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MGX Minerals Inc shares rocketed by 26% on Tuesday after the company said it had extracted lithium from heavy oil waste water

Shares jump more than a quarter after litihum extract from waste water

MGX Minerals Inc (CNSX:XMG) shares rocketed by 26% on Tuesday after the company said it had extracted lithium from heavy oil waste water.

Results are part of the continuing optimization for completion and deployment of a pilot plant in support of its 487,000-hectare Alberta lithium project.

The company owns a patent-pending process (US provisional patent No. 62/419,011) for the extraction of lithium and other valuable minerals from oil brine. This technology is the first of its kind, reducing production time of lithium from brine by 99 per cent compared with conventional lithium brine production times that use solar evaporation. Process time is reduced from approximately 18 months to one day using MGX´s process.

Heavy oil evaporator blowdown waste water (EBD) is one of the byproducts of steam-assisted gravity drainage (SAGD) during production of heavy oil. EBD was specifically targeted as the waste water contains mid-level concentrations of lithium and has the potential to generate high environmental revenue based on current disposal costs. MGX and PurLucid Treatment Solutions are working to integrate their respective technologies and develop a pilot plant suitable for commercial use that will treat EBD to provide oil sand producers with additional environmentally friendly disposal options as well as recover valuable minerals such as lithium. 

As reported by Dr. Preston McEachern of PurLucid:

-- Starting EBD with Li concentration of 87 milligrams per litre
-- Final recovery of Li was 34.8 mg/l or 40%
-- Li was lost in the initial softening of the EBD (18%) when approximately 20% of the fluid mass is lost due to removal of silica and other solids
-- 1% of the Li was lost in the NaCl (sodium chloride) removal step
-- 16% of the Li was lost in the magnesium removal step
-- 4% of Li was lost in the CaCl2 (calcium chloride) removal step
-- 21% of the total Li remained in the final brine; this portion of lithium has a high probability of recovery by further reaction or during a second pass
-- Li was crystallized as lithium carbonate
-- Other primary recoveries of minerals in total were 83% and calcium 100%
-- The final brine still contained high concentrations of sodium, potassium and boron indicating where optimization will focus on;
-- Additional applicable data were collected for the potential extraction of boron, bromine, magnesium and potassium
-- The treatment process removed all suspended solids, 99.97% of the hydrocarbons and reduced scale-forming ions such as silica to levels suitable for reuse in steam-generating processes. 

Purlucid investment agreement

MGX and PurLucid have agreed to extend their investment schedule by 30 days pending receipt of a grant application decision. A final decision on the application may be imminent and both parties have agreed to delay crystallizing the acquisition valuation for 30 days.

MGX will continue to finance development under its engineering and integration agreement with PurLucid whereby PurLucid has been engaged by MGX to optimize and construct a pilot plant for its lithium extraction process and integrate this system with PurLucid´s patented filtration systems for the removal of residual oil from production waste water. The front-end water treatment portion of the pilot plant is complete and, upon completion of optimization testing, the mineral extraction system will be integrated and deployed. Under the terms of the investment agreement, MGX has the right to acquire up to 100% of PurLucid.

MGX shares were up 26.5% to C$0.62 on Tuesday.

Source: http://www.proactiveinvestors.com/companies/news/171108/mgx-minerals-extracts-lithium-from-heavy-oil-waste-water-171108.html 

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Name: George Matlock
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