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MGX Minerals advances Utah petrolithium project with new acreage

Monday, April 10, 2017 6:23
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(Before It's News)

Industrial minerals group MGX Minerals Inc (CNSX:MGX) updated on its Paradox Basin petrolithium project in Utah, saying it has staked a further 70,000 acres and consolidated its land position.

MGX now controls more than 94,000 acres of oil and gas leases and mineral claims in Utah.

Meanwhile, across the USA as a whole, its lithium brine claims now exceed 1.7mln acres.

Petrolithium is a new approach to recovering lithium and other minerals from salt water (brine) that accompanies crude as it’s being pumped to the surface.

Petroleum brine is plentiful, yet currently treated as a waste product.

In January this year, the firm successfully extracted lithium, a vital component in many batteries these days,  from oil sands wastewater.

With its partner PurLucid it is now preparing for a pilot plant shortly with commercial scale deployment expected during the second half of this year.

MGX’s process potentially reduces recovery times of lithium and other valuable minerals from 18 months to one day, compared with conventional lithium extraction.

The unitization of the leases  gets rid of property boundaries, pools mineral interests and establish the firm’s private partner as unit operator, it said.

MGX has submitted a permit to drill along with a surface use plan of operations to the Bureau of Land Management (BLM).

Previous geological and seismic information is now under review and  preparations are in train for 3-D seismic shoot to understand both lithium and oil bearing structures.

MGX is in talks, it said, with a US based engineering company for drilling and operation of multi- zone wells for maximum flow of oil, gas, lithium and magnesium brine. 

MGX expects a project scoping study shortly.

Lisbon Valley is also home to the former Rio Algom uranium mill facility, an active copper mine operated by Lisbon Valley Mining Company, and a natural gas processing plant.

It is worth noting that MGX is advancing its petrolithium projects into production without first establishing mineral resources or completing a feasibility study.

MGX operates lithium, magnesium and silicon projects throughout British Columbia and Alberta and petrolithium exploration in Utah.

Story by ProactiveInvestors


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