NetworkNewsBreaks – MGX Minerals Inc. (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) Advances Paradox Basin 110,000 Acre Petrolithium Project
MGX Minerals (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) this morning reported preparations for advancement of a detailed 3D seismic survey of its Utah Petrolithium project. The project is located in Paradox Basin, Utah next to the Lisbon Valley oilfield, and the survey scope includes approximately 9,000 source points to model subsurface geological formations and structures favorable for oil and gas accumulations and lithium brine formations. Historically, the project has shown brine content to 730 ppm lithium (Superior Oil 88-21P) and past oil production exceeding 50 million barrels. The company’s cumulative project land position is comprised of more than 110,000 acres of oil and gas leases and 118,000 acres of largely overlying mineral claims, including the Blueberry Unit of 80,380 acres of unitized federal, state and private lands where MGX controls the overwhelming majority of mineral claims. This represents the first U.S. based large scale integrated petroleum and lithium project ever developed.
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