MGX Minerals Identifies Large Geophysical Anomaly at Salinitas Lithium Project, Salinas Grandes, Argentina
VANCOUVER, British Columbia, Sept. 03, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / OTCQB: MGXMF / FKT: 1MG) reports that joint-venture partner A.I.S. Resources (“A.I.S.”) (TSX.V: AIS) has announced completion of the first TEM (Transient Electromagnetic Survey) geophysics profile at the Salinitas JV Project (the “Project”) in the Salinas Grandes Salar, Salta Province, Argentina. The TDEM geophysical survey was conducted across 52 stations at 500-meter spacings totaling approximately 26 kilometers. Interpretation of the first profile suggest that potentially substantial aquifers exist over a 3 km x 2km x 180m depth area.
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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 from the TDEM program (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 Figure 3. On line one, the size of the two blocks in the low resistivity area is approximately 6,000m x 180m.
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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/39893c2c-f023-455b-b837-57e348dc99cb
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6deb9ecf-4020-41c0-93ad-a19dc06c0398
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/70c21b70-2c20-4135-9121-debd94c0c8f6
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 TDEM 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. Mr. Thomas 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 US$1.2 million by May 31, 2020 and by making payments totaling US$3.2 million 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).
Qualified Person
Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals, has prepared, reviewed and approved the scientific and technical information in this press release. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument 43-101 Standards.
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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release 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. The Company cautions investors that any forward-looking information provided by the Company 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 Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
Contact Information Jared Lazerson President and CEO Telephone: 1.604.681.7735 Web: www.mgxminerals.com
