September 17, 2018 - 8:30 AM EDT
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MGX Minerals Announces BLM Permit Approval for 3D Seismic Survey at Paradox Basin, Utah Petrolithium Project

VANCOUVER, BC / ACCESSWIRE / September 17, 2018 / MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / OTCQB: MGXMF / FSE: 1MG) is pleased report that the Company's local Operating Partner (the "Partner") has received approval from the U.S. Bureau of Land Management ("BLM") to complete a 65.4 square mile 3D seismic survey over the Blueberry Unit ("Blueberry") at the Company's Utah Petrolithium Project (the "Project") located in the Paradox Basin of Utah. The survey will include 9,062 source points and comprise 6,354 vibrator points, 841 buggy drill points and 1,867 Heli points. The Company plans to commence the 3D Seismic Survey shortly.

The Blueberry Unit (oil, gas and lithium) and Lisbon Valley claims (lithium) consist of approximately 115,000 acres of oil and gas leases and 118,000 acres of largely overlying and contiguous mineral claims. The Project is being simultaneously explored for oil, gas, lithium and other brine minerals to determine locations for deployment of the Company's lithium and mineral extraction technology. Brine content within the Lisbon Valley oilfield have been historically reported as high as 730 ppm lithium (Superior Oil 88-21P). The Lisbon Valley oilfield has approximately 140 wells and is contiguous with the Blueberry Unit. According to production statistics, as reported by the Utah Department of Natural Resources, Oil, Gas and Mining Division, cumulative lifetime production within the Lisbon Valley oilfield has totaled 51.4 million barrels of oil as of May 2018 ("Oil Production by Field, Utah Department of Natural Resources, Division of Oil, Gas and Mining"; January 2018; Click Here). The Paradox Basin has been noted by the USGS as having one of the largest undeveloped oil and gas fields in the United States ("Assessment of Oil and Gas Resources in the Paradox Basin Province…"; USGS; 2011; Click Here).

Blueberry Unit

MGX is currently earning a 75% working interest in the Project, with the remaining interest primarily controlled by the Partner. The Project is host to National Instrument (N.I) 51-101 estimated prospective resources (the "Estimate") consisting of leasehold and royalty interests in San Juan County, Utah and Miguel County, Colorado. The estimate was prepared by the Ryder Scott Company, L.P. ("Ryder Scott"), an independent qualified reserves evaluator within the meaning of N.I. 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), with an effective date of June 30, 2017. The Estimate was prepared in accordance with N.I. 51-101 and the Canadian Oil and Gas Evaluation.

Estimated Gross Volumes
Unrisked Prospective (Recoverable) Hydrocarbon Resources
Leasehold Interest in San Juan County, Utah and San Miguel County, Colorado
MGX MINERALS INC.
As of June 30,2017

Formation

ULTIMATE RECOVERY OIL - MMBO

ULTIMATE RECOVERY GAS - BCF

COC*

LOW

BEST

HIGH

LOW

BEST

HIGH

Paradox Clastics

CB2

41.799

59.498

85.324

33.441

47.602

68.266

0.075

CB3

41.915

60.641

85.833

33.536

48.517

68.671

0.075

CB4

12.766

18.745

26.692

10.213

14.781

21.355

0.075

CB5

33.185

48.065

68.841

26.548

38.453

55.074

0.075

CB6

6.603

9.607

13.874

5.283

7.686

11.100

0.045

CB7

1.892

2.735

3.948

1.514

2.188

3.158

0.032

CB8

19.108

27.525

39.079

15.287

22.022

31.264

0.068

CB9

11.452

16.671

23.711

9.162

13.337

18.970

0.068

CB10

14.565

21.169

30.088

11.652

16.936

24.073

0.068

CB11

2.021

2.929

4.244

1.617

2.344

3.396

0.032

CB12

9.352

13.609

19.525

7.482

10.887

15.620

0.045

CB13

9.333

13.158

19.297

7.468

10.815

15.438

0.045

CB14

3.195

4.621

6.634

2.556

3.697

5.308

0.045

CB15

6.455

9.432

13.633

5.164

7.546

10.908

0.045

CB16

2.752

3.987

5.768

2.202

3.190

4.615

0.045

CB17

3.770

5.390

7.835

3.016

4.313

6.269

0.040

CB18

4.673

6.728

9.572

3.739

5.383

7.658

0.045

CB19

16.690

24.226

34.542

13.358

19.381

27.636

0.068

CB20

2.931

4.253

6.118

2.435

3.402

4.895

0.040

CB21
(Cane Creek)

35.336

51.338

73.971

28.272

41.073

59.177

0.097

CB22

5.635

8.261

11.957

4.508

6.609

9.566

0.045

Leadville

1.000

2.100

4.000

153.000

231.700

341.600

0.066

*COC - Chance of Commerciality = Chance of Discovery * Chance of Development

Rapid Lithium Brine Extraction Technology

MGX has developed a rapid lithium extraction technology eliminating or greatly reducing the physical footprint and investment in large, multi-phase, lake sized, lined evaporation ponds, as well as enhancing the quality of extraction and recovery across a complex range of brines as compared with traditional solar evaporation. This technology is applicable to petrolithium (oil and gas wastewater), natural brine, and other brine sources such as lithium-rich mine and industrial plant wastewater. The technology was recently chosen as winner of the Base and Specialty Metals Industry Leadership Award at the 2018 S&P Global Platts Global Metals Awards, held in London in May (see press release dated May 18, 2018).

About MGX Minerals

MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com.

Contact Information

Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.

SOURCE: MGX Minerals Inc.

https://www.accesswire.com/512033/MGX-Minerals-Announces-BLM-Permit-Approval-for-3D-Seismic-Survey-at-Paradox-Basin-Utah-Petrolithium-Project

Source: ACCESSWIRE (September 17, 2018 - 8:30 AM EDT)

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