MGX Minerals Expands Utah Petrolithium Project; Acquires Additional Oil and Gas Leases at Paradox Basin
MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / OTCQB: MGXMF / FSE: 1MG) is pleased to announce the acquisition of an additional 3,455 acres of oil and gas leases as a result of successful bidding at a recent State of Utah School and Institutional Trust Land Administration (SITLA) auction. The leases are located contiguous to the Company’s unitized 80,380-acre Blueberry Unit (“Blueberry Unit”) and show similar subsurface geological formations and structures favorable for accumulations of oil and gas as well as lithium brine-bearing formations. The newly acquired leases are located within the proposed 3D seismic geophysical survey area, which is scheduled to commence in August. The survey will include approximately 9,000 data points.
