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published: 01 Oct 2018 Full size / Geologist inspecting freshly cut core from drill hole KB-3, with the first batch of results reported today.

After market close on Friday, Belmont Resources Inc. reported the next round of lab results from drilling the first hole of 2018 (KB-3) at Kibby Basin in Nevada, a joint venture with MGX Minerals Inc. As per MGX´s news-release, the results are – once again – encouraging in the sense that near-by aquifers may also host lithium-enriched brine:

"20 of 25 samples exceeded greater than 100 ppm lithium, with seven samples containing greater than 300 ppm lithium, and the highest sample containing 580 ppm lithium."

Today’s assays are from the bottom of the hole (428-546 m; 1,403-1,791.50 ft). Core splitting and sampling is now being completed on the entire core section of the hole to give complete assay results for hole KB-3, hence further assays are expected to be announced shortly.

The first section of the hole was drilled by mud rotary method, with similar encouraging assays reported on September 12. The second, lower section of the hole was completed with a core drill starting at 387 m (1,270 ft) until the bottom of the hole at 548 m (1,798 ft).

Today’s results, in combination with similar results reported 2 weeks ago, are a great indication that the Kibby Basin may also host lithium-enriched brines, as explained in the news-release:

"Ash layers accounted for four of the five low lithium samples, suggesting that initial lithium content may have been leached from the porous ash layers and transported to brines elsewhere in the basin. The boreholes targeting the southern portion of a large MT conductor still offer potential to identify saturated sediments containing lithium-rich brines.

Based on Quantec MT geophysics, the proposed second hole (KB-4, AKA 2018-2) would likely mimic hole 3 with redox boundary (and aquifer) at 900-1000 ft. depth, and reduced clays with high Li content below 1,000 ft."

With further drill results from KB-3 expected shortly and the next hole (KB-4) already being planned in detail, MGX and Belmont are right on track for a possibly stellar discovery of lithium-enriched brines at Kibby Basin in Nevada. Full size / Map showing the location of MGX-Belmont’s Kibby Basin, Tesla’s Gigafactory and Albemarle’s Silver Peak Lithium Mine (see map here).

In light of the encouraging lithium concentrations thus far observed in sediments both in the upper and lower section of the hole, the next few weeks are awaited with great excitement for the potential discovery of lithium-rich brines as MGX may then consider to deploy its award-winning rapid lithium brine extraction technology at Kibby Basin, 50 km north of Albemarle’s lithium evaporation ponds at Clayton Valley (currently North America’s only lithium brine operation) and 230 km south of Tesla’s Gigafactory near Sparks, Nevada.

The importance of a potential discovery by MGX and Belmont in Nevada, combined with MGX’s rapid lithium extraction technology, cannot be understated. The US needs new lithium production as lithium is on the list of strategic commodities deemed critical to economic and national security. MGX’s new way to extract lithium without solar evaporation would be all the more welcome as the US currently produces only about 4% of global lithium supply, all of it coming from Albemarle’s evaporation ponds at the Silver Peak Mine located 50 km south of Kibby Basin.

While companies are fighting over water rights in the "overappropriated" Clayton Valley, Belmont has already filed for water rights at Kibby Basin. Another advantage for MGX-Belmont is that they control almost the entire Kibby Basin, making an entry for other companies all the more difficult, especially if drilling encounters lithium-rich brine.

Click above or here to watch how North America, and especially the location of the Kibby Basin in Nevada, was flooded by the ocean multiple times over the last 600 million years.

The above animation illustrates the geological formation of North America from the latest Precambrian (600 Ma) to the present. In our case, focus on Nevada (and the location of the Kibby Basin) being repeatedly below and above sea level during its geologic history. Over several periods of time, the ocean there was trapped in a giant pan, similar to a salar or a salt flat.

