MGX Minerals Announces Assays Up To 580ppm Lithium at Kibby Basin, Nevada Lithium Project

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VANCOUVER, British Columbia, Sept. 12, 2018 (GLOBE NEWSWIRE) -- (“MGX” or the “Company”) ( / / ) announces the joint-venture partner Belmont Resources (TSX.V: BEA) (“Belmont”) has reported assay samples up to 580 ppm lithium in the first layer of 125 samples taken to 1,270 feet at the Kibby Basin lithium brine project (“Kibby”) in Nevada. The highest concentration of lithium occurred between 960 and 1270 feet, including 1110 to 1210 feet where overall average was 415ppm lithium.

The borehole targeted the southern portion of a large robust MT conductor, which may represent saturated sediments containing lithium-rich brines. The hole drilled through lacustrine playa sediments- dominantly calcareous clays and silts grading to lithified claystone’s and siltstones at depth. Sand and gravel zones, which may represent brine-bearing aquifers, were encountered at depths of 150-170 feet, 210-230 feet, 260-300 feet, and 900-920 feet, where a potentially major aquifer in a cobble gravel was intersected. Analysis suggests that a hard chert-cobble layer at a depth of 90-915 feet separates soft red-brown coloured oxidized mud-silt-(minor gravel) playa sediments from underlying grey-green reduced clay-silt-(minor sand) sediments and minor volcanic ash layers. The reducing-oxidizing boundary is well-defined by a chert-cobble layer and Li values increase significantly in the reduced layer below it.

At deeper layers, thin intervals of altered rhyolite ash and possible hot-spring sinter were encountered at 1411-1412 feet, 1488-1490 feet and 1589.5-1590 feet. Operation of a paleo-geothermal system is evidenced by the silicified intervals and fronts of pyrite alteration increasing below a depth of 1500 feet.

Hole KB-3 was drilled by mud rotary methods to a depth of 1270 feet. The hole was completed as a core tail to a total depth of 1798 feet. The hole diameter was reduced to 3-5/8 inches to drill HQ (2.5-inch diameter) core. 25 samples of representative core were selected for assay from this lower part of the drilling and were delivered to ALS Labs in Reno, Nevada on August 31, 2018 for 41-element ICP analysis (including Li). Samples were of ash layers, silicified sediments, and high pyrite and magnetite zones. 10 water samples were collected at various levels from 370 feet through to 1745 feet. Additionally, one sample of well water and one surface water sample were collected and delivered to ALS Labs on August 31st for ICP analysis and physical properties. Assay results from these drill core and water samples are expected by later this month.

Final compilation, upon receipt of further assays, and scheduling for the second 2018 drill hole (KB-4) at Kibby are being prepared. Drills will be mobilized to the second site as soon as possible.

The Kibby Basin shares many characteristics with Clayton Valley, where lithium brines are being exploited, including: closed structural basin, large conductor at depth, lithium anomalies at surface and depth, evidence of a geothermal system, and potential aquifers in porous ash and gravel zones.

Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735

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Globe Newswire: 08:05 GMT Wednesday 12th September 2018

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