Breaking News: MGX Minerals Announces Additional Assays from Drilling at Kibby Basin, Nevada Lithium Project; Up to 580ppm Lithium

MGX Minerals Inc. (OTCQB: MGXMF) (CSE: XMG) announces that joint-venture partner Belmont Resources (BEA) (“Belmont”) has released additional assay results from 25 core samples collected in drill hole KB-3 (1,270 – 1,798 feet) at the Kibby Basin lithium project (“Kibby Basin”). As reported by Belmont, 20 of 25 samples exceeded greater than 100 ppm lithium, with seven samples containing greater than 300ppm lithium, and the highest sample containing 580ppm lithium.

Lithium at Kibby Basin is enriched in clay-rich samples. Ash layers accounted for four of the five low lithium samples, suggesting that initial lithium content may have been leached from the porous ash layers and transported to brines elsewhere in the basin. The boreholes targeting the southern portion of a large MT conductor still offer potential to identify saturated sediments containing lithium-rich brines.

Table 1. Kibby KB-3C Assay Results

Feet

Recovered Weight(ppm)

Lithium (ppm)

1278-1281

1.09

207

1316-1318

1.27

140

1344-1348

1.88

181

1384-1388

2.54

263

1403-1406

1.78

386

1411-1412

0.37

51.9

1412-1412.3

0.08

13

1413-1414.5

0.96

226

1434-1438

2.9

418

1441.8-1445

0.2

33.7

1452-1454.5

2.33

375

1480-1490

0.88

9.5

1490.5-1492.5

1.44

408

1528-1532

1.15

395

1538-1542

2.1

212

1596-1598

1.2

375

1598-1598.5

0.26

24.1

1726-1730

2.13

274

1730-1731.5

0.36

292

1746-1750

2.75

240

1768-1771.5

2.35

417

1791-1791.5

0.28

580

1793-1798

2.43

290

1440-1442

1.5

1485.5-1488

1.1

25 samples of representative core were selected for assay from this lower part of drilling and were delivered to ALS Labs in Reno, Nevada on August 31, 2018 for 41-element ICP analysis (including Li).

Samples were of ash layers, silicified sediments, and high pyrite and magnetite zones. Based on Quantec MT geophysics, the proposed second hole (KB-4, AKA 2018-2) would likely mimic hole 3 with redox boundary (and aquifer) at 900 -1000 ft. depth, and reduced clays with high Li content below 1,000 ft.

The Kibby Basin shares many characteristics with Clayton Valley, where lithium brines are being exploited, including closed structural basin, large conductor at depth, lithium anomalies at surface and depth, evidence of a geothermal system, and potential aquifers in porous ash and gravel zones.

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1 Comment
  1. Freddie Moore 2 weeks ago
    Reply

    will increased demand in lithium cause a shortage within the next 10 years?

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