logo-loader
MGX Minerals Inc.

MGX Minerals set to take its lithium extraction tech to the shale plays of eastern USA

The technology can be used for petrolithium (oil and gas wastewater), natural brine, and other brine sources

Nodding donkey
MGX announced a joint venture concerning shale plays in the US

MGX Minerals Inc. (CSE:XMG) (OTCQB:MGXMF) revealed another boost for its lithium extraction technology, saying it had inked a joint venture covering shale plays in eastern USA.

The company and its engineering partner PurLucid Treatment Solutions have developed a rapid lithium extraction technology, which enhances the quality of recovery across a complex range of brines compared to solar evaporation.

The tech can be used for petrolithium (oil and gas wastewater), natural brine, and other brine sources.

READ: MGX Minerals soon to commission second advanced wastewater treatment system

MGX and Eureka Resources have now signed a letter of intent to form an exclusive joint venture to recover lithium from water produced at non-conventional oil and gas sites across the Marcellus and Utica shale formations, Vancouver-based MGX said in a statement Tuesday.

This area accounts for around 40% of all natural gas produced in the United States, and also generates a large amount of so-called 'produced water'.

Eureka already uses advanced treatment technology to convert 10,000 barrels per day of this water into valuable co-products, including fresh water, high-purity sodium chloride and calcium chloride. Through this venture, Eureka will begin extracting lithium too.

''We are extremely pleased to partner with Eureka,'' said MGX president and CEO Jared Lazerson.

Strategic vision

''The joint venture will look not only to install an initial rapid recovery system immediately, but views this as the first step in executing the strategic vision of Petrolithium. The extraction of lithium from oil and gas well sources is a broad paradigm shift for the energy sector. There may be a lot of lithium in the eastern U.S. Our clean technology unlocks this potential. Our joint venture plans to install multiple lithium rapid recovery systems at wastewater treatment facilities across the Marcellus and Utica shale formations.''

Dan Ertel, president and CEO of Eureka Resources, added: "Through this joint venture, we can help meet the growing need for lithium while simultaneously making a positive environmental impact."

Shares advanced in Toronto over 11% to $0.395 in Toronto. In New york, they gained 7.4% to US$0.29.

Contact Giles at [email protected]

Follow him on Twitter @Gile74

Quick facts: MGX Minerals Inc.

Price: $0.19

Market: CSE
Market Cap: $25.97 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of MGX Minerals Inc. named herein, including the promotion by the Company of MGX Minerals Inc. in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

MGX Renewables feels their zinc air battery technology will be a game changer

MGX Minerals (CSE:XMG-OTCQB-MGXMF) Executive Chairman Ron MacDonald joined Steve Darling from Proactive Investors Vancouver to discuss their technology and why he put off retirement so he could be a part of it.   MacDonald talked about why he loved the technology so much and how...

on 14/6/19

2 min read