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MGX Minerals expands acreage at Paradox Basin again

The firm has bought another 10, 331.32 acres of oil and gas leases for US$145,000, it reported

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The Paradox basin pretrolithium project lies in the US state of Utah

MGX Minerals Inc (CNSX:XMG, OTCQB:MGXMF) has further expanded its oil and gas rights acreage at the Paradox basin pretrolithium project in Utah.

The firm has bought another 10, 331.32 acres of oil and gas leases for US$145,000 within the 80,380-acre Blueberry unit, which are within the proposed 3D seismic geophysical survey area.

The survey is due to kick off in August this year and will include around 9,000 data points.

The project is being simultaneously explored for oil, gas, lithium and other brine minerals to show where the firm should site its lithium and mineral extraction technology.

MGX is currently earning a 75% working interest, while the remaining interest is mainly controlled by the Paradox partner.

It comes after earlier this month, the group snagged a further 3,455 acres of oil and gas leases via auction, contiguous to the Blueberry unit and show similar subsurface geological formations and structures favorable for accumulations of oil and gas as well as lithium brine-bearing formations.

Under the terms of today's acquisition, an initial installment of US$50,000 has been paid with the remaining installments due on September 5, 2018 ($50,000) and March 5 next year ($45,000).

MGX has the option to earn a net revenue interest (NRI) on 9,158.4 gross/net acres within the firm's area of mutual interest.

The Blueberry Unit (oil, gas and lithium) and Lisbon Valley Claims (lithium) now consist of around 115,000 acres of oil and gas leases and 118,000 acres of largely overlying and contiguous mineral claims.

Brine content within the Lisbon Valley oilfield have been historically reported as high as 730 ppm (parts per million) lithium.

MGX shares fell around 6% to C$0.84. 

Quick facts: MGX Minerals Inc.

Price: 0.08 CAD

CSE:XMG
Market: CSE
Market Cap: $11.23 m
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