VANCOUVER, July 26, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG
/ FKT: 1MG / OTCQB: MGXMF) is pleased to announce the engagement of Harris Exploration Drilling and Associates Inc. (“Harris
Drilling”) for drilling on the Kibby Basin, Nevada lithium brine property (“Kibby Basin” or the “Property”). MGX is partnered
with Belmont Resources (TSX-V: BEA) on the Property and is currently earning a 50% interest for the purpose of forming a 50/50
Joint Venture (the “Joint Venture”) utilizing MGX’s rapid lithium extraction technology. Drill hole targets were generated
based on results from the Quantec MT geophysical survey completed in January. The proposed drill holes are designed to test a large
MT conductor, which may represent aquifers containing lithium brines. The drill holes have been designed to intercept the MT
anomaly starting at depths of 325 m (1065 ft.) and continue to as deep as 760 m (2500 ft.). The objective is to determine the
nature of the conductor, collect sediment samples for lithium analyses, identify aquifers and sample water and any brines
encountered.
Harris Drilling will employ a RD 10 rotary drill to complete the holes. Drill samples will be collected continuously on 3 m (10
ft) intervals and analyzed for lithium and associated elements. Water samples will be collected periodically as the hole progresses
and will be analyzed for lithium, associated elements, and physical properties (conductivity, pH, TDS). Downhole geophysical
logging will be performed by Southwest Exploration Services of Chandler, Arizona to identify permeable/aquifer
zones and zones of conductivity. Aquifer water will be sampled using downhole packers to isolate the aquifer intervals. Previous
drilling reached a depth of 457 m (1498 ft) in playa sediments outside of the MT anomaly.
About the Kibby Basin Lithium Brine Project
Kibby Basin is located in the western portion of the Great Basin in Nevada. The property covers 2,560 acres located in Esmeralda
County, Nevada. Kibby Flat is a dry playa and no springs or water sources occur on the Property. Geothermal research by the Nevada
Bureau of Mines and Geology (“NvBMG”) identified three wells and springs in the region. All three sources indicated near-surface
water. Nevada has abundant geothermal resources and NvBMG compilation has outlined areas with potential heat flow, based on surface
temperatures of springs, drill hole-water temperatures, geothermal-related geochemical signatures, and associated geologic
settings. These areas suggest zones of potential elevated heat flow.
Geologic research of the Kibby Basin has indicated that proximal rhyolitic flows and tuffs surrounding the basin could be a
potential source of Li brine in the Kibby Basis Playa. In addition, the Kibby Basin is located within a geothermal cluster at a
basin low setting. Regional geophysical signatures in the area reflect similar anomalies comparative to that of Clayton Valley,
approximately 50km to the South, location of Abermarle’s Silver Peak Mine, the only North American lithium producer.
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 the Kibby Basin Lithium Joint Venture
MGX will acquire a 25% interest in the Project by spending $300,000 on exploration and 50% by incurring an additional $300,000 in
exploration expense at which time the project will become a 50/50 Joint Venture. Upon formation of a Joint Venture, MGX will become
the Project operator and can elect to conduct additional exploration drilling, well testing operations, and extraction plant
installation. Additionally, MGX will provide access to its rapid lithium extraction technology (see press release dated July 13, 2018).
Qualified Person
Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals, has prepared, reviewed and approved the scientific and
technical information in this press release. Mr. Kikauka is a non-independent Qualified Person within the meaning of National
Instrument 43-101 Standards.
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.
