NetworkNewsBreaks – MGX Minerals Inc. (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) Completes Site Survey at Paradox Basin Petrolithium Project
Diversified resource and technology company MGX Minerals Inc. (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) this morning announced that the site survey at its Paradox Basin Petrolithium Project has been completed, clearing the way for 3D seismic geophysics. Per the update, the purpose of the geophysical survey, which includes data from roughly 9,000 source points, is to outline subsurface geological formations and structures that are favorable for accumulations of oil and gas, as well as lithium brine bearing formations. The surveyed Blueberry Unit consists of over 80,000 acres of federal, state and private land, the overwhelming majority of which are currently controlled by MGX. As noted in this morning’s news release, MGX is currently earning a 75 percent working interest in the Blueberry Unit project, with the remaining interest primarily controlled by a private Utah corporation engaged by MGX as a subcontracted operator.
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