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Maverick Energy Group Ltd. (OTC:MKGP) Stock Surges 14% After Joint Venture for Lithium Extraction

Madison Hall ,

Following a major new announcement yesterday, Maverick Energy Group Ltd. (OTC:MKGP) was in sharp focus among investors, and its stock ended up with gains of as much as 14%. The company announced yesterday that it had entered into a joint venture with the firm Wilcox International Holdings Inc. for the purpose of exploiting the opportunities for extracting lithium from the saltwater brine found in oil production.

As per the news release yesterday, Wilcox already had a partnership in place with NeoLithica LTD. NeoLithica has operations in Alberta, Canada, and Wilcox would deploy its direct lithium extraction technologies for the extraction of lithium from brine.

However, Wilcox is also looking for the expansion of its lithium projects outside Canada, and that was the reason behind the joint venture with Maverick Energy Group. Wilcox would test the oil field brines, which would be made available to it by Maverick Energy, in a number of potentially high lithium concentration zones. The company’s holdings are mainly located in the Smackover Formation, in addition to the Oklahoma panhandle and Texas.

All those areas are well-known for having high concentrations of commercially viable lithium. Wilcox would deploy its environmentally friendly lithium extraction method for the purpose of producing lithium. Eventually, it would work on refining the same lithium to turn it into lithium carbonate suitable for batteries.

James McCabe, the Chief Executive Officer of Maverick Energy, spoke about the joint venture yesterday. He noted that, owing to the partnership with Wilcox, Maverick would need to locate and then evaluate the oil and gas properties for the purposes of acquisition. Additionally, it would also need to evaluate the saltwater sources that had acceptable amounts of lithium that could be made a part of the joint venture. He noted that Wilcox possessed the financial resources and technical expertise, while Maverick brought industry relationships and knowledge to the table.

Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.