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MGX Minerals to target geothermal market for extraction of lithium and gold

Last updated: 21:00 29 Nov 2017 GMT, First published: 09:00 29 Nov 2017 GMT

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Lithium is used in the manufacture of electric cars - pictured

MGX Minerals Inc (CSE:XMG, OTCQB:MGXMF) continues to explore the latest technologies in mineral extraction, saying its partner  PurLucid has developed a high temperature filtration method to purify geothermal brines - similar to oil field brines.

"We believe in investing in technology and innovative processes that disrupt how the energy industry thinks and operates," said MGX president and chief executive Jared Lazerson.

"Our newest technological advancement offers yet another first-mover opportunity into a large and often stagnant sector hungry for new ideas."

Geothermal brines, like those from oilfields, contain concentrated amounts of metals and dissolved salts, including lithium and gold.

A barrier in the industry has been the need to reduce brine temperatures so filtration can occur - a barrier known as scaling that severely reduces flow and heat transfer of geothermal heat exchangers.

But Purlucid and MGX have now developed a proprietary, low energy design process that removes these scale-forming ions and dissolved salts while not requiring a reduction in brine temperatures for filtration to occur, said the company.

Notably,  the process uses PurLucid's existing patented and exclusively licensed replaceable membrane skin layers (RSL) filtration system.

Similar to MGX's existing wastewater treatment and rapid petrolithium recovery units, MGX and PurLucid are now undertaking studies to build treatment systems capable of being integrated into existing geothermal infrastructure or incorporated as standalone systems for mineral and metals extraction.

MGX currently owns a 34% interest in Purlucid and has the right to acquire 100% through successive future investments. 

Shares in Toronto rose 6.38%% to C$1.00

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on 28/11/17