About the Kibby Basin Lithium Brine Partnership

MGX Minerals Inc. (CSE: XMG) is partnered with Belmont Resources Inc. (TSX-V: BEA) on the  2,056 hectares (5,080 acres) Property and currently earning a 50% interest with the goal of forming a 50/50 Joint Venture (the “Joint Venture”) to utilize MGX’s rapid lithium extraction technology. Kibby Basin is located in the western portion of the Great Basin in Nevada. Geologic research of the Kibby Basin has indicated that proximal rhyolitic flows and tuffs surrounding the basin could be a potential source of Li brine in the Kibby Basis Playa. In addition, the Kibby Basin is located within a geothermal cluster at a basin low setting. Regional geophysical signatures in the area reflect similar anomalies comparative to that of Clayton Valley, approximately 50km to the South, location of Albemarle’s Silver Peak Mine, the only North American lithium producer.

Rapid Lithium Brine Extraction Technology

Company Details 

Shares Issued & Outstanding: 124,365,827 Canadian Symbol (CSE): XMG
Current Price: $0.61 CAD (09/28/2018)
Market Capitalization: $76 Million CAD German Symbol / WKN (Tradegate): 1MG / A12E3P
Current Price: €0.407 EUR (09/28/2018)
Market Capitalization: €51 Million EUR

Previous Coverage

Report #45 “MGX Partner Broadcasting on US Television“

Report #38 “MGX: The Next GreenTech Energy Giant“

Report #25 “Hard-Rock Lithium Exposure for MGX“

Report #21 “Petrolithium: First Come First Served“

Report #2 “MGX Minerals Accelerates Towards Production“
 

Shares Issued & Outstanding: 85,465,620 Canadian Symbol (TSX.V): BEA
Current Price: $0.085 CAD (09/28/2018)
Market Capitalization: $7 Million CAD German Symbol / WKN (Frankfurt): L3L1 / A1JNZE
Current Price: €0.056 EUR (09/28/2018)
Market Capitalization: €5 Million EUR


Report #16 “MGX-Belmont sample up to 580 ppm lithium in sediments at Kibby Basin Nevada Joint Venture"

Report #15 “MGX-Belmont Drilling Finds Multiple Brine Prospective Zones at Kibby Basin Lithium Joint Venture in Nevada"

Report #14 “The Drills are Turning at MGX-Belmont‘s Kibby Basin Lithium Joint Venture in Nevada”

Report #13 “MGX and Belmont to Start Drilling at Kibby Basin Lithium Project in Nevada on Saturday”

Report #12 “MGX and Belmont Form Nevada Lithium Joint Venture at Kibby Basin”

Report #11 “Ohm-m! The Divine Sounding of Resistivity”

Report #10 “Belmont Resources (BEA.V): Cheapest US lithium play may just be what others promised”

Report #9 “It‘s Time For Belmont To Shine In Nevada”

Report #8 “Bingo! Belmont finds striking drill targets for lithium brine deposits at Kibby Basin in Nevada”

Report #7 “The Missing Puzzle Piece to Discover Lithium Aquifers in the Kibby Basin of Nevada?”

Report #6 “Belmont on track to eclipse the Clayton Valley”

Report #5 “Belmont getting ready to drill for untapped lithium brines at Kibby Basin in Nevada”

Report #4 “The perfect lithium basin?”

Report #3 “Prominent gravity low identified on Kibby Basin Lithium Brine Property in Nevada”

Report #2 “Dark clouds over Clayton Valley and green lights for Belmonts Kibby Basin Project”

Report #1 “Early Report on Belmont Resources”


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Download PDF: deutsch Name: MGX Minerals Inc. / Belmont Resources Inc.
Canada Symbol: XMG / BEA
Germany Symbol / WKN: 1MG / A12E3P // L3L1 / A1JNZE
Shares Issued & Outstanding: 124,365,827 / 85,465,620
Phone: +1 604 681 7735 / +1 604 683 6648
Email: email@example.com / firstname.lastname@example.org
Web: www.mgxminerals.com / www.belmontresources.com via Email

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