VANCOUVER, British Columbia, December 7, 2017 /PRNewswire/ --
NRG Metals Inc. ("NRG" or the "Company") (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt OGPN), is pleased to announce the discovery of lithium at the Salar Escondido Lithium Project, Catamarca Province, Argentina. Consistent with the Company's geophysical data and geological model, the target zone of sediments saturated with brine that could contain lithium was intersected, and the first lithium values from near the top of the brine are very encouraging as shown in the following table.
Li Mg B K Sample number From / To mg/L mg/L mg/L mg/L 172-198 m (26 SE - 003 m) 189 868 217 3,170 183-198 m (15 SE - 004 m) 229 1,033 265 3,990
The samples, which were collected with a single packer, were analyzed by the Alex Stewart laboratory in Jujuy, Argentina. Alex Stewart employed Inductively Coupled Plasma Optical Emission Spectrometry ("ICP-OES") as the analytical technique for the primary constituents of interest, including those shown in the table.
Adrian Hobkirk, CEO of NRG commented, "We are very excited with the initial results from near the top of the brine zone at Salar Escondido. These results prove the concept that there is a buried salar that contains lithium at Salar Escondido. Furthermore, the Mg/Li ratio is relatively low at 4.6, which is very encouraging. We are hopeful that lithium grades will increase at deeper levels, which is the case in many salars in Argentina. We look forward to continuing the exploration at Salar Escondido to fully assess and delineate this discovery."
The drill hole has intersected weakly consolidated sandstone and unconsolidated sand horizons with occasional conglomerate and clay layers from a depth of 113 meters to 176 meters, and predominately poorly consolidated conglomerate with occasional clay layers below 176 meters. Saline brine is present below a depth of 140 meters. As of December 5, 2017, the hole had reached a depth of 221 meters, and the Company is planning to extend the hole to a depth of 350 meters.
The Salar Escondido is a large basin, roughly 20 by 40 kilometers in size, which is mostly covered by a series of overlapping alluvial fans. NRG's technical team believes that a large salar with an area of at least 700 km had developed in the basin approximately two million years ago. After the salar was formed, it was buried by coalescing alluvial fans, and it is thus considered to be a "paleo-salar," hence the name Salar Escondido, which means "hidden salar" in Spanish.
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 Salar Escondido lithium project, the Company is evaluating the 3,287 hectare Hombre Muerto North lithium project ("HMN") in the province of Salta. HMN is located at the northern end of the prolific Hombre Muerto Salar, adjacent to FMC's producing Fenix mine and Galaxy Resources' Sal de Vida development stage project. The Company has filed an Environmental Impact Study and applied for permits to drill HMN, and approval is pending. A National Instrument 43-101 ("NI 43-101") technical report on HMN was filed on SEDAR on October 16, 2017.
The Company currently has approximately 105 million shares issued and outstanding, and trades on the TSX Venture Exchange under the symbol NGZ, on the OTCQB Market under the symbol, NRGMF, and on the Frankfurt Stock Exchange under the symbol, OGPN.
Onsite quality assurance and quality control (QA/QC) was supervised by Mr. William Feyerabend, a Certified Professional Geologist and a Qualified Person under NI 43-101. All samples were collected in 500 ml plastic bottles with samples numbers clearly identified, and NRG personnel transported the samples to the Alex Stewart laboratory. Measurements in the field included pH, conductivity, temperature and density, and the field measurements were consistent with the same measurements made in the laboratory by Alex Stewart. Duplicate and blank samples were inserted into the sample batch, and the results were satisfactory. Mr. Feyerabend supervised and approves the scientific and technical disclosure contained in this press release.
On behalf of the Board of Directors of NRG Metals Inc.:
Adrian F.C. Hobkirk
President and C.E.O.
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 harbour.
T: Investors / Shareholders Call: +1-855-415-8100
Direct to Adrian Hobkirk: +1-714-316-3272
SOURCE NRG Metals Inc.