VANCOUVER, Dec. 7, 2017 /CNW/ - 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[2] 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.
SOURCE NRG Metals Inc