MGX acquires lithium brine projects in Chile with permitting in place to commence driling

Location of Laguna Brava, Francisco Basin and Laguna Escondida project (source: MGX Minerals)
Alexander Richter 9 Oct 2018

Canadian MGX Minerals Inc. has signed a definitive agreement to acquire 50% of shares of Chilean Lithium Salars and three prospective lithium exploration projects in Chile. Permitting is in place to commence drilling.

MGX Minerals Inc. announces it has signed the Definitive Option Agreement, after completing the due diligence in relation to the Memorandum of Understanding dated August 8th 2018, to acquire 50% of the issued shares of Chilean Lithium Salars SpA (“CLS”). CLS is a wholly owned subsidiary of Chilean Lithium Salars Pty Ltd. (“CLSH”) and holds a 100% interest in three prospective lithium exploration Projects (the “Projects”) located in Chile, including Francisco Basin, Laguna Brava and Laguna Escondida Lithium Projects.

Two samples from the Laguna Brava Project were received at PurLucid Treatment Solutions Inc. (“PurLucid”) facilities in Calgary, Alberta to undergo pilot testing to prepare a Rapid Lithium Extraction unit deployment. Drilling contractors will be on site this week to prepare the drilling program at Francisco Basin Project, which will be overseen by SRK Consulting to deliver a 43-101 complaint Resource Estimation as soon as the exploration program is completed.

Following the positive response from the Chilean state agency National Geology and Mining Service (“SERNAGEOMIN”) and the Environmental Assessment Service (“SEA”), the Company plans to ship a rapid lithium brine system shortly. The Special Lithium Operation Contract “CEOL”, is a requirement to carry any lithium related commercial activity in Mining Concessions granted after 1983.

Further details on the projects via the link below.

Source: MGX company release