MGX Minerals Inc. (“MGX” or the “Company”) announces that joint-venture partner Belmont Resources Inc. (“Belmont”) plans to conduct up to 4,800 feet of additional drilling across four diamond drill holes at the Kibby Basin lithium project (“Kibby Basin”) in Nevada. Additionally, Belmont has also reported plans to conduct downhole geophysical surveys to test specific prospective layers for potential aquifers. Drilling is expected to commence shortly.
As previously reported, sampling in drill hole KB-3 between the 1,100 to 1,210-foot range averaged 415ppm, with the highest sample reaching 580ppm lithium (see press release dated October 1, 2018). Additionally, 20 of 25 samples assayed greater than 100ppm lithium between the 1,270 to 1,798-foot range, with seven samples containing greater than 375ppm, including a high of 580ppm lithium at 1,791 feet. Belmont has delivered an additional 59 core samples from the lower section of drill hole KB-3 to ALS labs in Reno for assaying.
The Kibby Basin shares many characteristics with Clayton Valley, where lithium brines are currently 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.