viewMGX Minerals Inc.

MGX Minerals increases its stake in PurLucid to 55%

PurLucid's exclusively licensed and patented nanoflotation technology was designed specifically for oilfield environments. The technology separates impurities from oil and gas wastewater and produces clean water as a final product.

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An additional 5% increase in ownership is currently underway through a direct exchange of shares with PurLucid shareholders and is pending shareholder approval

MGX Minerals Inc (CNSX:XMG, OTCQB:MGXMF) reported that site preparation and integration engineering of its first wastewater and lithium extraction system is near completion.

The system has been developed by MGX in partnership with PurLucid and is being installed at a steam-assisted gravity drainage operation in the Alberta oil-sands to treat heavy oil evaporator blow-down wastewater.

READ MGX Minerals hires hatch to review its rapid lithium extraction technology

The system will take highly concentrated evaporator brine and treat it to a level suitable for lithium extraction and re-injection on site, MGX said.

Mineral levels are elevated as a result of the evaporator brine concentration process. The plant eliminates high-cost water disposal, vastly decreases trucking volumes, and provides diversification into renewable energy commodities.

The technology allows ultra-high temperature water treatment (up to 500oC) at 10-30 times the efficiency of existing ultra-filtration systems and offers numerous environmental benefits, including contaminant removal, mineral recovery, reduced energy demand, smaller footprints and lower capital costs, MGX added.

The company is clearly sold on the merits of the technology as it has invested C$2.6mln to increase its stake in PurLucid Treatment Solutions to 55%.

MGX has the right to acquire up to a 100% interest in PurLucid through successive investments.

Shares in MGX Minerals were up 1.2% at C$0.83 in early deals.

Quick facts: MGX Minerals Inc.

Price: 0.08 CAD

Market: CSE
Market Cap: $11.23 m

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Full interview: MGX Minerals prepares for delivery of equipment to start...

MGX Minerals (CSE: XMG-OTCQB: MGXMF) CEO and President Jared Lazerson joined Steve Darling from Proactive Vancouver to bring news the company is preparing to start, along with their partner Eureka Resources, to recover lithium from water produced at non-conventional oil and gas...

on 26/8/19

2 min read