VANCOUVER, B.C., March 23, 2017 (GLOBE NEWSWIRE) -- NRG Metals Inc. (“ NRG “ or the “ Company ”) (TSX-V: NGZ ), (OTC Pink:GPOFF), (Frankfurt: OGPN ), is pleased to announce that management has recently completed a drill tender process for the first exploration phase at the Carachi Pampa Lithium Project, located in Catamarca, Argentina. Several groups were interviewed and a short list has been completed, for a firm bid upon receipt of drill permits. The permitting process is well underway and the Company expects a response shortly to its filing of the required Environmental Assessment.
As the project has been recently expanded from 6,387 hectares to 29,182 hectares, the Company will complete an additional Vertical Electric Sounding (V.E.S.) geophysical survey over newly optioned areas of interest. The intent of the program will be to confirm and potentially expand the recently identified zone of interest, which is characterized by very low resistivity values interpreted to represent a buried salar deposit of a highly conductive saline brine zone. Further information is available within the recently completed NI 43-101 Technical Report on the project, available at the company website at www.nrgmetalsinc.com/projects/carachi-pampas-project . The project is situated 40 kilometers south of the town of Antofagasta de la Sierra, Catamarca, at approximately 3,000 meters elevation. This region of Argentina is host to the Hombre Muerto Salar where F.M.C. is producing approximately 20,000 tonnes of lithium carbonate equivalent per year, as well as Galaxy Resources large development stage Sal de Vida Lithium Project. There is a provincial road within ten kilometers of the project, and full support services are located nearby.
During the past four weeks, key exploration management have also completed a reconnaissance program on several other lithium opportunities. The Company is also negotiating on additional project areas and expects further news in the near future.
Option Plan Reverting to a 10% Rolling Plan
The company announces that it has granted incentive stock options to purchase up to 5.0 million common shares at an exercise price of $0.15 per share for a period of five years to its directors, officers and consultants, in accordance with the provisions of its stock option plan. Although the shareholders of the Company recently approved the adoption of a 20% fixed stock option plan, the Company has decided to revert back to its former 10% rolling stock option plan, in order to minimize further dilution.
On Behalf of the Board of Directors,
Adrian Hobkirk, President, CEO and Director T: 714.316.3272 E: ahobkirk@nrgmetalsinc.com W: www.nrgmetalsinc.com
The preparation of this press release was supervised by Mr. William Feyerabend, a Certified Professional Geologist and a member of the American Institute of Professional Geologists, and a Qualified Person as defined under National Instrument 43-101. Mr. Feyerabend approves the scientific and technical disclosure contained in this press release.
The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
This news release contains certain “forward- looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward looking statements. The transaction described in this news release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this news release. We seek safe harbor.
