New Energy Metals to Commence Vector Induced Polarization/Resistivity and Magneto-Telluric Surveys at Exploradora North Project
TSX VENTURE: ENRG
Vancouver, British Columbia--(Newsfile Corp. - July 10, 2019) - New Energy Metals Corp. (TSXV: ENRG) (OTC PINK: NEMCF) ("New Energy Metals" or the "Company") announces that it has signed a contract (the "Geophysics Contract") with SouthernRock Geophysics SA ("SRG") to carry out Vector Induced Polarization/Resistivity ("VIP") and Magneto-Telluric ("MT") surveys, as well as a Ground Magnetics ("GM") survey, on an area covering approximately 140 km2 on the Company's Exploradora North Project within the West Fissure porphyry belt, north of CODELCO's El Salvador mine in Chile.
The Geophysics Contract contemplates the acquisition of multiple-transmitter VIP and sparse tensor MT data at about 150 receiver sites on a 1km grid basis in order to cover an area of the Exploradora North Project approximately 140km2 shown as a red polygon in Figure 1.
At the same time, the acquisition of GM data in semi continuous (walking) mode with the acquisition at 1Hz along survey lines separated by 200m is planned to be conducted, covering a survey area of approximately 140km2 at the Exploradora North Project.
"New Energy Metals hopes to define deep (500m+) sulfide targets on their Exploradora North Project, located along the West Fissure mineralized porphyry copper trend. This trend includes CODELCO's underground El Salvador Mine, which has production of 1.5% copper as both secondary and primary mineralization, 70 kilometers to south," commented Cesar Lopez, President and CEO and New Energy Metals. "We expect the work to be completed by SouthernRock Geophysics SA on the Exploradora North Project within the next 45 days."
These surveys, integrated with known surface geology and previous geological investigations, are expected to be used to assist the Company in the definition of drill targets. The VIP should provide chargeability and resistively data to approximately 600m depth and when integrated with MT data is anticipated to provide interpretable information to over 1500m depth. The results of these petrophysical surveys are expected to assist the Company in identifying potential sulfide-rich rock volumes (chargeable areas) and quartz rich stockwork areas (somewhat resistive areas).
The GM survey data is expected to be used to interpret lithological units and magnetized/demagnetized zones such as certain alteration mineral assemblages, and structural/fault zones. When integrated with the VIP and MT data, the GM data should enhance certain targets for drill testing.
Figure 1. Proposed array and distribution of Geophysics' assays to be conducted at the Exploradora North Project under the Geophysics Contract
Dr. Thomas A. Henricksen, a qualified person as defined by National Instrument 43-101 has reviewed the scientific and technical information that forms the basis of this news release and has approved the disclosure herein. Dr. Henricksen is not independent of the Company as he is the Company's chief geologist and holds incentive stock options of the Company.
Cautionary Note Regarding Adjacent Properties
CODELCO's underground El Salvador mine is an adjacent property, which the Company has no interest in or right to acquire. Mineral deposits on adjacent or similar properties, and any production therefore or economics with respect thereto, are not in any way indicative of mineral deposits on New Energy Metals' properties or the potential production from or cost or economics of, any future mining of any of New Energy Metals' mineral properties.
About the Company
New Energy Metals is focused on the exploration and development of energy metals in Chile. The Company's assets include several prospective cobalt projects in Chile's past producing San Juan cobalt district.
On behalf of New Energy Metals Corp.
César López, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, the anticipated exploration program results from exploration activities on the Company's mineral projects, including work completed under the Geophysics Contract on the Exploradora North Project, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation: the ability of the surveys conducted under the Geophysics Contract to assist in the better definition of drill targets for the Exploradora North Project, that market fundamentals will result in sustained precious metals, cobalt and copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company's Chilean mineral projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, operating and technical difficulties in connection with the exploration activities undertaken by SRG under the Geophysics Contract, actual results of exploration activities, the fact that the Company's interests in its mineral properties (including the Exploradora North Project) are only options and there is no guarantee that the interests, if earned, will be certain, requirements for additional capital, future prices of precious metals, cobalt and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, other risks of the mining industry, the inability to obtain any necessary governmental and regulatory approvals, changes in laws, regulations and policies affecting mining operations, hedging practices and currency fluctuations, as well as those factors discussed under the heading "Risks and Uncertainties" in the Company's most recent management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.