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MGX Minerals announces an update on South American lithium assets

Mining News - Published on Thu, 13 Sep 2018

Image Source: financialbuzz.com
MGX Minerals Inc, a diversified Canadian resource company with interests in advanced material and energy assets throughout North America, announced an update on its South American lithium assets. The Company has engaged SRK Consulting (US) Inc. to complete a technical report and exploration recommendation on the Company’s Chilean lithium brine projects. SRK will perform a comprehensive review of available data and supporting documentation, as well as information obtained from site visits.

As previously announced, MGX has entered into a MOU to acquire 50% of the issued shares of Chilean Lithium Salars SpA. CLS is a wholly owned subsidiary of Chilean Lithium Salars Holdings Ltd and holds a 100% interest in three prospective lithium exploration Projects located in Chile, including the Francisco Basin, Laguna Brava and Laguna Escondida Lithium Projects.

The Laguna Brava salar is located 200 kilometers (km) northeast of the regional capital of Copiapo. The project consists of 14 concessions at 4,250 meters above sea level (masl) in a high plateau of the Andes, near the Chile-Argentina border, and has access by sealed roads to within 65 km of the project. The catchment is dominated by volcanic rocks, many of which have been altered by hydrothermal fluids associated with volcanism. The lake is also fed by active hot springs. Historical sampling of surface brines indicated lithium enrichment. In December 2017, CLSH undertook a four-hole reconnaissance drilling program at a southern access point to the salar to investigate the deeper aquifer. The results from this program confirmed the presence of lithium-bearing brine at depth. A geophysical program comprising of electromagnetic and gravity surveys was completed in February 2018.

The Francisco Basin project is the largest of the CLSH Andean projects and is located 100 km southeast of the regional centre of Copiapo. The project has good access via a regional highway and established tracks. The project has a total lease area of 110 square kilometers (km2), of which 60 km2 falls within the Tres Cruces National Park. The remaining 50 km2 lease area located outside the park is the focus of CLSH’s exploration activities. Historically, there has been no lithium exploration or drilling on the project, with previous work being limited to hydrology studies. In January 2018, CLSH completed reconnaissance brine sampling at the project which confirmed lithium enrichment in the surface brines. A geophysical program comprising an electromagnetic survey was completed in April 2018.

The Laguna Escondida project is located approximately 200 km east northeast of the regional capital with good access via a provincial highway to within 10 to 15 km of the project.

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Posted By : Rabi Wangkhem on Thu, 13 Sep 2018
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