MGX Minerals has signed an Option Agreement with A.I.S. Resources (AIS) to acquire an 80% stake in the Salinitas lithium brine mining tenements located in the lithium triangle of Argentina, Salar de Salinas Grandes, Province of Salta.

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Image: A map showing the Salinas Grande Salar in Argentina. Photo: courtesy of MGX Minerals Inc.

The 4,308-hectare contiguous land package resides in the Puna region of northwest Argentina near the border of Chile, an area renowned for its lithium and potassium rich brine resources.

The surface elevation of the Salinas Grandes salar is approximately 3,400 metres above sea level. The salar forms a composite closed basin with internal drainage, where discharge occurs by evaporation. Water inflow into the salar is produced by precipitation, superficial and groundwater incursions. MGX plans to conduct a Transient Electromagnetic Method (TEM) geophysical study along with trenching, which will be followed by a drill program along the edge of the salar, to test for shallow, near surface brines and determine locations with anomalous concentrations of lithium.

To secure the Option Agreement, MGX has agreed to pay US$250,000 on or before July 31,2018. The Company can acquire an undivided 80% in the Project at any time during the Agreement by making payments totaling US$3.2 million. MGX has also agreed to incur total expenditures of at least US$1.2 million prior to May 31, 2020.

Rapid Lithium Brine Extraction Technology
MGX has developed a rapid lithium extraction technology eliminating or greatly reducing the physical footprint and investment in large, multi-phase, lake sized, lined evaporation ponds, as well as enhancing the quality of extraction and recovery across a complex range of brines as compared with traditional solar evaporation.  This technology is applicable to petrolithium (oil and gas wastewater), natural brine, and other brine sources such as lithium-rich mine and industrial plant wastewater.

Source: Company Press Release