VANCOUVER, BRITISH COLUMBIA – July 11, 2016 – MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG /FKT:1MG) is pleased to report the Company is mobilizing field crews to conduct a detailed water geochemical sampling program (the “Program”) on 22 high-priority wells at its Alberta Lithium Project. The Company has entered into an arrangement with the operator of these wells, which are currently active and producing significant quantities of up to 3,000 barrels per day (bpd) of brine.
The sampling Program will be conducted by Maxxam Analytical Service and overseen by the Company’s independent geologist, Mr. Roy Eccles (P. Geo), author of the recently released National Instrument (N.I.) 43-101 technical report (see press release dated June 22, 2016). The N.I. 43-101 Technical Report can be viewed on the Company’s website by clicking here. The goal of the Sampling program is to confirm historically reported localized brine levels, compile sufficient data to complete a maiden N.I. 43-101 mineral resource estimate and provide for potential immediate sources of lithium brine feedstock.
The geochemical sampling Program will test selected wells for anomalous levels of lithium, sodium, calcium, magnesium, potassium, boron and bromine. The Company plans to use brine samples to optimize its proprietary process design and elemental recovery process (see press release dated June 6, 2016). The process design provides for rapid processing of brine to recover lithium and other minerals by reducing projected processing time from 18 months to 1 day as compared with solar evaporation commonly used in the production of lithium from brine.
“MGX continues to leverage the massive existing oil and gas infrastructure of Alberta and provide a solution for the goal of energy diversification for the Province,” stated President and CEO Mr. Jared Lazerson. “By focusing on currently producing oil wells located near industrial infrastructure, MGX eliminates the time and expense of traditional exploration drilling and, results dependent, provides the potential for immediate lithium brine well production on a commercial scale. The oil pools and associated aquifers in Alberta are very large, often stretching 30 kilometers or more, with a high density of operating, suspended and abandoned wells. The characterization of these oil pools and aquifers is key.”
This press release was prepared under the supervision and review of Andris Kikauka, P. Geo. and 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 acquisition and development of industrial mineral deposits in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta, including the Driftwood magnesium project. MGX has recently received approval of a 20 year mining lease for Driftwood and bulk sampling is currently underway.
For more information please visit the Company’s website 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.
This press release contains forward-looking information or forward-looking statements (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”, “postulate” 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.