MGX Minerals Inc.
The borehole targeted the southern portion of a large MT conductor, which may represent saturated sediments containing lithium brine. 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 potential aquifer in a cobble gravel was intersected.
Oxidized clay zones at 400-640 feet and several thinner zones of clay deeper in the hole are being evaluated as potential lithium-bearing bedrock mineralization. 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 and magnetite alteration increasing below a depth of 1500 feet.
A down-hole geophysical survey including gamma-caliper-temperature-fluid resistivity and SP, SPR logging will be conducted on the hole to identify permeable aquifer zones and conductive brine zones. Water samples will be collected after the geophysical logging, and will be assayed for lithium, associated elements and physical properties. Sections of drill core from 1270 to 1798 feet will be split and similarly assayed as above.
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).
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.
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.