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Scientific Metals options 50% of Paradox to MGX

Scientific Metals options 50% of Paradox to MGX

2017-02-22 09:09 ET – News Release

See News Release (C-STM) Scientific Metals Corp (2)

Mr. Wayne Tisdale of Scientific Metals reports

SCIENTIFIC METALS ENTERS INTO EARN-IN AGREEMENT WITH MGX MINERALS ON ITS PETRO LITHIUM PROJECT IN THE PARADOX BASIN, UTAH

Scientific Metals Corp. has entered into an arm’s-length earn-in agreement with MGX Minerals Inc., pursuant to which MGX has been granted the option to acquire a 50-per-cent interest in Scientific Metals’ Paradox basin lithium brine property located in Utah in the Western United States.

Under terms of the agreement, MGX has the option to acquire a 50-per-cent interest in the Paradox property by: (i) making a cash payment of $50,000 to Scientific Metals upon execution of the agreement; (ii) issuing 150,000 MGX common shares to Scientific Metals upon execution of the agreement; and (iii) incurring minimum exploration expenditures on the Paradox Property of no less than $250,000 over the course of a 12-month period. If MGX earns its 50-per-cent interest, the parties will negotiate and enter into a joint venture agreement, pursuant to which the parties shall be equally responsible for all future exploration and development expenses on the Paradox property. Further, MGX will have the right to participate in an amount of up to 15 per cent of the gross proceeds of any equity or debt financings of Scientific Metals for a period of 18 months from the date of execution of the agreement.

Scientific Metals’ president, Wayne Tisdale, stated: “We are pleased to partner with MGX on our exciting petro-lithium project in the Paradox basin. We benefit from being an early mover in the Paradox basin and securing what we believe to be key ground which historically demonstrated lithium grades. With deep experience and expertise in the oil and gas sector, we feel that MGX is the right partner to help explore this exciting new basin. Cementing this joint venture will allow Scientific Metals to benefit from their nanoflotation technology that is exclusive to MGX. We look forward to working together to develop our project.”

The Paradox property consists of an aggregate of 111 mineral claims covering approximately 2,200 acres located approximately four kilometres northwest of Intrepid Potash’s Cane Creek operation. Approximately eight wells have been drilled on the Paradox property, with additional historical wells in the immediate area. Historical exploration, as reported by Southern Natural Gas and documented by the Utah Geological and Mineralogical Survey, reported 500 parts per million lithium from well No. 1 Long Canyon (“Concentrated Subsurface Brines in the Moab Region, Utah,” Utah Geological and Mineralogical Survey, June, 1965).

Lithium occurs in the basin in oversaturated mineral brine (40 per cent minerals, 60 per cent water) and was discovered during oil exploration when drill wells intercepted the main brine zone (clastic break 31) of the Paradox formation (“Concentrated Subsurface Brines in the Moab Region, Utah,” Utah Geological and Mineralogical Survey, June, 1965).

The company has not undertaken any independent investigation of the drill results, fluid analysis or other information contained in this press release, nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information or whether the information was prepared in accordance with the requirements of National Instrument 43-101. The company believes that the historical drill results, fluid analysis and other information contained in this press release are relevant to continuing exploration on the Paradox property. MGX and Scientific Metals intend to conduct a review of recent and historical well logs, along with chemical analysis in the area and reprocessing of seismic data, focusing on mineral brine.

Garry Clark, PGeo, of Clark Exploration Consulting, is the qualified person as defined in NI 43-101, who has reviewed and approved the technical content in this press release.

We seek Safe Harbor.

© 2017 Canjex Publishing Ltd. All rights reserved.

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Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by the use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for the accuracy of forward looking statements and advises the reader to perform their own due diligence on forward looking numbers or statements.

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MGX Minerals Acquires Lisbon Valley Petro Lithium Project in Utah

MGX Minerals Acquires Lisbon Valley Petro Lithium Project in Utah

VANCOUVER, BRITISH COLUMBIA / February 2, 2017 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to announce it has acquired the Lisbon Valley petro lithium project (the “Project”) located in the Paradox Basin, Utah.

The Project includes 888 placer mineral claims inclusive of lithium brine mineral rights covering the majority of the Lisbon Valley oil and gas field (see Figure 1), where historic lithium brine content has been reported as high as 730 parts per million lithium (Superior Oil 88-21P).

“This recent acquisition in the Paradox Basin is strategic for MGX. These claims cover the majority of the Lisbon Oilfield placing MGX as a major player in oilfield lithium brine in the United States,” stated MGX Chairman Marc Bruner.

