MGX Minerals Engages Saskatchewan Research Council to Test Lithium Brine Extraction from Oil Wells
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MGX Minerals Inc. has engaged the Saskatchewan Research Council (SRC) to conduct lithium-enriched formation water testing. SRC will utilize the company’s rapid brine production process to extract lithium and evaluate key aspects of the proprietary extraction method, which aims to reduce brine evaporation times by more than 99 percent versus standard solar evaporation. MGX will provide SRC with 200 liters of lithium-enriched brine from the company’s Alberta lithium project to conduct the study with.
“MGX’s proprietary processing technology would be the first of its kind for extraction of lithium from producing and past producing oil wells. The immense scale of historical and current oilfield brine production in Alberta is well understood. If our process design performs as predicted we will help solve two critical problems, the lack of saleable lithium in the world, which has caused prices to increase tenfold in the past few years, and how to increase revenue per oil well for low oil, high brine production wells,” said Jared Lazerson, president and CEO of MGX Minerals.
“Any significant increase in revenue at the wellhead would have a major impact on the economics of the oil industry, that it may come from supplying the new energy industry with lithium is ideal,” added Lazerson.
MGX controls 45 metallic and industrial mineral permits throughout the Province of Alberta that encompass over 376,000 hectares, including 14 of the highest reported levels of lithium-bearing brine. The company also recently acquired the Sturgeon Lake lithium brine project, which is located in the Fox Creek area of west-central Alberta.
About MGX Minerals
MGX Minerals is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures. The company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta.
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