MGX Minerals Inc.(CSE:XMG) is pleased to announce the Company has entered into an arm’s length Earn-in Agreement with Scientific Metals Corp. pursuant to which MGX can acquire an initial 50% interest in the Paradox Basin Lithium Brine Property located in Utah.
The Property consists of 111 mineral claims encompassing 2,220 acres located approximately four kilometers’ northwest of Intrepid Potash’s Cane Creek operation. Approximately eight wells have been drilled on the Property with additional historic wells in the immediate area. Historic exploration, as reported by Southern Natural Gas and documented by the Utah Geological and Mineralogical Survey, reported 500 ppm lithium from well No. 1 Long Canyon (“Concentrated Subsurface Brines in the Moab Region, Utah”, Utah Geological and Mineralogical Survey, June 1965).