MGX Minerals Receives Approval to Conduct 3D Seismic Survey at Utah Petrolithium Project, Blueberry Unit, Paradox Basin
01 February 2018 - 12:30AM
InvestorsHub NewsWire
MGX Minerals Receives Approval to
Conduct 3D Seismic Survey
at Utah Petrolithium Project, Blueberry Unit, Paradox Basin
Vancouver, BC
-- January 31, 2018 -- InvestorsHub NewsWire -- MGX
Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) is pleased to
announce the Company’s operating partner (the “Paradox Partner”)
has received approval from the State of Utah Division of Oil, Gas
& Mining to conduct a 3D geophysical survey (the “Survey”) on
the Blueberry Unit (“Blueberry”) at its Paradox Basin Petrolithium
Project (the “Project”). The Survey will outline subsurface
geological formations and structures favorable for accumulations of
oil and gas as well as lithium brine bearing formations.
The 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 Company’s cumulative Project land position comprises over
110,000 acres of oil and gas leases and 118,000 acres of largely
overlying mineral claims, including 80,380 acres of unitized
Federal, State and Private lands within the Blueberry Unit where
MGX controls the overwhelming majority of mineral claims. The
Project is being simultaneously explored for oil, gas, lithium and
other brine minerals as part of the Company’s exploration, testing
and analyses strategy to determine locations for deployment of the
Company’s lithium and mineral extraction clean technology.
Lisbon Valley and Paradox Basin Geology
The Lisbon Valley oilfield 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).
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 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
for oil and gas (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 Handbook.
MGX may decide to advance its petrolithium projects into
production without first establishing mineral resources supported
by an independent technical report or completing a feasibility
study. A production decision without the benefit of a technical
report independently establishing mineral resources or reserves and
any feasibility study demonstrating economic and technical
viability creates increased uncertainty and heightens economic and
technical risks of failure. Historically, such projects have a much
higher risk of economic or technical failure.
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.
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