16:17:45 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



MGX Minerals Inc
Symbol XMG
Shares Issued 122,655,926
Close 2018-07-25 C$ 0.89
Market Cap C$ 109,163,774
Recent Sedar Documents

MGX to acquire 80% of A.I.S.'s Salinitas tenements

2018-07-25 06:28 ET - News Release

Also News Release (C-AIS) AIS Resources Ltd

Mr. Jared Lazerson of MGX reports

MGX MINERALS ANNOUNCES ACQUISITION OF SALINITAS LITHIUM BRINE PROJECT AT SALINAS GRANDE SALAR, ARGENTINA

MGX Minerals Inc. has entered into an option agreement with A.I.S. Resources Ltd. to acquire an 80-per-cent interest in the Salinitas lithium brine mining tenements located in the lithium triangle of Argentina, Salar de Salinas Grandes, 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 resources.

The surface elevation of the Salinas Grandes salar is approximately 3,400 metres above sea level. The salar forms a composite closed basin with internal drainage, where discharge occurs by evaporation. Water inflow into the salar is produced by precipitation, superficial and groundwater incursions. MGX plans to conduct a transient electromagnetic method (TEM) geophysical study along with trenching, which will be followed by a drill program along the edge of the salar, to test for shallow, near-surface brines and determine locations with anomalous concentrations of lithium.

To secure the option agreement, MGX has agreed to pay $250,000 (U.S.) on or before July 31, 2018. The company can acquire an undivided 80 per cent in the project at any time during the agreement by making payments totalling $3.2-million. MGX has also agreed to incur total expenditures of at least $1.2-million (U.S.) prior to May 31, 2020.

Rapid lithium brine extraction technology

MGX has developed a rapid lithium extraction technology eliminating or greatly reducing the physical footprint and investment in large, multiphase, 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 waste water), natural brine, and other brine sources such as lithium-rich mine and industrial plant waste water. 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, PGeo, 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 Inc.

MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America.

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