VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / OTCQB: MGXMF / FSE: 1MG) announces that joint-venture partner Belmont Resources Inc. (TSX.V: BEA) (“Belmont”) plans to conduct up to 4,800 feet of additional drilling across four diamond drill holes at the Kibby Basin lithium project (“Kibby Basin”) in Nevada. Additionally, Belmont has also reported plans to conduct downhole geophysical surveys to test specific prospective layers for potential aquifers. Drilling is expected to commence shortly.
As previously reported, sampling in drill hole KB-3 between the 1,100 to 1,210-foot range averaged 415ppm, with the highest sample reaching 580ppm lithium (see press release dated October 1, 2018). Additionally, 20 of 25 samples assayed greater than 100ppm lithium between the 1,270 to 1,798-foot range, with seven samples containing greater than 375ppm, including a high of 580ppm lithium at 1,791 feet. Belmont has delivered an additional 59 core samples from the lower section of drill hole KB-3 to ALS labs in Reno for assaying.
The Kibby Basin shares many characteristics with Clayton Valley, where lithium brines are currently being exploited, including: closed structural basin, large conductor at depth, lithium anomalies at surface and depth, evidence of a geothermal system, and potential aquifers in porous ash and gravel zones.
About the Kibby Basin Lithium Brine Partnership
MGX is partnered with Belmont Resources (TSX-V: BEA) on the Property and currently earning a 50% interest with the goal of forming a 50/50 Joint Venture (the “Joint Venture”) to utilize MGX’s rapid lithium extraction technology. Kibby Basin is located in the western portion of the Great Basin in Nevada. The property covers 2,560 acres located in Esmeralda County, Nevada. Geologic research of the Kibby Basin has indicated that proximal rhyolitic flows and tuffs surrounding the basin could be a potential source of Li 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 50km to the South, location of Abermarle’s Silver Peak Mine, the only North American lithium producer.
Rapid Lithium Brine Extraction Technology
MGX 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. 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. The technology was recently chosen as winner of the Base and Specialty Metals Industry Leadership Award at the 2018 S&P Global Platts Global Metals Awards, held in London in May (see press release dated May 18, 2018).
Qualified Person
Andris 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 company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com.
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.
Forward-Looking Statements
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", "potentially" 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.