MGX Minerals Inc.
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).
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.
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