TORONTO, Nov. 18, 2020 /CNW/ - Neo Lithium Corp.
("Neo Lithium" or the "Company") (TSXV: NLC) (OTCQX:
NTTHF) (FSE: NE2) is pleased to announce that Contemporary
Amperex Technology (SZSE: 300750), (together with its subsidiaries,
"CATL") has informed the Company that it has received regulatory
approval from the Ningbo Municipal Development and Reform
Commission ("NBDRC") of the People's
Republic of China ("PRC") in respect to the equity
subscription agreement (the "Agreement"). For further
information on the Agreement, please see the news release dated
September 14, 2020.
The remaining PRC regulatory approvals, including approval from
the Ningbo Municipal Bureau of Commerce ("NBMOFCOM") and the State
Administration of Foreign Exchange ("SAFE"), are pending.
Company Update
Argentina has eased certain
restrictions due to the COVID-19 global pandemic and the number of
daily infected cases has steadily decreased for three consecutive
weeks. International and domestic travel have resumed, and the
Company has been preparing for an active summer campaign at the 3Q
Project. The Company has mobilized its engineering team to the
lithium carbonate pilot plant in Fiambalá. The operations at the
pilot plant will be re-starting in order to produce a larger sample
of battery grade lithium carbonate with the updated process (see
released from March 11th,
2020). This updated process consumes less than 50% the fresh water
when compared to the original process described in the
prefeasibility study and uses less reagents. This updated process
and its expected positive impact will be used in the final
feasibility study.
The Company has also engaged Groundwater Insight to update the
resource and reserve estimation with two new drill holes that were
complete after the previous estimation was completed (see press
release from May 8th,
2019). These two new drill holes were completed in 2019 drilling
campaign in the high grade zone and intercepted:
- PB1-R-24: 1,128 mg/l Li 9,255 mg/L K, Mg/Li=1.60 and
SO4/Li=0.18 over 137.6 m from 16 to
153.85m depth
- PB1-R-25: 1,117 mg/L Lithium, 11,319 mg/L K, Mg/Li=1.59 and
SO4/Li=0.1 over 178 m from 87 to
265m depth
Both drill holes extend beyond the previous estimations of
resources and reserves. The new estimation will also be used in the
final feasibility study.
The Company is in the final stages of engaging a major
engineering company that will complete the final feasibility study,
and will be announced soon after the final PRC approvals are
obtained by CATL. Since much of the previous work has already been
completed, it is estimated that the final feasibility will be
completed between 6 to 9 months after the engineering company is
engaged.
About Neo Lithium Corp.
Neo Lithium Corp. has quickly become a prominent new name in
lithium brine exploration by virtue of its high quality 3Q Project
and experienced team. Neo Lithium is rapidly advancing its recently
discovered 3Q Project - a unique high-grade lithium brine lake and
salar complex in Latin America's
"Lithium Triangle".
The 3Q Project is located in the Catamarca Province, the largest
lithium producing area in Argentina covering approximately 35,000 ha
including a salar complex of approximately 16,000 ha.
Additional information regarding Neo Lithium Corp. is available
on SEDAR at www.sedar.com under the Company's profile and at its
website at www.neolithium.ca, including various pictures of ongoing
work at the project.
Neither 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. The TSX Venture Exchange Inc. has in no
way approved nor disapproved the contents of this press
release.
Cautionary Note Regarding Forward Looking Statements -
Certain information set forth in this news release may contain
forward-looking statements. Such statements include but are not
limited to, statements as to lithium brine grades at depth being
consistent with surface results, the potential for resource
expansion at depth, the potential of the northern salar sediments,
and deeper sediments, for hosting brine, the ability to proceed to
scoping studies quickly, proceeding with continued work for
additional economic studies the potential for production expansion
in the Company's assessment of the economic potential of the 3Q
Project, that test results are indicative of future results, and
the additional of additional independent directors. Generally,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "is expected", "scheduled",
"estimates" "intends", "anticipates", "believes", or variations of
such words and phrases, or statements that certain actions, events
or results "can", "may", "could", "would", "should", "might" or
"will", occur or be achieved, or the negative connotations thereof.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company, which could cause the actual results, performance or
achievements of the Company to be materially different from the
future results, performance or achievements expressed or implied by
such statements. These risks include, without limitation, risks
related to failure to obtain adequate financing on a timely basis
and on acceptable terms, political and regulatory risks associated
with mining and exploration activities, including environmental
regulation, risks and uncertainties relating to the interpretation
of drill and sample results, risks related to the uncertainty of
cost and time estimation and the potential for unexpected delays,
costs and expenses, risks related to metal price fluctuations, the
market for lithium products, competition for experienced directors
in the junior mineral exploration and development sector, and other
risks and uncertainties related to the Company's prospects,
properties and business detailed elsewhere in the Company's
disclosure record. Although the Company believes its expectations
are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended and undue reliance should not be placed on forward-looking
statements.
SOURCE Neo Lithium Corp.