Geologic Setting

The Lisbon Valley oil and gas field is located approximately 40 miles southeast of Moab, Utah in the salt anticline belt on the southwest edge of the Paradox Basin in San Juan county. The oilfield was first discovered by Pure Oil Company in 1960. The Lisbon field produces oil and gas from the southwest flank of a faulted anticlinal trap in the Devonian sandstones and Mississippian limestones (Segal et al., 1986).

The Paradox Basin covers large parts of San Juan, Garfield, Wayne, Emery, and Grand Counties in southeastern Utah. The Basin was a structural and depositional trough associated with the Pennsylvanian-age Ancestral Rocky Mountains. The subsiding basin developed a shallow-water carbonate shelf that locally contained carbonate buildups along its south and southwest margins.

The region is home to the former Rio Algom uranium mill facility, an active copper mine operated by Lisbon Valley Mining Company, and a natural gas processing plant located in the city of Lisbon, Utah.

Extraction of Lithium from Oil Field Brine

As previously announced, MGX and engineering partner PurLucid Treatment Solutions (“PurLucid”) have successfully extracted lithium from oil sands wastewater (see press release dated January 3, 2017). The Company and PurLucid are now preparing for deployment of the pilot plant shortly with commercial scale deployment expected during the second half of 2017.

The pilot plant unit represents fully integrated technology combining MGX’s patent pending lithium extraction process, which potentially reduces recovery times of lithium and other valuable minerals from 18 months to one day when compared with conventional lithium extraction, with PurLucid’s patented water purification technology, which removes particulate and dissolved material including dissolved and emulsified oil, colloids and heavy metals.

Pilot Plant Optimization Update

Results from pilot plant optimization testing will be released shortly as part of the completion of the pilot plant. Lithium carbonate has been extracted from oil well production waste water at the Company’s flagship Sturgeon Lake property. Results are currently under technical review and will be released shortly (see Figure 2).

Figure 1. MGX Minerals South Paradox Basin Claims

 

Figure 2. Lithium carbonate produced from Sturgeon Lake Oilfield production water using MGX’s patent pending recovery process and engineering partner PurLucid Treatment Solution’s patented oilfield wastewater filtration technologies.

Qualified Persons

The technical portions of this press release were prepared by Dr. Preston McEachern, CEO of PurLucid Treatment Solutions Inc., and have been 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.


About MGX Minerals

MGX Minerals (CSE: XMG) is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in western Canada and the United States. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta as well as petro lithium exploration in Utah. MGX recently released a maiden N.I. 43-101 compliant mineral resource estimate for its Driftwood Creek magnesium project, which outlined 8.3 million tonnes grading 43.31% magnesium oxide. In January the Company received a 20-year Mining Lease for Driftwood Creek. Additionally, the Company is the largest lithium brine land holder in Canada, controlling nearly 487,000 hectares of land representing over one million barrels of brine production per day. For further information, please visit the Company’s website at www.mgxminerals.com.


Contact Information

Jared Lazerson
Chief Executive Officer
Telephone: 1.604.681.7735
Email: jared@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.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements including the completion of the rights offering (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company’s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com.

Disclaimer© 2010 Junior Gold ReportJunior Gold Report’ Newsletter: Junior Gold Report’s Newsletter is published as a copyright publication of Junior Gold Report (JGR). No Guarantee as to Content: Although JGR attempts to research thoroughly and present information based on sources we believe to be reliable, there are no guarantees as to the accuracy or completeness of the information contained herein. Any statements expressed are subject to change without notice. JGR, its associates, authors, and affiliates are not responsible for errors or omissions. Consideration for Services: JGR, it’s editor, affiliates, associates, partners, family members, or contractors may have an interest or position in featured, written-up companies, as well as sponsored companies which compensate JGR. JGR, it’s owner and affiliates/associates may buy/sell and trade the company’s stock written up/video created on from time to time. JGR has been paid by the company written up. JGR has been paid by the company written up. Thus, multiple conflicts of interests exist. Therefore, information provided herewithin should not be construed as a financial analysis but rather as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. No Offer to Sell Securities: JGR is not a registered investment advisor. JGR is intended for informational, educational and research purposes only. It is not to be considered as investment advice. Subscribers are encouraged to conduct their own research and due diligence, and consult with their own independent financial and tax advisors with respect to any investment opportunity. No statement or expression of any opinions contained in this report constitutes an offer to buy or sell the shares of the companies mentioned herein. Links: JGR may contain links to related websites for stock quotes, charts, etc. JGR is not responsible for the content of or the privacy practices of these sites. Release of Liability: By reading JGR, you agree to hold Junior Gold Report its associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred.

Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for accuracy of forward looking statements and advises the reader to perform own due diligence on forward looking numbers or statements.