Energy metals firm MGX Minerals Inc.(CSE:XMG, OTCQB: MGXMF) had more lithium-related news today - telling investors it was set for drilling at the Kibby Basin lithium brine property in Nevada.
It has hired contractor Harris Exploration for the work, which will use a rotary drill to complete the holes on targets generated based on results from a geophysical survey completed in January.
The proposed holes are designed to test a large conductor, which may represent aquifers containing lithium brines.
The holes have been designed to intercept the anomaly starting at depths of 325 m (1065 ft) and continue to as deep as 760 m (2500 ft).
MGX is partnered on the project with Belmont Resources (CVE: BEA) and is currently earning a 50% interest for the purpose of forming a 50:50 joint venture, using MGX's rapid lithium extraction technology.
The Kibby Basin project covers 2,560 acres in Esmeralda County, Nevada. It is a dry playa with no springs or water sources.
Geologic research has shown that rhyolitic flows and tuffs surrounding the basin could be a potential source of lithium brine in the Kibby Basis Playa.
The target area is a large well-defined anomaly discovered by a survey by Belmont in January this year.
MGX with partner Purlucid has developed a rapid lithium extraction technology, which reduces costs and enhances the quality of extraction across a complex range of brines.
This technology is applicable to petrolithium (oil and gas wastewater), natural brine, and other brine sources such as lithium-rich mine and industrial plant wastewater.
Only yesterday, MGX revealed it was set to acquire 80% of the Salinitas lithium project in Argentina.
It struck an option agreement with A.I.S. Resources Ltd over the claims, which lies in the lithium triangle of the Puna region at the Salar de Salinas Grandes in the province of Salta.
The 4,308-hectare contiguous land package lies in an area renowned for its lithium- and potassium-rich brine resources.
Shares shed 2.25% to C$0.87.