I believe they are utilizing (or plan to utilize) old wells in South Arkansas that produced from the Smackover Formation (named for the discovery near a town called Smackover, AR)... The Smackover overlies the Louann Salt formation & the Louann is rich in minerals like Bromine & Lithium... The Saltwater produced from the Smackover formation are saturated with dissolved Louann Salt & the Li & Br concentrations are high enough that it can be extracted for a profit - Especially if you can use old wells & not drill new ones...
I have drilled "Brine Supply Wells" around Magnolia, AR for a company called Albermarle (ALB) who extracted the Bromine for use in flame retardant chemicals...
MGX is traded on the OTC Market... In my opinions, companies who are not traded on the NYSE, Nasdaq, or AMEX have a high probability of being scams... Before I invested in any OTC company, I would find out exactly why they do do qualify to be listed on a real Exchange...
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If you are wanting to invest in Lithium (probably a wise investment), I would suggest that buy LIT or SQM Calls...
Immediately after the head of the CIA met with the Chinese President on 05 May 2018, the Chinese immediately went crazy buying Lithium Mines... This is part of the reason why I started buying TSLA Calls - that are up over 8,500% today & I'm still holding...
Something's up with Electric Vehicles & by extension, Lithium... We (the public) just don't know what it is though...
