Sign up Australia
Proactive Investors - Run By Investors For Investors

MGX Minerals poised for drillbits turning at Kibby Basin lithium brine project, Nevada

The proposed holes are designed to test a large anomaly, which may represent aquifers containing lithium brines
Flash new car
Lithium is used in batteries in electric cars, among other products

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.

View full XMG profile View Profile

MGX Minerals Inc. Timeline

Related Articles

australian and south africa flags detailing company's projects
April 12 2018
The company is fast-tracking its application for full-scale mining rights across the WBP.
July 18 2018
Tsodilo Resources is currently evaluating a diamond project situated right in the heart of one of the world's most prolific diamond-producing areas
project area
July 12 2018
The Gabanintha Vanadium Project is one of the highest-grade vanadium deposits in the world.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use