MGX Minerals Inc.(CSE:XMG) announced that it entered into a Joint Operating Agreement to act as operator and acquire a 75% working interest in certain underlying oil and gas leases located contiguous to the company's Lisbon Valley Petrolithium Project, about 65 km southeast of Moab in the salt anticline belt on the southwest edge of the Paradox Basin in San Juan county, Utah, USA. The region is home to the former Rio Algom uranium mill facility, an active copper mine operated by Lisbon Valley Mining Company and a natural gas processing plant.
Yesterday's agreement for the oil and gas leases will provide access to the brine-bearing acquifer systems of the Paradox Basin. Upon closing of the agreement, MGX plans to conduct well-sampling and collect data to advance understanding of the Paradox Formation.
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