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Identification of permeable aquifer zones and conductive brine zones, along with collection of water samples, forthcoming

Full size / Drill rig and crew in action at Kibby Basin in Nevada, USA.

Today, MGX Minerals Inc. and Belmont Resources Inc. provided an update on the drill program at Kibby Basin in Nevada, 50 km north of Albemarle’s Silver Peak Mine at Clayton Valley where North America’s only lithium brine deposit is in production. 

KB-3, the first hole of the 2018 drilling program at Kibby Basin, has reached a depth of 548 m (1,798 feet) targeting the southern portion of a large robust conductor identified by MT geopyhsics, which may represent saturated sediments containing aquifiers enriched with lithium. 

The first section of the hole was drilled to a depth of 387 m (1,270 feet) using a mud-rotary drilling method, whereas the remaining 161 m (528 feet) was completed with a diamond core tail. This technique of changing drills was also used successfully at Clayton Valley.

126 samples of sedimentary drill cuttings from the mud-rotary section of the hole have been collected and sent to ALS Laboratories in Reno, Nevada, for assaying. A down-hole geophysical survey including gamma-caliper-temperature-fluid resistivity and SP, SPR logging will be conducted on the hole to identify permeable aquifer zones and conductive brine zones. Water samples will be collected after the geophysical logging, and will be assayed for lithium, associated elements and physical properties. Sections of drill core from 387-548 m (1270-1798 feet) will be split and similarly assayed as above mentioned.

Oxidized clay zones at 122-195 m (400-640 feet) and several thinner zones of clay deeper in the hole are being evaluated as potential lithium-bearing bedrock mineralization. Thin intervals of altered rhyolite ash and possible hot-spring sinter were encountered at 430-431 m (1411-1412 feet), 453-454 m (1488-1490 feet) and 484-485 m (1589.5-1590 feet). In general, concentrated lithium brines tend to occur in neutral or slightly alkaline hot-spring waters associated with silicic volcanic rocks (according to "Where on earth is all the lithium" by James D. Vine; 1980). At the bottom of the hole, operation of a paleo-geothermal system is evidenced by the silicified intervals and fronts of pyrite and magnetite alteration increasing below a depth of 457 m (1500 feet). 

Final confirmation and scheduling for the second 2018 drill hole (KB-4) on the Kibby Property are being discussed. The drills will be mobilized to the second site as soon as possible. Jim Place, CEO and President of Belmont, commented:

"KB3 has encountered multiple brine prospective layers that may represent lithium enriched aquifers in Kibby Basin. Our team is looking forward to sample results and continued drilling." 

Sand and gravel zones, which may represent brine-bearing aquifers, were encountered at depths of 46-52 m (150-170 feet), 64-70 m (210-230 feet), 79-91 m (260-300 feet), and 274-280 m (900-920 feet), where a potentially major aquifer in a cobble gravel was intersected. Thus, a total of approximately 30 m (100 feet) of potentially lithium-enriched aquifer(s) have been encountered successfully.

For comparison, the subsurface lithium brines at Clayton Valley are pumped from 6 aquifer units (see below figure), whereas the main aquifer system (called "Main Ash Aquifer") ranges between 5-20 m in thickness (according to "Geochemistry of lithium-rich brines in Clayton Valley, Nevada, USA; 2011). 


Full size / Schematic cross-section of aquifers in Clayton Valley along the dip of the basin. (Zampirro, 2003)

According to below figure, the Main Ash Aquifer ("major tuff-bed aquifer") hosted brine ranging between less than 2 ppm, 40 ppm and 320 ppm lithium, whereas the highest grades were encountered near faults. KB-4, the next proposed hole at Kibby Basin, may be drilled even closer to potential fault(s) and thus intersecting potentially higher grades than KB-3. In other words, it may take several holes to find the higher graded portions of a potentially lithium-enriched brine zone at Kibby Basin. 

