MGX Minerals Inc. Reports Control Over Majority of High Grade Lithium (>=90mg/L) in Alberta
Engages APEX Geoscience for N.I. 43-101 Technical ReportVANCOUVER, May 18, 2016 - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) is pleased to announce it now controls 14 of the top 25 historical high grade lithium properties (>=90mg/L, up to 140mg/L) as reported by the Alberta Geological Service ("AGS", 2013).
The dataset comprises lithium geochemical data from ground and formation water in Alberta and near the Alberta border. The data was captured from several databases, including the Alberta Geological Survey (oil and gas wells database, AERI and Beaver River Basin projects), and the Alberta Research Council. In total there are 1,511 records, of which 48 records have >75 mg/L lithium. Nineteen analyses have >100 mg/L lithium (up to 140 mg/L) and occur within the Middle to Upper Devonian Beaverhill Lake Formation and Woodbend and Winterburn groups of west-central to northwestern Alberta.
The Company is also pleased to report it has engaged APEX Geoscience to complete a National Instrument (N.I.) 43-101 compliant technical report on MGX's Alberta lithium properties (the "Properties").
Mr. Roy Eccles (P. Geo.) will author the technical report. Mr. Eccles is considered one of the foremost experts on Alberta lithium brine, having spent 25 years of his career at the Alberta and Manitoba Geological Surveys. While at the Alberta Geologic Survey, Mr. Eccles oversaw the above mentioned Province-wide sampling program responsible for compiling lithium values from oil and gas wells in Alberta.
Mr. Eccles obtained his B.Sc. and M.Sc. from the universities of Manitoba and Alberta. He completed his thesis on The Petrogenesis of the Northern Alberta Kimberlite Province. Mr. Eccles is a practicing professional geologist with the Association of Professional Engineers and Geoscientists of Alberta. He has over 26 years of mineral exploration experience encompassing a wide range of geological processes and commodities. Mr. Eccles has published over 70 manuscripts and 75 oral presentations. He is internationally recognized for his research and knowledge of the geology and economic mineral potential of the Canadian Shield and the Western Sedimentary Basin.
The Company believes that completion of a N.I. 43-101 compliant technical report is an important first step towards potentially developing future mineral resources for the Properties. The technical report will include detailed geological and historical information on the Properties and is expected to be completed in one month.
About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company engaged in the acquisition and development of industrial mineral deposits in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta, including the Driftwood magnesium project. MGX has recently received approval of a 20 year mining lease for Driftwood and bulk sampling is currently underway. For further information, please visit the Company's website at www.mgxminerals.com.
Contact Information
Jared Lazerson
Chief Executive Officer
Telephone: 604.681.7735
Email: jared@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.
Copyright (c) 2016 TheNewswire - All rights reserved.
