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Full size / Despite a small dust storm, deep drilling of the first hole to find lithium-bearing aquifers has started at Kibby Basin, Nevada. 

After arrival and set-up of the rotary rig, the drill contractor Harris Exploration Drilling and Associates Inc. commenced deep drilling at the Kibby Lithium Project in Nevada, a recently formed joint venture between MGX Minerals Inc. (market capitalization: $96 million CAD) and Belmont Resources Inc. (market capitalization: $8 million CAD). 

The Clayton Valley is home of the only US lithium producer, Albemarle’s Silver Peak Mine, located 50 km to the south of the Kibby Basin. MGX’s rapid lithium extration technology does not require large ponds to evaporate hundreds of millions of gallons of water as being the case at Silver Peak. 

Last year, Belmont tested the Kibby Basin with shallow drilling, encountering up to 200 ppm lithium in sediments, which is a great indication that a near-by aquifer has been enriched with lithium leached from such sediments. Exploratory drilling in the Clayton Valley typically also encounters lithium-enriched sediments, whereafter targeted aquifers commonly host the lithium-rich pay zones.


Full size / The truck carrying the RC rig arrived at the drill target on the Kibby Flat. Another truck carrying a generator to run the mud system also arrived. Set-up of the drill rig and the generator was completed after arrival.
 

According to MGX’s press-release today, 8 drill targets were generated based on results from a Quantec MT geophysical survey completed in January. The proposed drill holes are designed to test a large strong MT conductor, which may represent aquifers containing lithium brines. Holes have been designed to intercept the MT anomaly starting at depths of 325 m (1065 ft.) and continuing to as much as 760 m (2500 ft.) with the objectives of determining the nature of the conductor, collecting sediment samples for lithium analyses, identifying aquifers, and sampling water and any brines encountered. 

Harris has extensive experience drilling in the Clayton Valley lithium brines, in recovering core in unconsolidated lakebed sediments, and in lithium brine testing. Drill samples will be collected continuously on 3 m (10 ft) intervals and analyzed for lithium and associated elements. Water samples will be collected periodically as the hole progresses and will be analyzed for lithium, associated elements, and physical properties (conductivity, pH, TDS). Downhole geophysical logging will be performed by Southwest Exploration Services of Chandler, Arizona, to identify permeable/aquifer zones and zones of conductivity. Aquifer water will be sampled using downhole packers to isolate the aquifer intervals.

Full size / Geologic research of the Kibby Basin has indicated that proximal rhyolitic flows and tuffs surrounding the basin could be a potential source of lithium brine in the Kibby Basis Playa. In addition, the Kibby Basin is located within a geothermal cluster at a basin low setting. Regional geophysical signatures in the area reflect similar anomalies comparative to that of Clayton Valley, approximately 50 km to the south, location of Albemarle’s Silver Peak Mine, the only North American lithium producer.

Company Details


MGX Minerals Inc.
#303 - 1080 Howe Street
Vancouver, BC, Canada V6C 2T1
Phone: +1 604 681 7735 
Email: jared@mgxminerals.com
www.mgxminerals.com

Shares Issued & Outstanding: 122,655,926


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Canadian Symbol (CSE): XMG
Current Price: $0.78 CAD (08/01/2018)
Market Capitalization: $96 Million CAD


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German Symbol / WKN (Tradegate): 1MG / A12E3P
Current Price: €0.523 EUR (08/01/2018)
Market Capitalization: €64 Million EUR 

Previous Coverage

Report #69 “MGX Engages Hatch Engineering for Scale-Up of its Rapid Lithium Extraction Plant in the Western United States“

Report #68 “MGX and Belmont to Start Drilling at Kibby Basin Lithium Project in Nevada on Saturday“

Report #67 “MGX Expands to Argentina, Home to One of the Largest and Richest Lithium Resources in the World“

Report #66 “MGX and Belmont Form Nevada Lithium Joint Venture at Kibby Basin“

Report #65 “MGX-Highbury Expand Work to Gasify Petcoke into a Synthetic Crude Oil Equivalent“

Report #64 “MGX Delivers Update on Commercial Deployment of its Wastewater Treatment and Lithium Extraction Systems“

Report #63 “MGX is Drilling for Solar Grade Silicon Metal in British Columbia“

Report #62 “MGX-ZincNyx Now Ready To Start Commercialization Of Battery Systems For Mass Storage Of Energy“

Report #61 “MGX Minerals Raises $15,5 Million in an Oversubscribed Financing to Speed Up Lithium and Advanced Material Projects“

