Yahoo Finance MGX and Belmont to Start Drilling at Kibby Basin Lithium Project in Nevada on Saturday
ZURICH, SWITZERLAND / ACCESSWIRE / July 26, 2018 / Today, MGX Minerals Inc. (CSE: XMG; OTCQB: MGXMF; Frankfurt: 1MG) announced mobilization for drilling at the Kibby Basin Lithium Project in Nevada, USA. Its joint venture partner, Belmont Resources Inc. (TSX.V: BEA; Frankfurt: L3L1), announced in a separate press-release that the first hole is anticipated to be drilled this Saturday (July 28) with a targeted depth of 760 m (2,500 ft), whereas brine is interpreted to be encountered starting at depths of 325 m (1,065 ft).
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 the 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 the 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 brines.
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SOURCE: Rockstone Research
