MGX Minerals Announces Assays Up To 580ppm Lithium at Kibby Basin, Nevada Lithium Project
September 12 2018 - 12:11PM
InvestorsHub NewsWire
MGX Minerals
Announces Assays Up To 580ppm
Lithium at Kibby Basin, Nevada Lithium
Project
Vancouver, BC --
September 12, 2018 -- InvestorsHub NewsWire -- MGX Minerals
Inc. (“MGX” or the “Company”) (CSE:
XMG /
OTCQB: MGXMF /
FSE:
1MG)
announces the joint-venture partner Belmont Resources (TSX.V: BEA)
(“Belmont”) has reported assay samples up to 580 ppm lithium in the
first layer of 125 samples taken to 1,270 feet at the Kibby Basin
lithium brine project (“Kibby”) in Nevada. The highest
concentration of lithium occurred between 960 and 1270 feet,
including 1110 to 1210 feet where overall average was 415ppm
lithium.
The borehole
targeted the southern portion of a large robust MT conductor, which
may represent saturated sediments containing lithium-rich
brines.
The hole drilled through lacustrine playa sediments- dominantly
calcareous clays and silts grading to lithified claystone’s and
siltstones at depth. Sand and gravel zones, which may represent
brine-bearing aquifers, were encountered at depths of 150-170 feet,
210-230 feet, 260-300 feet, and 900-920 feet, where a potentially
major aquifer in a cobble gravel was intersected. Analysis suggests
that a hard chert-cobble layer at a depth of 90-915 feet separates
soft red-brown coloured oxidized mud-silt-(minor gravel) playa
sediments from underlying grey-green reduced clay-silt-(minor sand)
sediments and minor volcanic ash layers. The reducing-oxidizing
boundary is well-defined by a chert-cobble layer and Li values
increase significantly in the reduced layer below
it.
Table 1. Kibby
Basin Drill Hole #3
From |
To |
Width |
Notes |
900’ |
915’ |
15’ |
Chert-Cobble layer |
970’ |
1210’ |
240’ |
Dark grey-green clay-silt average 390 ppm Li
(reference ALS certificate RE18197540) |
1270’ |
1800’ |
530’ |
Numerous sections of grey-green reduced clay-silt
and intercalated ash tuff layers - geochemical analysis
pendin |
At deeper layers,
thin intervals of altered rhyolite ash and possible hot-spring
sinter were encountered at 1411-1412 feet, 1488-1490 feet and
1589.5-1590 feet. Operation of a paleo-geothermal system is
evidenced by the silicified intervals and fronts of pyrite
alteration increasing below a depth of 1500
feet.
Hole KB-3 was
drilled by mud rotary methods to a depth of 1270 feet. The hole was
completed as a core tail to a total depth of 1798 feet. The hole
diameter was reduced to 3-5/8 inches to drill HQ (2.5-inch
diameter) core. 25 samples of representative core were selected for
assay from this lower part of the drilling and were delivered to
ALS Labs in Reno, Nevada on August 31, 2018 for 41-element ICP
analysis (including Li). Samples were of ash layers, silicified
sediments, and high pyrite and magnetite zones. 10 water samples
were collected at various levels from 370 feet through to 1745
feet. Additionally, one sample of well water and one surface water
sample were collected and delivered to ALS Labs on August 31st for
ICP analysis and physical properties. Assay results from these
drill core and water samples are expected by later this
month.
Final compilation,
upon receipt of further assays, and scheduling for the second 2018
drill hole (KB-4) at Kibby are being prepared. Drills will be
mobilized to the second site as soon as
possible.
The Kibby Basin
shares many characteristics with Clayton Valley, where lithium
brines are being exploited, including: closed structural basin,
large conductor at depth, lithium anomalies at surface and depth,
evidence of a geothermal system, and potential aquifers in porous
ash and gravel zones.
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. 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).
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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