Breaking News: MGX Minerals Expands Utah Petrolithium Project; Acquires Additional Oil and Gas Leases at Paradox Basin

MGX Minerals Inc. (OTCQB: MGXMF) (CSE: XMG) is pleased to announce the acquisition of an additional 3,455 acres of oil and gas leases as a result of successful bidding at a recent State of Utah School and Institutional Trust Land Administration (SITLA) auction. The leases are located contiguous to the Company’s unitized 80,380-acre Blueberry Unit (“Blueberry Unit”) and show similar subsurface geological formations and structures favorable for accumulations of oil and gas as well as lithium brine-bearing formations. The newly acquired leases are located within the proposed 3D seismic geophysical survey area, which is scheduled to commence in August. The survey will include approximately 9,000 data points.

The Blueberry Unit (oil, gas and lithium) and Lisbon Valley Claims (lithium) now consists of approximately 115,000 acres of oil and gas leases and 118,000 acres of largely overlying and contiguous mineral claims. Brine content within the Lisbon Valley oilfield have been historically reported as high as 730 ppm lithium (Superior Oil 88-21P).

The Project is being simultaneously explored for oil, gas, lithium and other brine minerals to determine locations for deployment of the Company’s lithium and mineral extraction technology. In total MGX controls over two million acres of mineral leases and permits overlying brine-bearing formations throughout North America.

Blueberry Unit

MGX is currently earning a 75% working interest in the Project, with the remaining interest primarily controlled by the Paradox Partner. 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 (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.

 

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