Let's leave aside the reactivity series and look at this from another angle. I'll point out a few things to you and we'll progress from there.
I'd suggest to you that igniting magnesium ribbon in this way is fraught with difficulties. Yes, we've all seen the school lab experiments but potentially oxidised magnesium ribbon (which most of it is depending on age) would hinder the whole project. Magnesium ribbon is not suitable. Fresh ingot shavings would work but sourcing them would be problematical. Incidentally, removing oxidised magnesium from magnesium ribbon is virtually impossible to do properly.
What type of reaction vessel are you considering using?
You talk about "potassium enriched ***" but are not specific about the temperature it needs to cool too before you add the mineral oil? What temperature would you consider suitable?
You've not provided any information on the "mineral oil" you propose to use. A word of warning: the stuff you need is totally anhydrous and standard or technical mineral oil does not meet these requirements. If you use pharmacy/drugstore types of oil, it's certain that the potassium will ignite and possibly even detonate with horrendous consequences. Remember "mineral oil" does not have a precise chemical composition and in general terms, can be regarded as a random mix of alkanes. Such a mix cannot be considered to be totally anhydrous. There are other more suitable “oils” for this purpose, none of which you are likely to obtain unless you have an account with Sigma-Aldrich and the necessary permits.
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