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MGX Minerals making progress at Sturgeon Lake project

Monday, October 17, 2016 6:01
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(Before It's News)

MGX Minerals Inc (CNSX:XMG) continues to forge ahead with the  Sturgeon Lake lithium project in Alberta, issuing 2mln shares to the vendors for its acquisition, it said.

As previously reported, independent consultants have recommended a two-phased approach to develop the lithium enriched oilfield brine project.

The first phase consists of planning and negotiation of water access with the relevant oil and gas companies that are producing within the boundaries of the property.

Also suggested is a sampling analytical program that will comprise the collection of 100 formation water samples from 70 to 80 wells for geochemical analysis.

Phase two sees using the results from phase one work, in conjunction with reservoir characterization, to prepare maiden inferred resource estimates.

MGX said today it had also issued 300,000 common shares to CMC Metals so it can lease the  group’s flotation plant.

This will be used to process bulk samples through reverse flotation to produce two potentially saleable products – a high purity magnesite tailing and byproduct silica sand float.

Additionally, MGX told investors it had negotiated terms for a series of debt conversion agreements with creditors to settle $140,237.40 worth of debt by issuing a total of 734,652 company shares.

Various consultants and contractors of the company participated in the debt settlement, the group said.

Story by ProactiveInvestors

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