MGX Minerals (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) this morning reported preparations for advancement of a detailed 3D seismic survey of its Utah Petrolithium project. The project is located in Paradox Basin, Utah next to the Lisbon Valley oilfield, and the survey scope includes approximately 9,000 source points to model subsurface geological formations and structures favorable for oil and gas accumulations and lithium brine formations. Historically, the project has shown brine content to 730 ppm lithium (Superior Oil 88-21P) and past oil production exceeding 50 million barrels. The company’s cumulative project land position is comprised of more than 110,000 acres of oil and gas leases and 118,000 acres of largely overlying mineral claims, including the Blueberry Unit of 80,380 acres of unitized federal, state and private lands where MGX controls the overwhelming majority of mineral claims. This represents the first U.S. based large scale integrated petroleum and lithium project ever developed.
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About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology company with interests in lithium, magnesium and silicon assets throughout North America. MGX currently owns 34% of PurLucid and has the exclusive right to acquire a 100% interest as well as owning the global rights to recently developed lithium and mineral extraction technologies co-operatively developed by PurLucid and MGX. For more information, visit the company’s website at www.MGXMinerals.com.
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