MGX Minerals Inc (CNSX:XMG) shares advanced more than 2% on Wednesday after the company reported that its North American petro lithium mineral claims have topped 1.5mln acres with a new 350,000 acres staked in Alberta and Utah.
In all MGX Minerals’ total North American petro lithium claims translate into 600,000 hectares.
The Company has significantly expanded its Alberta petro lithium portfolio through the acquisition of additional Metallic and Industrial Mineral Permits (“Permits”) covering over 133,000 hectares. The new Permits are located within the Leduc (9,216 hectares), Swan Hills (110,592 hectares) and Nipisi (13,824 hectares) formations.
The Company also has exploration level agreements in place with major oil and gas companies throughout the Province to conduct well sampling.
At its Lisbon Valley Petro Lithium Project MGX has also acquired, through staking, an additional 301 mineral claims encompassing 6,020 acres within the Paradox basin of southeastern Utah. The new claims further increase the Company’s Lisbon Valley land package to 23,780 acres (see Figure 1). MGX also recently announced an earn-in agreement to explore 111 mineral claims in the Cane Creek area of the Paradox Basin.
The Lisbon Valley oil and gas field is located approximately 40 miles southeast of Moab, Utah in the salt anticline belt on the southwest edge of the Paradox Basin in San Juan county. Historic lithium brine content has been reported as high as 730 parts per million lithium (Superior Oil 88-21P). The region is home to the former Rio Algom uranium mill facility, an active copper mine operated by Lisbon Valley Mining Company, and a natural gas processing plant.
As consideration for staking the Utah claims, the Company paid a fee of $19,565 to Plateau Ventures LLC. and a fee of $9,375 to the Government of Alberta to acquire the Metallic and Mineral Permits in that Province.
MGX shares were up 2.3% at C$1.31 on Wednesday.
Story by ProactiveInvestors