MGX Announces Drilling at Kibby Basin, Nevada Lithium Brine Project
August 02 2018 - 08:20AM
InvestorsHub NewsWire
MGX Announces Drilling at
Kibby Basin, Nevada Lithium Brine
Project
Vancouver, BC -- August 02,
2018 -- InvestorsHub NewsWire -- MGX Minerals Inc. ("MGX" or the
"Company") (CSE:
XMG / FKT: 1MG /
OTCQB: MGXMF) is pleased to announce that drilling has
commenced at the Kibby Basin, Nevada lithium brine property
("Kibby Basin" or the "Property"). The drill program is being
conducted by Harris Exploration Drilling & Associates Inc.
("Harris"). Harris has extensive experience drilling Clayton Valley
lithium brines. Clayton Valley is the home of Abermarle's
Silver Peak Mine, the only US lithium producer and is located 50km
to the South of the Kibby Basin. Eight drill targets were generated
based on results from a Quantec MT geophysical survey completed in
January. The proposed drill holes are designed to test a large MT
conductor which may represent aquifers containing lithium brines.
The drill holes have been designed to intercept the MT anomaly
starting at depths of 325 m (1065 ft.) and continue to as deep as
760 m (2500 ft.). The objective is to determine the nature of the
conductor, collect sediment samples for lithium analyses, identify
aquifers and sample water and any brines
encountered.
About the Kibby
Basin Lithium Brine Partnership
MGX is partnered with Belmont Resources (TSX-V: BEA) on the
Property and currently earning a 50% interest with the goal of
forming a 50/50 Joint Venture (the "Joint Venture") to utilize
MGX's rapid lithium extraction technology. Kibby Basin is located
in the western portion of the Great Basin in Nevada. The property
covers 2,560 acres located in Esmeralda County, Nevada. Kibby Flat
is a dry playa and no springs or water sources occur on the
Property. Geothermal research by the Nevada Bureau of Mines and
Geology ("NvBMG") identified three wells and springs in the region.
All three sources indicated near-surface water. Nevada has abundant
geothermal resources and NvBMG compilation has outlined areas with
potential heat flow, based on surface temperatures of springs,
drill hole-water temperatures, geothermal-related geochemical
signatures, and associated geologic settings. These areas suggest
zones of potential elevated heat flow.
Geologic research of the
Kibby Basin has indicated that proximal rhyolitic flows and tuffs
surrounding the basin could be a potential source of Li brine in
the Kibby Basis Playa. In addition, the Kibby Basin is located
within a geothermal cluster at a basin low setting. Regional
geophysical signatures in the area reflect similar anomalies
comparative to that of Clayton Valley, approximately 50km to the
South, location of Abermarle's Silver Peak Mine, the only North
American lithium producer.
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 the Kibby
Basin Lithium Joint Venture
MGX will acquire a 25% interest in the Project by spending $300,000
on exploration and 50% by incurring an additional $300,000 in
exploration expense at which time the project will become a 50/50
Joint Venture. Upon formation of a Joint Venture, MGX will become
the Project operator and can elect to conduct additional
exploration drilling, well testing operations, and extraction plant
installation. Additionally, MGX will provide access to its rapid
lithium extraction technology (see press release dated July 13,
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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