​MGX Minerals (XMG:CNX) Receives Bureau of Land Management Approval of The Blueberry Unit Covering 80,000 Acres of Oil And Gas Leases At Utah Petrolithium Project

Spotlight Companies |

MGX Minerals Inc.(XMG: CNX) has received approval from the U.S. Bureau of Land Management (BLM) to unitize its oil and gas leases within the company's Paradox basin petrolithium project in Utah.

This newly unitized area (the "Unit") encompasses 80,380.84 acres of Federal, State of Utah, and private lands and provides MGX with a base of operations to conduct petrolithium exploration in Utah. Because of the high percentage of committed oil and gas leases, MGX has retained effective control of operations on committed oil and gas leases within the Unit. The Company currently controls mineral claims inclusive of lithium and other industrial minerals within the overwhelming majority of the Unit and the contiguous Lisbon oilfield.

MGX's rapid extraction process harvest minerals like lithium and magnesium from petroleum brine- the salt water that accompanies oil and gas to the surface at oil wells (also known as produced water)- that's normally considered a waste product from oil and gas production. The patented process yields lithium- a crucial mineral for the renewable energy economy- in a matter of days, rather than the months or years required for traditional lithium extraction methods. While extracting minerals, MGX's technology also treats the produced water for reuse or simple disposal.

Reservoir Study Nearing Completion

The Company also reports that the Ryder Scott Company ("Ryder Scott") is nearing completion of an independent resource evaluation for oil, gas and water for the Project. MGX expects to receive the report shortly.

Paradox Basin and Lisbon Valley Oilfield

MGX controls 110,000 acres of oil and gas leases and approximately 118,000 acres of largely overlying mineral claims within the Paradox Basin, located in close proximity to the Lisbon Valley oilfield 40 miles southeast of Moab, Utah. Brine content within the Lisbon oilfield have been historically reported as high as 730 ppm lithium (Superior Oil 88-21P). 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; https://pubs.usgs.gov/fs/2012/3031/FS12-3031.pdf).

According to production statistics, as reported by the Utah Department of Natural Resources, Oil, Gas and Mining Division, cumulative lifetime production within Lisbon Valley oilfield, contiguous with the Blueberry Unit, has totaled 51.4 million barrels of oil as of February 2017 ("Oil Production by Field, Utah Department of Natural Resources, Division of Oil, Gas and Mining"; February 2017; http://oilgas.ogm.utah.gov/Statistics/PROD_Oil_field.cfm ).

Qualified Person

The technical portions of this press release were prepared and reviewed by Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument (N.I.) 43-101 Standards.

MGX may decide to advance its petrolithium projects into production without first establishing mineral resources supported by an independent technical report or completing a feasibility study. A production decision without the benefit of a technical report independently establishing mineral resources or reserves and any feasibility study demonstrating economic and technical viability creates increased uncertainty and heightens economic and technical risks of failure. Historically, such projects have a much higher risk of economic or technical failure.

About MGX Minerals

MGX Minerals is a diversified Canadian resource company with interests in petrolithium, magnesium and silicon 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.

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


Symbol Name Price Change % Volume
XMG:CNX MGX Minerals Inc. 1.05 0.03 2.94 214,948


Emerging Growth

Radient Technologies Inc.

Radient Technologies Inc is engaged in research, development and commercialization of environmentally responsible technology for the extraction, isolation and purification of soluble products from a wide range of materials using…