Full size ("Origin of the lithium-rich brine, Clayton Valley, Nevada", 1986)

According to below figure, some of the more productive pay zones of the Main Ash Aquifer at Clayton Valley range in thickness between 3-9 m (10-30 feet) and occur near faults. 


Full size (Zampirro, 2003)

Below are some recent photos of the drill rig and crew in action, drill core being extruded and logged, and preparing for sampling at Kibby Basin (source: Belmont Resources Inc.):


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Company Details


MGX Minerals Inc.
#303 - 1080 Howe Street
Vancouver, BC, Canada V6C 2T1
Phone: +1 604 681 7735 
Email: jared@mgxminerals.com
www.mgxminerals.com

Shares Issued & Outstanding: 124,365,827


Chart

Canadian Symbol (CSE): XMG
Current Price: $0.77 CAD (08/24/2018)
Market Capitalization: $96 Million CAD


Chart

German Symbol / WKN (Tradegate): 1MG / A12E3P
Current Price: €0.509 EUR (08/24/2018)
Market Capitalization: €63 Million EUR 

Technical Perspective


Updated Chart (15 min. delayed): http://schrts.co/vHgP4v

Previous Coverage

Report #75 “MGX engages one of the world‘s most respected lithium upgrading and commercial scale-up experts"

Report #74 “MGX-ZincNyx start product certification for the mass market"

Report #73 “MGX-ZincNyx Announce Mass Production of Zinc-Air Battery Fuel Cell and Charging Components"

Report #72 “MGX Moves to the Big Time, Acquires Chilean Lithium Brine Projects"

Report #71 “MGX provides Update on Deployment of Several Plants for Rapid Lithium Extraction and Wastewater Treatment in Alberta“

Report #70 “The Drills are Turning at MGX-Belmont‘s Kibby Basin Lithium Joint Venture in Nevada“

Report #69 “MGX Engages Hatch Engineering for Scale-Up of its Rapid Lithium Extraction Plant in the Western United States“

Report #68 “MGX and Belmont to Start Drilling at Kibby Basin Lithium Project in Nevada on Saturday“

Report #67 “MGX Expands to Argentina, Home to One of the Largest and Richest Lithium Resources in the World“

Report #66 “MGX and Belmont Form Nevada Lithium Joint Venture at Kibby Basin“

Report #65 “MGX-Highbury Expand Work to Gasify Petcoke into a Synthetic Crude Oil Equivalent“

Report #64 “MGX Delivers Update on Commercial Deployment of its Wastewater Treatment and Lithium Extraction Systems“

Report #63 “MGX is Drilling for Solar Grade Silicon Metal in British Columbia“

Report #62 “MGX-ZincNyx Now Ready To Start Commercialization Of Battery Systems For Mass Storage Of Energy“

Report #61 “MGX Minerals Raises $15,5 Million in an Oversubscribed Financing to Speed Up Lithium and Advanced Material Projects“

Report #60 “Sneak Preview of Big Oil Entering the Business of Big Batteries“

Report #59 “MGX Wins Industry Leadership Award from S&P Global Platts“

Report #58 “MGX Nears Commercial Deployment of 4 Petrolithium and Water Treatment Systems in Alberta“

Report #57 “MGX Announces Quadrupling of Power Output of Zinc-Air Fuel Cell Battery“

Report #56 “MGX Sets The Record Date For Its First Dividend“

Report #55 “The First ZincNyx Energy Storage Plant to be Deployed in New York City“

Report #54 “MGX in Final Stages of Commercial Deployment, Second Petrolithium Contract Already in the Making“

Report #53 “MGX-Highbury Accomplish Almost Complete Gasification of Petcoke, Produce High-Grade Vanadium Concentrate“

Report #52 “MGX Set to Alter Lithium Landscape, Partners with Investment Bank Heavyweight Capstone Headwaters“

Report #51 “Congratulations! MGX Nominated in 2 Categories as a Finalist for the S&P Global Platts Metals Awards“

