Petrolithium group MGX Minerals Inc (CSE: XMG, OTCQB: MGXMF) has hired a consultant to carry out a detailed seismic study over the Blueberry Unit within its Paradox Basin petrolithium project in Utah, it said.
The goal of the work by Dawson Geophysical Company is to identify subsurface formations and structures favorable for oil, gas and mineral brine deposits
MGX holds a 75% working interest (WI) in the Paradox project with the remaining interest primarily controlled by a private Utah corporation.
The Paradox partner has been engaged by MGX as a subcontracted operator.
The Blueberry unit consists of 80,380 acres of unitized federal, state and private lands and is part of MGX's large land package within the Paradox Basin and Lisbon Valley, which consists of over 110,000 acres of oil and gas leases and around 118,000 acres of largely overlying mineral claims.
The brine content within the Lisbon oilfield has been historically reported as high as 730 ppm (parts per million) lithium.
Official research has concluded that the Paradox Basin has one of the largest undeveloped oil and gas fields in the United States .
According to statistics, as reported by the Utah Department of Natural Resources, Oil, Gas and Mining Division, cumulative lifetime production within the Lisbon Valley oilfield, contiguous with the Blueberry Unit, has totaled 51.4 million barrels of oil as of April this year.
Working with its engineering partner Purlucid, MGX is developing a technology, which aims to reduce the cost of recovery and enhancing the quality across the complex range of brines received from oil and gas wells.
MGX shares gained 2.06% in Toronto to C$0.99 each.