MGX Minerals Files Application to Complete 3D Seismic Survey at Utah Petrolithium Project
(firmenpresse) - MGX Minerals Files Application to Complete 3D Seismic Survey at Utah Petrolithium Project
VANCOUVER, BRITISH COLUMBIA / July 5, 2018 / MGX Minerals Inc. (MGX or the Company) (CSE: XMG / OTCQB: MGXMF / FSE: 1MG) is pleased report that the Companys local Operating Partner (the Partner) has filed with the U.S. Bureau of Land Management (BLM) an application to complete a a 65.4 square mile 3D seismic survey over the Blueberry Unit (Blueberry) at the Companys Utah Petrolithium Project (the Project) located in the Paradox Basin of Utah. The survey will include 9,062 source points and comprise 6,354 vibrator points, 841 buggy drill points and 1,867 Heli points. Pending BLM consultation and approval, the Company plans to commence the 3D Seismic Survey in August.
The Blueberry Unit (oil, gas and lithium) and Lisbon Valley claims (lithium) now consist of approximately 115,000 acres of oil and gas leases and 118,000 acres of largely overlying and contiguous mineral claims. The Project is being simultaneously explored for oil, gas, lithium and other brine minerals to determine locations for deployment of the Companys lithium and mineral extraction technology. Brine content within the Lisbon Valley oilfield have been historically reported as high as 730 ppm lithium (Superior Oil 88-21P). The Lisbon Valley oilfield has approximately 140 wells and is contiguous with the Blueberry Unit. According to production statistics, as reported by the Utah Department of Natural Resources, Oil, Gas and Mining Division, cumulative lifetime production within the Lisbon Valley oilfield has totaled 51.4 million barrels of oil as of January 2018 (Oil Production by Field, Utah Department of Natural Resources, Division of Oil, Gas and Mining; January 2018; Click Here). The Paradox Basin has been noted by the USGS as having one of the largest undeveloped oil and gas fields in the United States (Assessment of Oil and Gas Resources in the Paradox Basin Province; USGS; 2011; Click Here).
Blueberry Unit
MGX is currently earning a 75% working interest in the Project, with the remaining interest primarily controlled by the Partner. The Project is host to National Instrument (N.I) 51-101 estimated prospective resources (the Estimate) consisting of leasehold and royalty interests in San Juan County, Utah and Miguel County. Colorado. The estimate was prepared by the Ryder Scott Company, L.P. (Ryder Scott), an independent qualified reserves evaluator within the meaning of N.I. 51-101 - Standards of Disclosure for Oil and Gas Activities (NI 51-101), with an effective date of June 30, 2017. The Estimate was prepared in accordance with N.I. 51-101 and the Canadian Oil and Gas Evaluation.
Estimated Gross Volumes
Unrisked Prospective (Recoverable) Hydrocarbon Resources
Leasehold Interest in San Juan County, Utah and San Miguel County, Colorado
MGX MINERALS INC.
As of June 30,2017
FormationULTIMATE RECOVERY OIL ULTIMATE RECOVERY GAS COC*
- -
MMBO BCF
LOW BEST HIGH LOW BEST HIGH
Paradox Clastics
CB2 41.799 59.49885.32433.441 47.60268.2660.075
CB3 41.915 60.64185.83333.536 48.51768.6710.075
CB4 12.766 18.74526.69210.213 14.78121.3550.075
CB5 33.185 48.06568.84126.548 38.45355.0740.075
CB6 6.603 9.607 13.8745.283 7.686 11.1000.045
CB7 1.892 2.735 3.948 1.514 2.188 3.158 0.032
CB8 19.108 27.52539.07915.287 22.02231.2640.068
CB9 11.452 16.67123.7119.162 13.33718.9700.068
CB10 14.565 21.16930.08811.652 16.93624.0730.068
CB11 2.021 2.929 4.244 1.617 2.344 3.396 0.032
CB12 9.352 13.60919.5257.482 10.88715.6200.045
CB13 9.333 13.15819.2977.468 10.81515.4380.045
CB14 3.195 4.621 6.634 2.556 3.697 5.308 0.045
CB15 6.455 9.432 13.6335.164 7.546 10.9080.045
CB16 2.752 3.987 5.768 2.202 3.190 4.615 0.045
CB17 3.770 5.390 7.835 3.016 4.313 6.269 0.040
CB18 4.673 6.728 9.572 3.739 5.383 7.658 0.045
CB19 16.690 24.22634.54213.358 19.38127.6360.068
CB20 2.931 4.253 6.118 2.435 3.402 4.895 0.040
CB21 35.336 51.33873.97128.272 41.07359.1770.097
(Cane
Creek)
CB22 5.635 8.261 11.9574.508 6.609 9.566 0.045
Leadville1.000 2.100 4.000 153.000 231.70341.600.066
0 0
*COC - Chance of Commerciality = Chance of Discovery * Chance of Development
Petrolithium Technology
MGXs rapid lithium recovery process concentrates lithium, magnesium and other minerals from a variety of brines, including oil and gas wastewater, natural brine and industrial plant wastewater. The process uses nanofiltration technology that utilizes a proprietary design process currently covered under patent and patent-pending applications. 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 (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.
Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: 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.
Leseranfragen:
MGX is involved in the acquisition and exploration of industrial mineral properties in Western Canada. MGX has the right to acquire a 100% interest in the Driftwood Creek Magnesite Property located in the Golden mining district in southeast British Columbia. In addition to Driftwood Creek, MGX holds a portfolio of magnesite exploration properties in British Columbia. MGX’s wholly owned subsidiary, Manto Gold Corp., is engaged in gold exploration and holds a right to acquire a 100% interest in the 10,000 ha. Fran Gold Property, located 20km southwest of Mount Milligan in central British Columbia.
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Datum: 05.07.2018 - 12:58 Uhr
Sprache: Deutsch
News-ID 577826
Anzahl Zeichen: 6951
contact information:
Town:
Wien
Kategorie:
Business News
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