MGX Minerals Identifies Large Geophysical Anomaly at Salinitas Lithium Project, Salinas Grandes, Argentina
September 03 2018 - 8:00AM
InvestorsHub NewsWire
MGX Minerals
Identifies Large Geophysical Anomaly at Salinitas Lithium Project,
Salinas Grandes, Argentina
Vancouver,
BC -- September 3, 2018 -- InvestorsHub NewsWire -- MGX Minerals
Inc. (“MGX” or the “Company”) (CSE:
XMG / OTCQB:
MGXMF / FKT:
1MG) reports that joint-venture partner
A.I.S. Resources (“A.I.S.”) (TSX.V: AIS) has announced completion
of the first TEM (Transient Electromagnetic Survey) geophysics
profile at the Salinitas JV Project (the “Project”) in the
Salinas Grandes Salar, Salta Province, Argentina. The TDEM
geophysical survey was conducted across 52 stations at 500-meter
spacings totaling approximately 26 kilometers. Interpretation of
the first profile suggest that potentially substantial aquifers
exist over a 3 km x 2km x 180m depth area.
The first of the
TEM geophysics profiles has been interpreted and potentially
substantial aquifers exist over two 3 km x 2km x 180m depth areas.
Preliminary highlights from the TDEM program (Figure 1) show the
red zone as highly conductive. Interpreted aquifers outlined in
black line (Figure 1) are likely to represent brine soaked sands
and clay. The large blue structures in Figure 1 are black rocks
that can been seen outcropping in Figure 3. On line one, the size
of the two blocks in the low resistivity area is approximately
6,000m x 180m.
Interpretation of
lines two and three are now underway and will provide an indication
of potential widths. The purple line on the surface (Figure 1)
shows the main area of interest that will be trenched with a
backhoe in the near future.
Figure 1. Salinitas Project,
Salinas Grandes - Blue dots represent survey lines along
26km.
Figure 2. Blue dots represent
survey lines and areas of focus for future
trenching.
Figure 3. Black rocks outcropping
at surface
Drilling
Permit Issued for Salinitas
Concessions
MGX has also been
notified by A.I.S. that the Salta Department Mines Administration
is expected to issue drill permits within the next week. Upon full
completion and interpretation of all TDEM data, A.I.S. plans to
conduct trenching as well as an auger drilling program to test the
shallow, near surface brine targets that may potentially contain
anomalous concentrations of lithium and other elements. Exploration
is being overseen by newly appointed A.I.S. Resource’s President
and CEO Phillip Thomas. Mr. Thomas specializes in development of
lithium brine projects and previously acted as CEO of Admiralty
Resources, where he was responsible for putting the Rincon Salar in
Argentina into production.
About the
Salinitas Lithium Brine Project
The Salinitas
tenements are located in the lithium triangle at the Salar de
Salinas Grandes, in the Province of Salta. The 4,308 hectare
contiguous land package resides in the Puna region of northwest
Argentina near the border of Chile, an area renowned for its
lithium- and potassium-rich brine resources. MGX has partnered with
A.I.S. Resources (TSX.V: AIS) on the Project and is currently
earning an undivided 80% interest by incurring total exploration
expenditures of at least US$1.2 million by May 31, 2020 and by
making payments totaling US$3.2 million which are primarily due at
that time.
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).
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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