
appropriate zones. This includes 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 earlier this month (see press release
dated May 18, 2018).
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 National Instrument 43-101
Standards.
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.
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