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MGX Minerals Inc.
Summary
| Project: | Kibby Basin | |
|---|---|---|
| Deposit: | Kibby Basin | |
| Location: | United States | |
| Commodities: | Lithium | |
| Date: | 9/12/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 12-9-2018: MGX Minerals Inc. announces an Exploration/Drilling Update report for its Kibby Basin deposit at the Kibby Basin project. Drilling results incl. 73.152m @ avg. 390ppm Li from 295.65m. VANCOUVER, BRITISH COLUMBIA / September 12, 2018 / MGX Miner | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Andris Kikauka (Internal) | |
| ABSTRACT: | VANCOUVER, BRITISH COLUMBIA / September 12, 2018 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / OTCQB: MGXMF / FSE: 1MG) announces the joint-venture partner Belmont Resources (TSX.V: BEA) (“Belmont”) has reported assay samples up to 580 ppm lithium in the first layer of 125 samples taken to 1,270 feet at the Kibby Basin lithium brine project (“Kibby”) in Nevada. The highest concentration of lithium occurred between 960 and 1270 feet, including 1110 to 1210 feet where overall average was 415ppm lithium. The borehole targeted the southern portion of a large robust MT conductor, which may represent saturated sediments containing lithium-rich brines. The hole drilled through lacustrine playa sediments- dominantly calcareous clays and silts grading to lithified claystone’s and siltstones at depth. Sand and gravel zones, which may represent brine-bearing aquifers, were encountered at depths of 150-170 feet, 210-230 feet, 260-300 feet, and 900-920 feet, where a potentially major aquifer in a cobble gravel was intersected. Analysis suggests that a hard chert-cobble layer at a depth of 90-915 feet separates soft red-brown coloured oxidized mud-silt-(minor gravel) playa sediments from underlying grey-green reduced clay-silt- (minor sand) sediments and minor volcanic ash layers. The reducing-oxidizing boundary is well-defined by a chert-cobble layer and Li values increase significantly in the reduced layer below it. | |
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