North American Lithium Portfolio
The Company has significantly expanded its Alberta petro lithium portfolio through the acquisition of additional Metallic and Industrial Mineral Permits ("Permits") covering over 133,000 hectares. The new Permits are located within the Leduc (9,216 hectares), Swan Hills (110,592 hectares) and Nipisi (13,824 hectares) formations.
In total, MGX now holds Permits throughout the Province of Alberta totaling over 600,000 hectares. The Company also has exploration level agreements in place with major oil and gas companies throughout the Province to conduct well sampling.
At its Lisbon Valley Petro Lithium Project MGX has also acquired, through staking, an additional 301 mineral claims encompassing 6,020 acres within the Paradox basin of southeastern Utah. The new claims further increase the Company's Lisbon Valley land package to 23,780 acres (see Figure 1). MGX also recently announced an earn-in agreement to explore 111 mineral claims in the Cane Creek area of the Paradox Basin (see press release dated February 22, 2017).
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. Historic lithium brine content has been reported as high as 730 parts per million lithium (Superior Oil 88-21P). 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.
As consideration for staking the Utah claims, the Company paid a fee of $19,565 to Plateau Ventures LLC. and a fee of $9,375 to the Government of Alberta to acquire the Metallic and Mineral Permits in that Province.
Cautionary Statement: MGX Minerals is actively working on bringing its lithium projects into production. However, readers are cautioned that the Company has not completed a pre-feasibility or feasibility study which establishes mineral reserves with demonstrated economic and technical viability. Further, the Company cautions readers that any potential production may not be economically feasible and historically projects taken to production without establishing reserves through a feasibility study have a much higher risk of economic or technical failure.
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.
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.
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 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.
SOURCE MGX Minerals Inc.