LANGUAGE

San Juan County—Vancouver, British Columbia-based MGX Minerals Inc. is pleased to announce it has acquired the Lisbon Valley petro lithium 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,” said MGX Chairman Marc Bruner.

Geologic Setting

The Lisbon Valley oil and gas field is located approximately 40 miles southeast of Moab, 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.

Source: https://www.utahbusiness.com/mgx-minerals-acquires-lisbon-valley-project/ 

Write a comment

Name:
Rockstone
08.02.2017 19:55:40
MGX Minerals retracts statements from Feb. 2 NR



2017-02-08 13:26 ET - News Release


Mr. Jared Lazerson reports

MGX MINERALS ISSUES CLARIFICATION ON PREVIOUSLY ISSUED TECHNICAL DISCLOSURE

At the request of Investment Industry Regulatory Organization of Canada, MGX Minerals Inc. wishes to retract the potentially misleading statements disseminated in the Feb. 2, 2017, press release.

The company retracts the statement that its patent-pending lithium extraction process may "potentially reduce recovery times of lithium and other valuable minerals from 18 months to one day" as the statement is not supported by an independent technical report. The company also retracts any previous representation or inference of production or extreme reduction in recovery times previously made.
The company retracts the statement of "8.3 million tonnes grading 43.41 per cent magnesium oxide" as it did not disclose applicable mineral resource categories as outlined in National Instrument 43-101 standards of disclosure, Section 2.2. The company wishes to clarify and properly disclose mineral resources as 2,828,000 tonnes grading 43.24 per cent magnesium oxide in the measured category and 5.2 million tonnes grading 43.29 per cent magnesium oxide in the indicated category.
The company retracts the statement "representing over one million barrels of brine production per day" as it is not supported by a preliminary economic assessment or mining study outlining the economic viability of the project.
Qualified person

This press release was prepared under the supervision and review of Andris Kikauka, PGeo, and vice-president of exploration for MGX Minerals. Mr. Kikauka is a non-independent qualified person within the meaning of National Instrument 43-101 standards.

About MGX Minerals Inc.

MGX Minerals 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.

We seek Safe Harbor.
Likes | 1
Dislikes | 0
COMPANY INFO
Name: Utah Business
Canada Symbol:
Germany Symbol / WKN:
Shares Issued & Outstanding:
Phone:
Email:
Web: www.utahbusiness.com
SUBSCRIBE

Anmeldung zum Newsletter:

e-mail:
Vorname:
Nachname:
Newsletter deutsch:
Newsletter englisch:
Sie erhalten nach der Anmeldung eine E-Mail mit einem Bestätigungslink. Erst nach Erfolgreicher Bestätigung sind Sie für den Newsletter angemeldet.

DICTIONARY

english/german - german/english