Maverick Energy Group, Ltd. and Willcox International Holdings, Inc. Form Joint Venture for Lithium Extraction from Saltwater Brine in Oil Production

ST. AUGUSTINE, FL / ACCESSWIRE / November 30, 2023 / Maverick Energy Group, Ltd. (OTC PINK:MKGP) is excited to announced the formation of a Joint Venture with Willcox International Holdings, Inc. to exploit opportunities to extract Lithium from saltwater brine in oil production. Willcox through its partnership with NeoLithica LTD, which maintains operations in Alberta, Canada, will use its Direct Lithium Extraction Technologies to extract lithium from brine.

In their efforts to expand their Lithium Projects beyond Canada, Willcox will begin testing oil field brines made available by Maverick in several potentially high lithium concentration areas. Located primarily in the Smackover Formation, as well as the Texas and Oklahoma panhandle, the geographic regions of Maverick's holdings are known for containing high, commercially viable concentrations of Lithium. Wilcox will be using the environmentally friendly direct lithium extraction method (DLE) to produce lithium and then refine the product into battery grade lithium carbonite.

The current environment for permitting and funding for lithium mining were greatly improved with the passing of "The Inflation Reduction Act" and it has heightened interest from large oil companies, such as Exxon (NYSE: XOM) and their recently announced Southern Arkansas lithium project. The Act's focus with lithium is to increase the domestic production of lithium and make batteries with generous tax credits and other incentives.

Saeb Jannoun, CEO of Willcox, stated "we believe this venture between Willcox and Maverick will prove to be very lucrative for both of our companies. The field which we will be testing has been proven to contain high concentrations of lithium and we hope to begin production in the coming months. The Company's plan to start testing brine samples over the next few weeks."

"This partnership with Willcox, will task Maverick to find and evaluate both oil and gas properties for acquisition and saltwater sources that contain acceptable levels of lithium to be acquired and developed by the Joint Venture. With Willcox's technical expertise and financial resources and Maverick's industry knowledge and relationships both companies should see a rapid increase in profitability and cash flow.," said James McCabe CEO Maverick.