Report #50 “MGX Gets Serious About Magnesium, Engages Hatch for Magnesium Metal Scoping Study“

Report #49 “MGX to Acquire and Commercialize Clean Technology for Extraction of Lithium and Aluminum from Spodumene“

Report #48 “MGX Minerals Issues PEA for a World-Class Magnesium Project in British Columbia“

Report #47 “High-Grade Battery Metals From Dirty Petcoke“

Report #46 “Big Times Ahead For Several Joint Ventures from MGX Minerals“

Report #45 “MGX Partner Broadcasting on US Television“

Report #44 “The Big Rethinking Begins: Multiple Lithium Projects in Chile Test the Rapid Lithium Extraction Technology from MGX“

Report #43 “Global Lithium Dominance? MGX Doubles Performance of Lithium Extraction Filters“

Report #42 “Scores of Tail Winds for MGX becoming a Leader in the New Energy Economy“

Report #41 “MGX Goes Big, Develops Utility-Scale Battery Storage System“

Report #40 “Positioned to Profit from Transition to New Energy Economy“

Report #39 “MGX Assembles Dream Team For California Lithium Strategy“

Report #38 “MGX: The Next GreenTech Energy Giant“

Report #37 “MGX Partners with Highbury Energy to make Petroleum Coke more Clean“

Report #36 “Technological Breakthrough in the Mass Energy Storage Industry“

Report #35 “Eureka! MGX Starts Developing Silica Projects after Acquisition of Mass Storage Battery Technology“

Report #34 “MGX Going Big on Petrolithium: The first large-scale integrated petroleum and lithium project ever developed“

Report #33 “Driving into the Realms of Tesla & Co: MGX Acquires Mass Storage Battery Technology from Teck Resources“

Report #32 “Backed by Private and Institutional Heavyweights: MGX cashes up for Lithium Extraction and Exploration“

Report #31 “MGX Revolutionizes the Lithium World - Commissions First Rapid Lithium Extraction System“

Report #30 “Full Steam Ahead: MGX Engages Senator Polanco (Ret.) to Head California Lithium Brine Strategy“

Report #29 “MGX to Target Geothermal Market for Extraction of Lithium and Gold“

Report #28 “MGX Minerals Commences Development of the World‘s First Petrolithium Field“

Report #27 “Canadian Government Backs MGX Minerals‘ Petrolithium Cleantech“

Report #26 “MGX Minerals Solves the Magnesium Problem of the Lithium Industry“

Report #25 “Hard-Rock Lithium Exposure for MGX“

Report #24 “One of the Largest Initial Oil Estimates in US History“

Report #23 “MGX starts Petrolithium pilot plant to deliver hard facts for strategic partners“

Report #22 “Time to bet: Sprott takes a position in MGX“

Report #21 “Petrolithium: First Come First Served“

Report #20 “Successful Independent Verification of the MGX Lithium Extraction Technology“

Report #19 “MGX to Drill the World‘s First PetroLithium Well in Utah“

Report #18 “MGX Reports Upgrading of Lithium Brine from 67 to 1600 ppm Lithium“ 

Report #17 “MGX technology nominated for prestigious Katerva Award, the Nobel Prize of Sustainability“ 

Report #16 “Unconventional oil play legend Marc Bruner to take MGX and PetroLithium to the next level“ 

Report #15 “Total Conviction: MGX forms PetroLithium Corp. to expand into the US oilfield brine markets“ 

Report #14: “MGX Extracts Lithium from Oil Wastewater - Begins Monumental Integration with Big Oil“

Report #13 "MGX Partners with Oil Major on Lithium Brine, New Energy Industry Facing Fundamental Shift“

Report #12 "Game Changing Potential: MGX Minerals‘ Pilot Plant for Rapid Production of Lithium Nears Completion“

Report #11 "MGX assays 34 g/t gold from surface sampling in British Columbia“

Report #10 “Official: MGX owns magnesium worth multi-billions of dollars and starts pilot plant shortly“

