Full size / Black rocks outcropping at surface at the Salinitas Lithium Project in Argentina.
MGX Minerals Inc. today announced the completion of the first TEM (Transient Electromagnetic Survey) geophysics profile at the Salinitas Project, a joint venture with A.I.S. Resources Ltd. in the Salinas Grandes Salar, Salta Province, Argentina. Interpretation of the first profile suggest that potentially substantial aquifers exist over a 3 km x 2 km x 180 m depth area.
The first of the TEM geophysics profiles has been interpreted and potentially substantial aquifers exist over two 3 km x 2km x 180m depth areas. Preliminary highlights (Figure 1) show the red zone as highly conductive. Interpreted aquifers outlined in black line (Figure 1) are likely to represent brine soaked sands and clay. The large blue structures in Figure 1 are black rocks that can been seen outcropping in above picture. On line one, the size of the two blocks in the low resistivity area is approximately 6 km x 180 m. Interpretation of lines two and three are now underway and will provide an indication of potential widths. The purple line on the surface (Figure 1) shows the main area of interest that will be trenched with a backhoe in the near future.
Figure 1: Salinitas Project, Salinas Grandes - Blue dots represent survey lines along 26 km.
Figure 2: Blue dots represent survey lines and areas of focus for future trenching. The TDEM geophysical survey was conducted across 52 stations at 500 m spacings totaling approximately 26 km.
Drilling Permit Issued for Salinitas Concessions
MGX has also been notified by A.I.S. that the Salta Department Mines Administration is expected to issue drill permits within the next week. Upon full completion and interpretation of all data, A.I.S. plans to conduct trenching as well as an auger drilling program to test the shallow, near surface brine targets that may potentially contain anomalous concentrations of lithium and other elements. Exploration is being overseen by newly appointed A.I.S. Resource’s President and CEO Phillip Thomas who specializes in development of lithium brine projects and previously acted as CEO of Admiralty Resources, where he was responsible for putting the Rincon Salar in Argentina into production.
About the Salinitas Lithium Brine Project
The Salinitas tenements are located in the lithium triangle at the Salar de Salinas Grandes in the 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. MGX has partnered with A.I.S. Resources (TSX.V: AIS) on the Project and is currently earning an undivided 80% interest by incurring total exploration expenditures of at least $1.2 million USD by May 31, 2020 and by making payments totaling $3.2 million USD which are primarily due at that time.
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).
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
MGX Minerals Inc.
#303 - 1080 Howe Street
Vancouver, BC, Canada V6C 2T1
Phone: +1 604 681 7735
Shares Issued & Outstanding: 124,365,827
Canadian Symbol (CSE): XMG
Current Price: $0.76 CAD (08/31/2018)
Market Capitalization: $95 Million CAD
German Symbol / WKN (Tradegate): 1MG / A12E3P
Current Price: €0.508 EUR (08/31/2018)
Market Capitalization: €63 Million EUR
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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.com. Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. The author, Stephan Bogner, holds a long position in MGX Minerals Inc. and is being paid a monthly retainer from Zimtu Capital Corp., which company also holds a long position in MGX Minerals Inc. Note that neither MGX Minerals Inc. nor Zimtu Capital Corp. have reviewed all of the content prior to publication and may not agree with statememts made herein.