VANCOUVER, British Columbia, Nov. 08, 2017 (GLOBE NEWSWIRE) -- NRG Metals Inc. (“NRG” or the “Company”) (TSX-V:NGZ) (OTCQB:NRGMF) (Frankfurt:OGPN), is pleased to announce that, further to its news releases of June 5, 2017 and October 16, 2017, it has received transaction approval from the TSX Venture Exchange (the “Exchange”) for the Hombre Muerto North Project, Argentina.
Pursuant to the Mining Exploration Agreement with Option to Purchase dated May 17, 2017, between the Company’s wholly-owned subsidiary, NRG Metals Argentina S.A. and Mr. Jorge E. Moreno and Mrs. Alba Silvia Sala (together, the “Owners”), the Company will be issuing 1,000,000 common shares at a deemed value of $0.39 per common share and a cash payment of US$100,000 to the Owners. In addition, Mr. Moreno will be joining the board of directors of NRG Metals Argentina S.A.. Mr. Moreno is a well established and highly respected businessman in Salta, Argentina.
Highlights of the Hombre Muerto North Lithium Project Include:
- 20 surface samples collected in 2016-2017 range from 48 to 1,064 mg/L Li, averaging 587 mg/L Li, with seven samples over 800 mg/Li.
- Magnesium to lithium ratios range from 1.1:1 to 10.2:1, averaging 4.6:1, which are low, a positive by industry standards.
- Geophysical data indicates zones of low resistivity, interpreted to be potential lithium-bearing zones that are open at depth.
- Adjacent to Galaxy Resources’ Sal de Vida lithium development project and FMC Corp’s long-time producing Fenix lithium brine operations.
NRG plans to conduct an exploration program to support a mineral resource estimate for lithium on the Project, and rapidly move to a development and production decision. An exploration drill program has been planned by the technical team, and will initially include up to eight diamond core holes. Following coring operations, large-diameter (10- to 16-inch borehole diameter) rotary-drilled production wells (PW) will be installed at the same locations as the diamond drill holes for conducting pumping tests and estimating brine extraction rates for wellfield development. Anticipated depths for the core holes will range from about 30 to 400 meters, with 400 meters as a maximum. The depth of the production wells will be determined based upon the results obtained from the diamond drilling.
In addition, a vertical electrical sounding (VES) survey may be conducted at the Alba Sabrina property located on the western edge of the basin prior to drilling in order to confirm if and where the hole will be drilled. An Environmental Impact Study has been filed with the mining authority in Salta Province, and permits are expected in the near future. Discussions with both provinces is ongoing in regards to a zone of dual jurisdiction which effects a portion of some of the project area. Resolution is expected in the near future. The Company intends to expand the current land package, and negotiations on the acquisition of additional land in the area is progressing.
About the Company
NRG Metals Inc. is an exploration stage company focused on the advancement of lithium brine projects in Argentina. In addition to the Hombre Muerto North Project, a drill program is currently underway at the 29,000 hectare Salar Escondido lithium project, Catamarca Province, Argentina. Results are expected in November. Additional projects are currently under negotiation.
NRG Metals Inc. currently has 86,005,135 common shares issued and outstanding. NRG Metals Inc. trades on the TSX Venture Exchange under symbol NGZ, on the OTCQB Market under symbol NRGMF, and on the Frankfurt Stock Exchange under symbol OGPN.
