MGX Minerals Completes N.I. 43-101 Report for Alberta Lithium Brine Project

MGX Minerals (CSE:XMG) announced the Company has received a National Instrument (N.I.) 43-101 compliant technical report (the “Report”) regarding its Alberta Lithium Properties.
As quoted in the press release:

Highlights
A historical account of fluid geochemistry of Devonian formations waters from wells that were spudded on the MGX sub-Properties shows that:

• Mineralization on MGX’s Properties consists of Li-enriched Na-Ca brine hosted in aquifers within Devonian carbonate reef complexes predominantly of the Woodbend-Winterburn groups (MGX’s Red Deer, South Peace River Arch and Fox Creek groups of permits) and Elk Point Group (MGX’s Southeast group of permits).
• The Devonian formation/aquifer brine samples on the MGX Properties were collected from depths of between 1,665 m and 3,666 m below the surface.
• Devonian formation waters from selected wells on the MGX Properties reportedly contain up to 140 mg/L Li (21 separate well analyses average 100 mg/L Li). All 15 sub-Properties have at least one well with a recorded lithium content of >75 mg/L Li.
• Potassium was recorded in four separate Devonian wells yielding between 4,570 and 7,270 mg/L all of which were recorded in the area of the Red Deer group of permits.
• Formation water from a single well, 00/15-22-033-26W4-0, was analyzed for bromide (956 mg/L Br) and iodide (18 mg/L I).
• One Triassic sample contained significantly less lithium (26 mg/L Li) and potassium (430 mg/L K) showing that the Devonian brines contain higher concentrations of the elements of interest.

The Technical Report has shown that historical formation water geochemical analyses within MGX’s Properties contain up to 140 mg/L Li, which is equivalent to the highest lithium-enriched brine samples documented to date in Devonian aquifers of the Western Canada Sedimentary Basin. It is recommended, therefore, that MGX conduct a two-phased program to verify and assess Li-brine at its properties. The total estimated cost of both phases is CDN$600,000. Recommended Phase One work, which is estimated at CDN$180,000, involves a formation water geochemical sampling program with the objectives of verifying the historical brine chemistry that is presented in this Technical Report. Pending the results of the Phase One exploration work, the purpose and objective of the Phase Two exploration work is to: 1) prepare inferred mineral resource estimations at selected MGX sub-Properties; and 2) conduct laboratory-scaled test work to explore and optimize the elemental recovery process. The total cost of the Phase Two exploration work is estimated at CDN$420,000.

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