​MGX Minerals Announces Acquisition of Salinitas Lithium Brine Project at Salinas Grande Salar, Argentina

Spotlight News  |

MGX Minerals Inc.  (XMG:CNX) (MGXMF)is pleased to announce it has entered into an Option Agreement (the “Agreement”) with A.I.S. Resources (TSX.V:AIS) to acquire an 80% interest in the Salinitas lithium brine mining tenements (“Salinitas” or the “Project”) located in the lithium triangle of Argentina, Salar de Salinas Grandes, 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.

The surface elevation of the Salinas Grandes salar is approximately 3,400 metres above sea level. The salar forms a composite closed basin with internal drainage, where discharge occurs by evaporation. Water inflow into the salar is produced by precipitation, superficial and groundwater incursions. MGX plans to conduct a Transient Electromagnetic Method (TEM) geophysical study along with trenching, which will be followed by a drill program along the edge of the salar, to test for shallow, near surface brines and determine locations with anomalous concentrations of lithium.

To secure the Option Agreement, MGX has agreed to pay US$250,000 on or before July 31,2018. The Company can acquire an undivided 80% in the Project at any time during the Agreement by making payments totaling C$3.2 million. MGX has also agreed to incur total expenditures of at least US$1.2 million prior to May 31, 2020.

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.

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.

In the interest of full disclosure, we call the reader's attention to the fact that Equities.com, Inc. is compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way be considered as a recommendation to buy, sell or hold these securities. Equities.com is not a registered broker dealer, investment advisor, financial analyst, investment banker or other investment professional. We are a publisher of original and third party news and information. All profiles are based on information that is available to the public. The information contained herein should not be considered to be complete and is not guaranteed by Equities.com to be free from misstatement or errors. The views expressed are our own and not intended to be the basis for any investment decision. Readers are reminded to do their own due diligence when researching any companies mentioned on this website. Always bear in mind that investing in early-stage companies is risky and you are encouraged to only invest an amount that you can afford to lose completely without any change in your lifestyle. Equities has been compensated with cash, common shares and/or warrants for market awareness services provided.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
XMG:CNX MGX Minerals Inc. 0.85 -0.05 -5.56 165,534
MGXMF MGX Minerals Inc 0.64 -0.06 -8.41 224,209

Comments