MGX Minerals, Inc. (OTC: MGXMF) (CSE: XMG) (FRA: 1MG) may not be spinning straw into gold the way Rumpelstiltskin did, but it’s coming close with a novel technology that promises to produce ‘white gold’, or lithium from petroleum production brine. Its PetroLithium™ technology extracts lithium carbonate from the salt water that accompanies crude oil as it is pumped to the surface. Lithium carbonate represents a major source of lithium used extensively in batteries for electronic devices, and demand for the mineral is set to expand as sales of electric cars increase.
MGX has acquired working interests in over 1.7 million acres of lithium-bearing brine formations throughout North America. This includes massive land positions throughout the Province of Alberta, as well as the Paradox Basin in Utah. In Utah, the company has acquired a dominate land position in the Paradox Basin, where historic wells reported lithium values as high as 730ppm lithium. The company just announced plans to consolidate oil and gas rights within its Lisbon Valley project and permit the…
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