Report #60 “Sneak Preview of Big Oil Entering the Business of Big Batteries“

Report #59 “MGX Wins Industry Leadership Award from S&P Global Platts“

Report #58 “MGX Nears Commercial Deployment of 4 Petrolithium and Water Treatment Systems in Alberta“

Report #57 “MGX Announces Quadrupling of Power Output of Zinc-Air Fuel Cell Battery“

Report #56 “MGX Sets The Record Date For Its First Dividend“

Report #55 “The First ZincNyx Energy Storage Plant to be Deployed in New York City“

Report #54 “MGX in Final Stages of Commercial Deployment, Second Petrolithium Contract Already in the Making“

Report #53 “MGX-Highbury Accomplish Almost Complete Gasification of Petcoke, Produce High-Grade Vanadium Concentrate“

Report #52 “MGX Set to Alter Lithium Landscape, Partners with Investment Bank Heavyweight Capstone Headwaters“

Report #51 “Congratulations! MGX Nominated in 2 Categories as a Finalist for the S&P Global Platts Metals Awards“

Report #50 “MGX Gets Serious About Magnesium, Engages Hatch for Magnesium Metal Scoping Study“

Report #49 “MGX to Acquire and Commercialize Clean Technology for Extraction of Lithium and Aluminum from Spodumene“

Report #48 “MGX Minerals Issues PEA for a World-Class Magnesium Project in British Columbia“

Report #47 “High-Grade Battery Metals From Dirty Petcoke“

Report #46 “Big Times Ahead For Several Joint Ventures from MGX Minerals“

Report #45 “MGX Partner Broadcasting on US Television“

Report #44 “The Big Rethinking Begins: Multiple Lithium Projects in Chile Test the Rapid Lithium Extraction Technology from MGX“

Report #43 “Global Lithium Dominance? MGX Doubles Performance of Lithium Extraction Filters“

Report #42 “Scores of Tail Winds for MGX becoming a Leader in the New Energy Economy“

Report #41 “MGX Goes Big, Develops Utility-Scale Battery Storage System“

Report #40 “Positioned to Profit from Transition to New Energy Economy“

Report #39 “MGX Assembles Dream Team For California Lithium Strategy“

Report #38 “MGX: The Next GreenTech Energy Giant“

Report #37 “MGX Partners with Highbury Energy to make Petroleum Coke more Clean“

Report #36 “Technological Breakthrough in the Mass Energy Storage Industry“

Report #35 “Eureka! MGX Starts Developing Silica Projects after Acquisition of Mass Storage Battery Technology“

Report #34 “MGX Going Big on Petrolithium: The first large-scale integrated petroleum and lithium project ever developed“

Report #33 “Driving into the Realms of Tesla & Co: MGX Acquires Mass Storage Battery Technology from Teck Resources“

Report #32 “Backed by Private and Institutional Heavyweights: MGX cashes up for Lithium Extraction and Exploration“

Report #31 “MGX Revolutionizes the Lithium World - Commissions First Rapid Lithium Extraction System“

Report #30 “Full Steam Ahead: MGX Engages Senator Polanco (Ret.) to Head California Lithium Brine Strategy“

Report #29 “MGX to Target Geothermal Market for Extraction of Lithium and Gold“

Report #28 “MGX Minerals Commences Development of the World‘s First Petrolithium Field“

Report #27 “Canadian Government Backs MGX Minerals‘ Petrolithium Cleantech“

Report #26 “MGX Minerals Solves the Magnesium Problem of the Lithium Industry“

Report #25 “Hard-Rock Lithium Exposure for MGX“

Report #24 “One of the Largest Initial Oil Estimates in US History“

Report #23 “MGX starts Petrolithium pilot plant to deliver hard facts for strategic partners“

Report #22 “Time to bet: Sprott takes a position in MGX“

Report #21 “Petrolithium: First Come First Served“

Report #20 “Successful Independent Verification of the MGX Lithium Extraction Technology“

Report #19 “MGX to Drill the World‘s First PetroLithium Well in Utah“

Report #18 “MGX Reports Upgrading of Lithium Brine from 67 to 1600 ppm Lithium“ 

Report #17 “MGX technology nominated for prestigious Katerva Award, the Nobel Prize of Sustainability“ 

Report #16 “Unconventional oil play legend Marc Bruner to take MGX and PetroLithium to the next level“ 

Report #15 “Total Conviction: MGX forms PetroLithium Corp. to expand into the US oilfield brine markets“ 

Report #14: “MGX Extracts Lithium from Oil Wastewater - Begins Monumental Integration with Big Oil“

