HIGHLIGHTS
Brine Chemistry Results Reveal High Lithium Values Geophysical SCAMT Sections Identify Two Large Resistive Anomalies Recommendation for Further Exploration to Support a Resource Calculation Eight Hole Drill Program to Test the Expected Lithium Zone
VANCOUVER, British Columbia, Oct. 16, 2017 (GLOBE NEWSWIRE) -- NRG Metals Inc. (the “ Company ”) (“ NRG ” or the “ Company ”) (TSX-V: NGZ ) (OTCQB:NRGMF) (Frankfurt: OGPN ), announces that further to its news release dated June 5, 2017, the Company has filed a National Instrument 43-101 (“ NI 43-101 ”) technical report (the “ Report ”) dated September 8, 2017 entitled, “Technical Report for the Hombre Muerto North Project, Salta and Catamarca Provinces, Argentina” under the Company’s SEDAR profile at www.sedar.com and its website at www.nrgmetalsinc.com . The Report was prepared by of Montgomery & Associates Consultores Limitada and authorized by Michael J. Rosko, MS PG, an independent Qualified Person under NI 43‑101.
The Hombre Muerto North Lithium Project shares the same hydrogeological basin as the existing FMC Lithium Fenix Mine that has been producing lithium carbonate during the past 20 years. It is also adjacent to the Galaxy Resources’ Sal de Vida Project, referred by Galaxy Resources as the “best lithium - potassium undeveloped project in brines through the Argentinean Puna”.
In summary, the surface brine chemistry sampling results for the Project reveal high values of lithium when compared with other projects in the salars of the Puna region, and are consistent with previously-reported results for the Sal de Vida project (Houston and Jaacks, 2010; M&A and GAI, 2012). Geophysical CSAMT sections covering the Alba Sabrina, Natalia Maria and Tramo properties define two large resistivity anomalies that may represent deep lithium-bearing brine zones. Given these factors, and the acknowledgement of long-term lithium brine production in the salar by FMC Lithium at their Fenix Mine and the brine mineral Resource and Reserve estimates by Galaxy Resources, M&A judges the Project as a property of merit and warrants additional investigations in order to advance to a phase of exploration drilling, testing, and sampling and a level for Preliminary Economic Assessment (PEA).
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 phase. An exploration drill program has been planned by the technical team, and will likely 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 prior to drilling in order to confirm if the hole will be drilled.
Qualified Person:
Mr. Michael J. Rosko, MS PG, of Montgomery & Associates Consultores Limitada, an independent Qualified Person as defined by NI 43-101 guidelines, has participated in the preparation of this press release, and has reviewed and approved the technical content.
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, the Company is evaluating the Salar Escondido Lithium Project. The Salar Escondido is comprised of approximately 29,000 hectares. An exploration drill program is currently underway at this location. NRG trades on the TSX Venture Exchange under symbol NGZ, on the OTC QB Market under symbol NRGMF, and on the Frankfurt Stock Exchange under symbol OGPN. NRG currently has 73,890,567 shares issued and outstanding.
On behalf of the board of directors of NRG Metals Inc.,
Adrian F.C. Hobkirk President and CEO
T: 714.316.3272 E: ahobkirk@nrgmetalsinc.com W: www.nrgmetalsinc.com
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 is not for distribution or dissemination in the United States and accordingly, shall not constitute an offer of securities in the United States. The securities that may be issued pursuant to this news release are not currently qualified by prospectus or registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of any state, and may not be offered or sold in the United States, or to, or for the account or benefit of United States persons (as defined in Regulation S under the Securities Act) or persons in the United States absent registration or an applicable exemption from the registration requirements. The securities are subject to resale restrictions under applicable securities laws.
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 harbour.
