MGX Minerals Announces Commencement of Drilling at Salinitas Lithium Project, Argentina
VANCOUVER, BRITISH COLUMBIA / November 28, 2018 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG/ OTCQB: MGXMF / FKT: 1MG) reports that joint-venture partner A.I.S. Resources (“A.I.S.”) (TSX.V: AIS) has commenced drilling at the Salinitas lithium project (“Salinitas” or the “Project”) in Argentina. Samples recovered thus far from a 43-meter interval show a porous coarse sand which is conducive to the transmission of brines. The trenching program completed in October confirmed the presence of these porous sands. Resistivity of these sands is expected to be encountered at depth. The objective of the drill program is to test two geophysical anomalies generated from the previously completed TEM (Transient Electromagnetic Survey) survey. These anomalies represent potential aquifer structures based on interpretation of the geophysical profiles. Brines will be sampled down to 400m, with specific yield and other porosity tests. Subject to brine composition and flow rate, one well will commence a 30-day pump test.
Salinitas Lithium Brine ProjectThe Salinitas tenements are located in the lithium triangle at the Salar de Salinas Grandes, in the Province of Salta. The 4,308 hectare contiguous land package resides in the Puna region of northwest Argentina near the border of Chile, an area renowned for its lithium and potassium rich brine. Salinas Grandes has been explored with positive results reported in 2013 by Orocobre and is currently being explored by other lithium exploration companies.
Rapid Lithium Brine Extraction TechnologyMGX has developed a rapid lithium extraction technology eliminating or greatly reducing the physical footprint and investment in large, multi-phase, lake sized, lined evaporation ponds, as well as enhancing the quality of extraction and recovery across a complex range of brines as compared with traditional solar evaporation. MGX is prepared to mobilize a rapid lithium extraction system to the Salinitas project.
Figure 1. Drilling of 6-inch well for steel casing prior to HQ diamond drilling. Casing prevents collapse of well in unconsolidated sediments as brine pressures at depth are significant.
Figure 2. Location of drill hole #2 overlapping results of previously completed TEM survey. Dark purple area represents resistivity values that are less than the value for salt water thereby implying the presence of other elements in the brines.
Property AgreementMGX has partnered with A.I.S. Resources (TSX.V: AIS) on the Project and is currently earning an undivided 80% interest by incurring total exploration expenditures of $1.2 million and by making payments totaling $3.2 million by May 31, 2020.
Qualified PersonAndris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals, has prepared, reviewed and approved the scientific and technical information in this press release. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument 43-101 Standards.
About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy, and water assets. MGX was recently chosen as winner of the Base and Specialty Metals Industry Leadership Award at the 2018 S&P Global Platts Global Metals Awards for this technology.
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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.
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