Report #13 "MGX Partners with Oil Major on Lithium Brine, New Energy Industry Facing Fundamental Shift“

Report #12 "Game Changing Potential: MGX Minerals‘ Pilot Plant for Rapid Production of Lithium Nears Completion“

Report #11 "MGX assays 34 g/t gold from surface sampling in British Columbia“

Report #10 “Official: MGX owns magnesium worth multi-billions of dollars and starts pilot plant shortly“

Report #9 “One of the world‘s largest lithium resources on the horizon?“

Report #8 “Ready for significant lithium brine work in Alberta“

Report #7 “At the forefront of Alberta‘s lithium brine riches“

Report #6 “Pioneering Lithium in Alberta: MGX Minerals Teams Up“

Report #5 “Time to Put a Lithium Production Process in Place“

Report #4 “MGX Minerals Taps Into Canada‘s Potentially Largest High-Grade Lithium Resources“

Report #3 “MGX Minerals Receives Mining Lease for 20 years (in British Columbia!)“

Report #2 “MGX Minerals Accelerates Towards Production“

Report #1 “MGX Minerals Plans To Enter The Magnesium Market“

Technical Perspective


Updated Chart (15 min. delayed): http://schrts.co/vHgP4v

Company Details


Belmont Resources Inc.
Suite 600 - 625 Howe Street
Vancouver, BC, V6C2T6 Canada 
Phone: +1 604 683 6648
Email: gmusil@belmontresources.com
www.belmontresources.com

Shares Issued & Outstanding: 82,795,620


Chart

Canadian Symbol (TSX.V): BEA
Current Price: $0.095 CAD (08/01/2018)
Market Capitalization: $8 Million CAD


Chart

German Symbol / WKN (Frankfurt): L3L1 / A1JNZE 
Current Price: €0.061 EUR (08/01/2018)
Market Capitalization: €5 Million EUR 

Technical Perspective


Updated Chart (15 min. delayed): http://schrts.co/ZKqMH2 

Previous Coverage

Report #13: “MGX and Belmont to Start Drilling at Kibby Basin Lithium Project in Nevada on Saturday” 

Report #12: “MGX and Belmont Form Nevada Lithium Joint Venture at Kibby Basin” 

Report #11: “Ohm-m! The Divine Sounding of Resistivity” 

Report #10: “Belmont Resources (BEA.V): Cheapest US lithium play may just be what others promised” 

Report #9: “It‘s Time For Belmont To Shine In Nevada” 

Report #8: “Bingo! Belmont finds striking drill targets for lithium brine deposits at Kibby Basin in Nevada” 

Report #7: “The Missing Puzzle Piece to Discover Lithium Aquifers in the Kibby Basin of Nevada?” 

Report #6: “Belmont on track to eclipse the Clayton Valley” 

Report #5: “Belmont getting ready to drill for untapped lithium brines at Kibby Basin in Nevada” 

Report #4: “The perfect lithium basin?”

Report #3: “Prominent gravity low identified on Kibby Basin Lithium Brine Property in Nevada” 

Report #2: “Dark clouds over Clayton Valley and green lights for Belmonts Kibby Basin Project” 

Report #1: “Early Report on Belmont Resources”

Cover Picture Source Disclaimer: This report 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", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research and MGX Minerals Inc. cautions investors that any forward-looking information provided herein 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 MGX´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the MGX´s profile on SEDAR at www.sedar.comPlease read the full disclaimers for both featured companies within the full research reports as a PDF (here and here) as fundamental risks and conflicts of interest exist. The author, Stephan Bogner, holds a long position in MGX Minerals Inc. and Belmont Resources Inc. and is being paid a monthly retainer from Zimtu Capital Corp., which company also holds a long position in MGX Minerals Inc. and Belmont Resources Inc.

Write a comment

Name:
Rockstone
13.08.2018 13:50:55
Evaporation ponds are a waste of time, money, space, and water, and lithium producers would be wise to lose them

by Cory Groshek on July 30, 2018

https://newenergynarrative.com/evaporation-ponds-are-a-waste-of-time-money-space-and-water-and-lithium-producers-would-be-wise-to-lose-them/
Likes | 54
Dislikes | 0
COMPANY INFO
Name: MGX Minerals Inc.
Canada Symbol: XMG
Germany Symbol / WKN: 1MG / A12E3P
Shares Issued & Outstanding: 122,655,926
Phone: +1 604 681 7735
Email: jared@mgxminerals.com
Web: www.mgxminerals.com
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