MGX Minerals Completes Paleontology Survey at Paradox Basin, Utah Petrolithium Project; Archaeological Study Nearing Completion

MGX Minerals Inc. (CSE:XMG) is pleased to provide an update on the Company’s Paradox Basin Petrolithium Project (the “Project”). The Project includes the 80,380-acre Blueberry Unit, a recently unitized Federal Oil and Gas Unit created as part of the Project.

MGX Minerals Inc. (CSE:XMG) is pleased to provide an update on the Company’s Paradox Basin Petrolithium Project (the “Project”). The Project includes the 80,380-acre Blueberry Unit, a recently unitized Federal Oil and Gas Unit created as part of the Project.

After approximately two months of fieldwork, crews have completed Paleontology Surveying and are nearing completion of the Archeological Survey. To date, all locations have been surveyed out with a total of 163 new sites located along with 12 sites that need redocumenting. Documentation recording for the survey will begin this week and take approximately one week to complete. Pending Bureau of Land Management approval, a Seismic Survey at the Paradox Project is scheduled to commence in early August.

The 110,000 acre Paradox Project represents the first large-scale integrated petroleum and lithium exploration project in the United States and is located proximate to the Lisbon Valley oilfield within the Paradox Basin, which has shown historical brine content as high as 730 ppm lithium (Superior Oil 88-21P).

The Project is being simultaneously explored for oil, gas, lithium and other brine minerals as part of the Company’s North and South American exploration, testing and analyses strategy to determine locations for deployment of the Company’s lithium and mineral extraction technology inclusive of Petrolithium, geothermal, and other lithium brine feedstock sources. MGX controls over two million acres of lithium mineral claims throughout North America.

Blueberry Unit

MGX is currently earning a 75% working interest in the Project, with the remaining interest primarily controlled by a private Utah corporation (the “Paradox Partner”). The Paradox Partner has been engaged by MGX as subcontracted operator of the Project. 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 of


As of June 30, 2017

Paradox Clastics
CB2 41.799 59.498 85.324 33.441 47.602 68.266 0.075
CB3 41.915 60.641 85.833 33.536 48.517 68.671 0.075
CB4 12.766 18.745 26.692 10.213 14.781 21.355 0.075
CB5 33.185 48.065 68.841 26.548 38.453 55.074 0.075
CB6 6.603 9.607 13.874 5.283 7.686 11.100 0.045
CB7 1.892 2.735 3.948 1.514 2.188 3.158 0.032
CB8 19.108 27.525 39.079 15.287 22.022 31.264 0.068
CB9 11.452 16.671 23.711 9.162 13.337 18.970 0.068
CB10 14.565 21.169 30.088 11.652 16.936 24.073 0.068
CB11 2.021 2.929 4.244 1.617 2.344 3.396 0.032
CB12 9.352 13.609 19.525 7.482 10.887 15.620 0.045
CB13 9.333 13.158 19.297 7.468 10.815 15.438 0.045
CB14 3.195 4.621 6.634 2.556 3.697 5.308 0.045
CB15 6.455 9.432 13.633 5.164 7.546 10.908 0.045
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 24.226 34.542 13.358 19.381 27.636 0.068
CB20 2.931 4.253 6.118 2.435 3.402 4.895 0.040

(Cane Creek)

35.336 51.338 73.971 28.272 41.073 59.177 0.097
CB22 5.635 8.261 11.957 4.508 6.609 9.566 0.045
Leadville 1.000 2.100 4.000 153.000 231.700 341.600 0.066

*COC – Chance of Commerciality = Chance of Discovery * Chance of Development

Lisbon Valley and Paradox Basin Geology

The Project is proximate to Lisbon Valley oilfield which has approximately 140 wells. 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 June 2017 (“Oil Production by Field, Utah Department of Natural Resources, Division of Oil, Gas and Mining”; June 2017; 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).

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

Contact Information

Jared Lazerson

President and CEO

Telephone: 1.604.681.7735


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 .

Click here to connect with MGX Minerals Inc. (CSE:XMG) and receive an Investors Presentation.


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