MGX Minerals Advances 110,000 Acre Petrolithium Project Paradox Basin, Utah [Canadian Business Journal (Canada)]
Whiting Petroleum Corporation (New) (WLL)
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Source: Canadian Business Journal
MGX Minerals Advances 110,000 Acre Petrolithium Project Paradox Basin, Utah VANCOUVER, British Columbia, Dec. 15, 2017 (GLOBE NEWSWIRE) — MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (OTCQB:MGXMF) (FKT:1MG) is pleased to report that the initial ground survey is nearing completion in preparation for a detailed 3D seismic survey of its Utah Petrolithium project (the “Project”). The survey of the Project includes approximately 9,000 source points. This model will outline subsurface geological formations and structures favorable for accumulations of oil and gas as well as lithium brine bearing formations. The Project is located next to the Lisbon Valley oilfield located within the Paradox Basin, Utah which has shown historical brine content as high as 730 ppm lithium (Superior Oil 88-21P) and past production of oil exceeding 50 million barrels. The Company’s cumulative Project land position comprises over 110,000 acres of oil and gas leases and 11
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