Breaking News: MGX Minerals Preparing to Conduct Drill Program at Francisco Basin Lithium Brine Project, Chile

MGX Minerals Inc. (OTCQB: MGXMF) (CSE: XMG) is pleased to announce it has received notice from the Chilean state agency National Geology and Mining Service (“SERNAGEOMIN”) that the Company will be approved to carry out a 6-hole drill program at the Francisco Basin lithium project (“Francisco Basin” or the “Project”) located 30 kilometers south of Salar de Maricunga. MGX has also received a positive response from the Environmental Assessment Service (“SEA”) and does not expect that an environmental impact assessment will be required in order to carry out these exploration activities on the Project.

MGX and its Chilean joint venture partners continue to work with SRK Consulting Inc. (U.S.) to complete a definitive exploration program for the Francisco Basin lithium project. The Project lease area comprises 12,900 hectares and reconnaissance brine sampling in January 2018 confirmed the presence of lithium enrichment in surface brines. An electromagnetic geophysical survey was completed in April 2018 and results indicated strong potential for the presence of two highly conductive brines zones where significant thickness and horizontal coverage may exist. In May 2018 additional samples were taken near the southern shore of the surface and sent to Servicios Quimicos Ltda. (“SERQUIM”) in Antofagasta, Chile, for content analysis. Results reported to date are shown in Table 1 below.

Table 1. Francisco Basin Assay Samples

Sample

Na g/L

K g/L

Li ppm

Mg g/L

SO4 g/L

B ppm

Dens

Northern Lagoon – January 2018

LNF 01

75.2

4.59

372

2.00

4.07

799

1.179

LNF 02

72.5

4.34

372

1.92

4.07

832

1.170

LNF 03

69.5

4.06

369

1.85

3.74

767

1.163

LNF 04

74.5

4.32

374

1.75

4.02

832

1.174

LNF 05

80.0

4.40

388

1.78

4.71

961

1.188

LNF 06

67.9

3.98

361

1.73

3.85

821

1.181

LNF 07

79.8

4.66

387

1.74

4.44

864

1.183

LNF 08

73.4

4.31

371

1.86

3.93

842

1.172

LNF 09

76.8

4.39

374

1.70

4.05

864

1.174

LNF 10

80.0

4.56

384

1.86

4.38

896

1.185

Northern Lagoon – May 2018

LNF 01

103.0

6.62

694

3.54

28.70

Southern Lagoon – January 2018

LNF 11

2.35

0.19

7.9

0.15

3.07

248

1.007

LNF 12

0.57

0.41

3.0

0.003

1.55

151

1.121

LNF 13

1.27

0.01

0.4

0.07

0.61

65

1.002

The Francisco Basin salar resides within a large, fault-bound, alluvium-filled basin to the immediate south of the Copiapó Volcano. The basin is closed, drains a large area and the salar appears to be the lowest point within the drainage. The rocks in the drainage surrounding this salar are dominantly volcanic, ranging in age from Eocene to Miocene, juxtaposed with some older rocks. To the west is a Cretaceous sedimentary sequence separated from the volcanic rocks of the Francisco Basin area by the Cerro Guerrita Fault. To the east, an older Oligocene to Miocene volcanic sequence is overlain by the Copiapó volcanic rocks. The Francisco Basin alluvial basin sits at the junction of three catchments. These river systems presumably provide the fill for the basin and are in part, along with the limits of the salar, structurally controlled. The alluvial fill may be covering post-Copiapó aged faulting.

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1 Comment
  1. Patrick Charles 2 months ago
    Reply

    Time and money is saved now that the company doesn’t need an environmental impact assessment to proceed

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