Report #9 “One of the world‘s largest lithium resources on the horizon?“

Report #8 “Ready for significant lithium brine work in Alberta“

Report #7 “At the forefront of Alberta‘s lithium brine riches“

Report #6 “Pioneering Lithium in Alberta: MGX Minerals Teams Up“

Report #5 “Time to Put a Lithium Production Process in Place“

Report #4 “MGX Minerals Taps Into Canada‘s Potentially Largest High-Grade Lithium Resources“

Report #3 “MGX Minerals Receives Mining Lease for 20 years (in British Columbia!)“

Report #2 “MGX Minerals Accelerates Towards Production“

Report #1 “MGX Minerals Plans To Enter The Magnesium Market“

Company Details


Belmont Resources Inc.
Suite 600 - 625 Howe Street
Vancouver, BC, V6C2T6 Canada 
Phone: +1 604 683 6648
Email: gmusil@belmontresources.com
www.belmontresources.com

Shares Issued & Outstanding: 83,095,620


Chart

Canadian Symbol (TSX.V): BEA
Current Price: $0.08 CAD (08/24/2018)
Market Capitalization: $7 Million CAD


Chart

German Symbol / WKN (Frankfurt): L3L1 / A1JNZE 
Current Price: €0.04 EUR (08/24/2018)
Market Capitalization: €3 Million EUR 

Technical Perspective


Updated Chart (15 min. delayed): http://schrts.co/ZKqMH2 

Previous Coverage

Report #14 “The Drills are Turning at MGX-Belmont‘s Kibby Basin Lithium Joint Venture in Nevada” 

Report #13 “MGX and Belmont to Start Drilling at Kibby Basin Lithium Project in Nevada on Saturday” 

Report #12 “MGX and Belmont Form Nevada Lithium Joint Venture at Kibby Basin” 

Report #11 “Ohm-m! The Divine Sounding of Resistivity” 

Report #10 “Belmont Resources (BEA.V): Cheapest US lithium play may just be what others promised” 

Report #9 “It‘s Time For Belmont To Shine In Nevada” 

Report #8 “Bingo! Belmont finds striking drill targets for lithium brine deposits at Kibby Basin in Nevada” 

Report #7 “The Missing Puzzle Piece to Discover Lithium Aquifers in the Kibby Basin of Nevada?” 

Report #6 “Belmont on track to eclipse the Clayton Valley” 

Report #5 “Belmont getting ready to drill for untapped lithium brines at Kibby Basin in Nevada” 

Report #4 “The perfect lithium basin?”

Report #3 “Prominent gravity low identified on Kibby Basin Lithium Brine Property in Nevada” 

Report #2 “Dark clouds over Clayton Valley and green lights for Belmonts Kibby Basin Project” 

Report #1 “Early Report on Belmont Resources”

Disclaimer: This report 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. Rockstone Research and MGX Minerals Inc. cautions investors that any forward-looking information provided herein 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 MGX´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the MGX´s profile on SEDAR at www.sedar.comPlease read the full disclaimers for both featured companies within the full research reports as a PDF (here and here) as fundamental risks and conflicts of interest exist. The author, Stephan Bogner, holds a long position in MGX Minerals Inc. and Belmont Resources Inc. and is being paid a monthly retainer from Zimtu Capital Corp., which company also holds a long position in MGX Minerals Inc. and Belmont Resources Inc.

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COMPANY INFO
Name: MGX Minerals Inc. / Belmont Resources Inc.
Canada Symbol: XMG / BEA
Germany Symbol / WKN: 1MG / A12E3P // L3L1 / A1JNZE
Shares Issued & Outstanding: 124,365,827 / 83,095,620
Phone: +1 604 681 7735 / +1 604 683 6648
Email: jared@mgxminerals.com / gmusil@belmontresources.com
Web: www.mgxminerals.com / www.belmontresources.com
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