Lithium Exploration Group (LEXG) Acquires 100 Percent Mineral Rights in Alberta, Canada

By @ibtimes on

Lithium Exploration Group, a company that engages in the exploration of mineral properties in Canada, announced that it has acquired 100 percent of the mineral rights to 113,000 acres in Western Alberta in Canada. The property, which is located in the vicinity of Valleyview, AB, approximately 100 miles northwest of Edmonton, resides on a region rich with oil and gas deposits that have been explored and extracted for the past 100 years. The drilling exhibited by the oil and gas companies led the Alberta Geological Survey (AGS) to conduct thorough testing of the minerals present in the water resulting from the recovery process from those aquifers.

Since the year 1970, the aquifers present in the surrounding area have undergone assessment for various mineral deposits and the results have shown uniquely high levels of lithium in the brines. Lithium is present in trace amounts in almost all of the groundwater, but those in the Swan Hills Region of Alberta have levels of lithium that are economical reasonable for production.

The Lithium Exploration Group property encompasses the section of the aquifer that is called the Northern Leduc Formation Reef. The property consists of wells that AGS tests have revealed contain economically reasonable levels of lithium. It also includes 200+ active and inactive wells that have received drilling into the aquifer over time, which brings forth opportunity for further exploration.

“We are excited about the prospects of this property,” said LEXG CEO Alex Walsh. “It certainly is an advantage as an exploration company to acquire a property that has already had more than 30 years of successful exploration work completed by a government agency. Alberta is a mining- and exploration-friendly province, and has all of the resources and infrastructure that we will need to move this asset forward.”

The company also recently announced that it has appointed Alex Walsh as the company’s new CEO. Walsh brings forth connections to some of the largest manufacturers of lithium-based battery products in China, India, and North America for Lithium Exploration Group.

Walsh has graduated from DePauw University, earning his degree in Economics and Management. In addition to his business achievements, his community involvement encompasses volunteering on numerous boards and commission in the Phoenix metro area.

“We are in an excellent position to capitalize on what is a very fragmented market,” Walsh said. “With the right strategy and implementation there is nothing stopping Lithium Exploration Group from becoming an industry leader. Our properties in North and South America show great potential, and we will assemble the team required to develop/explore/realize that potential.”

Lithium Exploration Group engages in the exploration of mineral properties primarily in Canada. The company mainly focuses on the acquisition and development potential of lithium brines and other precious metals that demonstrate higher probability for the near term production. The company, which was formerly known as Mariposa Resources, Ltd., changed its name to Lithium Exploration Group in November of 2010. The company is headquartered in Scottsdale, Arizona.

For more information on the company, visit their company website: www.lithiumexplorationgroup.com

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