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Developing Canada’s Lithium from Oil Wells
MGX Minerals (CSE:XMG) is a diversified Canadian mining and technology company with interests in advanced material and energy assets throughout North America. The company has entered into strategic partnerships to develop extraction technologies for minerals like lithium and magnesium from unconventional sources such as oilfield brines. The purpose of developing these technologies is to make use of mineral extractions to fuel the new energy economy.
MGX Minerals has successfully extracted lithium from heavy oil wastewater and is the first mover of a new technology known as “petrolithium”. The company has also used similar new technology to extract lithium from geothermal brines.
Alongside developing its mineral extraction technologies, MGX Minerals has also formed a subsidiary, PetroLithium Corporation of America, that is actively exploring for lithium brines in the US, starting with the Paradox Basin in Utah. Within this endeavor, MGX Minerals has acquired numerous lithium properties in Canada and the US. The company is also in the process of brine testing properties in Chile on which there is potential for future joint ventures using MGX’s lithium extraction technology.
- First to recognize petrolithium potential and to develop a business strategy around the new technology
- Investment in new energy-focused technology companies like PurLucid and Highbury Energy
- Over 2 million acres of lithium-brine properties acquired to date in North America
- Proof-of-concept using proprietary, patented design process
- Partnerships in place with major oil and gas companies to conduct well sampling
- Two water treatment units have been deployed third to be deployed in the near term
- Generated C$30,000 in three weeks during testing of first water treatment unit.
- 100-tonne bulk sample, 20-year mining lease and a maiden NI 43-101 resource estimate, and PEA completed for the Driftwood Creek magnesium project
- Near-term production with low capital development costs and a straightforward permitting process
- Magnesium recovery rates of up to 100 percent from lithium brine bulk samples
- Environmentally friendly operations – magnesium processing results in virtually no tailings