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MGX Minerals shares lifted after successful demonstration of rapid lithium extraction system

Last updated: 12:40 14 Jun 2018 EDT, First published: 04:40 14 Jun 2018 EDT

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Lithium is used in the batteries of electric vehicles

Shares in MGX Minerals Inc (CSE:XMG, OTCQB:MGXMF) nudged higher as it revealed that the demonstration of its lithium and petrolithium extraction and water treatment system (NFLi-5) had been a success.

The equipment was showcased at MGX partner PurLucid’s labs in Calgary, Alberta.

READ: MGX Minerals' energy storage subsidiary to receive grant to study use of graphene-based materials in its technology

The event was attended by oil and gas companies, industrial customers, lithium brine owners and local and international media.

PurLucid's water treatment technologies, which purify wastewater brine, have been integrated with a newly developed lithium recovery process.

The Cleantech process does not require the construction of large, multi-phase, lake-sized, lined evaporation ponds, greatly reducing the physical footprint and enhancing the quality across a complex range of brines.

The NFLi-5 commercial-scale rapid lithium extraction system is capable of processing 750 barrels per day (120 cubic meters).

As reported in May, the group is nearing the first deployment of its lithium recovery and waste water treatment systems, now that commercial scale trials have been completed.

The first is with a major oil and gas operator in Alberta, Canada to operate an integrated wastewater treatment and lithium recovery system.

The firm's 51%-owned engineer PurLucid Treatment Solutions is a partner in this petrolithium project.

The latter's patented nanoflotation technology has been designed specifically to be used on brine (a waste) from oilfields to produce clean water and yield lithium and other minerals.

MGX currently holds a 51% interest in PurLucid and also has the right to acquire 100% through successive future investments.

MGX shares added 3.45% on Thursday in Toronto to stand at C$1.20 each, before dropping back to C$1.19.

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