​MGX Minerals Files Application to Complete 3D Seismic Survey at Utah Petrolithium Project

Spotlight Companies  |

MGX Minerals Inc.  (XMG:CNX)  (MGXMF) ()is pleased report that the Company's local Operating Partner (the "Partner") has filed with the U.S. Bureau of Land Management ("BLM") an application to complete a a 65.4 square mile 3D seismic survey over the Blueberry Unit ("Blueberry") at the Company's Utah Petrolithium Project (the "Project") located in the Paradox Basin of Utah. The survey will include 9,062 source points and comprise 6,354 vibrator points, 841 buggy drill points and 1,867 Heli points. Pending BLM consultation and approval, the Company plans to commence the 3D Seismic Survey in August.

The Blueberry Unit (oil, gas and lithium) and Lisbon Valley claims (lithium) now consist of approximately 115,000 acres of oil and gas leases and 118,000 acres of largely overlying and contiguous mineral claims. The Project is being simultaneously explored for oil, gas, lithium and other brine minerals to determine locations for deployment of the Company's lithium and mineral extraction technology. Brine content within the Lisbon Valley oilfield have been historically reported as high as 730 ppm lithium (Superior Oil 88-21P). The Lisbon Valley oilfield has approximately 140 wells and is contiguous with the Blueberry Unit. According to production statistics, as reported by the Utah Department of Natural Resources, Oil, Gas and Mining Division, cumulative lifetime production within the Lisbon Valley oilfield has totaled 51.4 million barrels of oil as of January 2018 ("Oil Production by Field, Utah Department of Natural Resources, Division of Oil, Gas and Mining"; January 2018; Click Here). The Paradox Basin has been noted by the USGS as having one of the largest undeveloped oil and gas fields in the United States ("Assessment of Oil and Gas Resources in the Paradox Basin Province…"; USGS; 2011; Click Here).

Blueberry Unit

MGX is currently earning a 75% working interest in the Project, with the remaining interest primarily controlled by the Partner. The Project is host to National Instrument (N.I) 51-101 estimated prospective resources (the "Estimate") consisting of leasehold and royalty interests in San Juan County, Utah and Miguel County, Colorado. The estimate was prepared by the Ryder Scott Company, L.P. ("Ryder Scott"), an independent qualified reserves evaluator within the meaning of N.I. 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), with an effective date of June 30, 2017. The Estimate was prepared in accordance with N.I. 51-101 and the Canadian Oil and Gas Evaluation.

Estimated Gross Volumes
Unrisked Prospective (Recoverable) Hydrocarbon Resources
Leasehold Interest in San Juan County, Utah and San Miguel County, Colorado
MGX MINERALS INC

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. 0.69 0.02 2.99 136,165
MGXMF MGX Minerals Inc 0.53 0.02 3.88 71,446

Comments

Emerging Growth

MGX Minerals Inc.

MGX Minerals is a diversified Canadian mining company listed on the Canadian Securities Exchange. MGX is engaged in the acquisition and development of industrial mineral deposits in western Canada that…