MGX Minerals Inc. (CSE:XMG, OTC:MGXMF) has commenced process integration for MGX’s proprietary lithium brine rapid extraction process and Purlucid’s proprietary brine treatment technologies, the company said on Friday.
Purlucid’s technology uses patented and proprietary high-intensity froth flotation and submerged membrane ultrafiltration technology to substantially reduce operating and capital costs of traditional oil and gas water treatment.
Initial engineering review of the technologies has identified potential integration and operational benefits, including a constant flow of lithium-bearing brine, with the overwhelming majority of physical particulate removed. This brine would provide the feedstock for MGX’s rapid lithium extraction process at a single integrated plant location.
“We are planning, with expert external review, our research and development program that will combine both the technologies to achieve water treatment goals for the industry while recovering lithium in the most cost-effective manner possible,” said Purlucid chief executive officer Dr. Preston McEachern.
“The efficiency and economics of lithium recovery is controlled by the brine chemistry. Our next big step is to review the large brine resources available to MGX and Purlucid and determine the recovery efficiency and revenue potential for each resource. This will focus our commercial deployments.”
Lithium-bearing brine samples will be tested from a number of locations where MGX and Purlucid have agreements or contracts in place for access to the resources. These include existing mineral claims held by MGX directly, by option or by royalty agreement, as well as Purlucid’s waste-water-processing agreements. Upon initial engineering review by Purlucid, several process efficiencies were recognized in the integration process that may drive down capital and operating costs while also improving lithium recovery and waste water treatment outcomes.
Engineering design of the lithium recovery process is a critical component of the integration program. Purlucid will be building and operating a bench-scale lithium recovery system over the next month and a field pilot system by the end of the year, with the involvement of academic partners at the University of Alberta, Saskatchewan Research Council and Alberta Innovates assisting in or reviewing the integration plan and results.
Warrants begin to trade
MGX also announced that its warrants issued under a recently announced rights offering commenced trading on the Canadian Securities Exchange on Friday under the symbol XMG.WT.
A total of 5,031,364 warrants were issued on Sept. 21, as part of the rights offering (see press release dated Sept. 22, 2016). Each warrant entitles the holder thereof to acquire one common share of the company at an exercise price of 20 cents per share for a period of 24 months from Sept. 21.
Story by ProactiveInvestors