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MGX Minerals Inc
Symbol XMG
Shares Issued 125,324,075
Close 2018-11-28 C$ 0.47
Recent Sedar Documents

MGX partner CLS moves drill to Francisco basin project

2018-11-29 07:22 ET - News Release

Mr. Jared Lazerson reports

MGX MINERALS ANNOUNCES MOBILIZATION FOR DRILLING AT FRANCISCO BASIN LITHIUM PROJECT, CHILE

MGX Minerals Inc.'s joint venture partner, Chilean Lithium Salars (CLS), has mobilized a drill to the Francisco basin project located 30 kilometres south of the Salar de Maricunga. The five-hole drill program will target the Northern Lagoon, where samples in May of 2018 averaged 694 milligrams/litre lithium (see press release dated Sept. 27, 2018). The drill program will test lithium mineralization to a depth of up to 300 metres as well as the lateral extent of lithium mineralization. The data will be used to define the hydrogeological model for the Francisco basin.

MGX and CLS continue to work with SRK Consulting Inc. to complete a definitive exploration program for the Francisco basin lithium project. The project lease area comprises 12,900 hectares. An electromagnetic geophysical survey was completed in April, 2018, and results indicated strong potential for the presence of two highly conductive brines zones where significant thickness and horizontal coverage may exist.

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. MGX is prepared to mobilize a rapid lithium extraction system to the Francisco basin.

Francisco basin

The Francisco basin salar resides within a large, fault-bound, alluvium-filled basin to the immediate south of the Copiapo volcano. The basin is closed, drains a large area and the salar appears to be the lowest point within the drainage. The rocks in the drainage surrounding this salar are dominantly volcanic, ranging in age from Eocene to Miocene, juxtaposed with some older rocks. To the west is a Cretaceous sedimentary sequence separated from the volcanic rocks of the Francisco basin area by the Cerro Guerrita fault. To the east, an older Oligocene to Miocene volcanic sequence is overlain by the Copiapo volcanic rocks. The Francisco basin alluvial basin sits at the junction of three catchments. These river systems presumably provide the fill for the basin and are in part, along with the limits of the salar, structurally controlled. The alluvial fill may be covering post-Copiapo-aged faulting.

About MGX's Chilean lithium joint venture

MGX is earning a 50-per-cent interest in Chilean Lithium Salars SpA (CLS). CLS is a wholly owned subsidiary of Chilean Lithium Salars Holdings Ltd. (CLSH) and holds a 100-per-cent interest in three prospective lithium exploration projects located in Chile, including the Francisco basin, Laguna Brava and Laguna Escondida lithium projects. To acquire an undivided 50-per-cent interest in CLS, MGX has agreed to make option payments totalling $1.5-million (U.S.), incur exploration expenditures totalling $2-million (U.S.), and complete a National Instrument 43-101 resource estimate on at least one of the projects within 20 months. MGX is acting as project operator and has appointed Aldo Boitano, current project manager for CLS, as project manager to work alongside Kura Minerals. MGX maintains the right to participate as a service provider of the engineering, construction and/or procurement of a brine processing plant using its rapid lithium extraction technology.

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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