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MGX Minerals Inc
Symbol XMG
Shares Issued 38,923,017
Close 2016-05-18 C$ 0.245
Market Cap C$ 9,536,139
Recent Sedar Documents

MGX to perform technical report on Alta. Li properties

2016-05-18 08:26 ET - News Release

Mr. Jared Lazerson reports

MGX MINERALS REPORTS CONTROL OVER MAJORITY OF HIGH GRADE LITHIUM (>=90MG/L) IN ALBERTA - ENGAGES APEX GEOSCIENCE FOR N.I. 43-101 TECHNICAL REPORT

MGX Minerals Inc. now controls 14 of the top-25 historical high-grade lithium properties (greater than or equal to 90 milligrams/litre up to 140 mg/l) as reported by the Alberta Geological Service (AGS, 2013).

The dataset comprises lithium geochemical data from ground and formation water in Alberta and near the Alberta border. The data were captured from several databases, including the Alberta Geological Survey (oil and gas wells database, AERI, and Beaver River basin projects) and the Alberta Research Council. In total there are 1,511 records, of which 48 records have greater than 75 mg/l lithium. Nineteen analyses have greater than 100 mg/l lithium (up to 140 mg/l) and occur within the Middle to Upper Devonian Beaverhill Lake formation and Woodbend and Winterburn groups of west-central to northwestern Alberta.

The company is also pleased to report it has engaged APEX Geoscience to complete a National Instrument 43-101-compliant technical report on MGX's Alberta lithium properties.

Roy Eccles (PGeo) will author the technical report. Mr. Eccles is considered one of the foremost experts on Alberta lithium brine, having spent 25 years of his career at the Alberta and Manitoba Geological Surveys. While at the Alberta Geologic Survey, Mr. Eccles oversaw the above-mentioned provincewide sampling program responsible for compiling lithium values from oil and gas wells in Alberta.

Mr. Eccles obtained his BSc and MSc from the universities of Manitoba and Alberta. He completed his thesis on the petrogenesis of the Northern Alberta kimberlite province. Mr. Eccles is a practising professional geologist with the Association of Professional Engineers and Geoscientists of Alberta. He has over 26 years of mineral exploration experience encompassing a wide range of geological processes and commodities. Mr. Eccles has published over 70 manuscripts and 75 oral presentations. He is internationally recognized for his research and knowledge of the geology and economic mineral potential of the Canadian Shield and the Western Sedimentary basin.

The company believes that completion of an NI 43-101-compliant technical report is an important first step toward potentially developing future mineral resources for the properties. The technical report will include detailed geological and historical information on the properties, and is expected to be completed in one month.

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