First Hole to 307 Meters at Salar Escondido Project in Catamarca, Argentina: Hole Bottoms in Brine Zone
VANCOUVER, B.C., Dec. 14, 2017 (GLOBE NEWSWIRE) -- NRG Metals Inc. (“NRG” or the “Company”) (TSX-V:NGZ) (OTCQB:NRGMF) (Frankfurt:OGPN), is pleased to announce the completion of the first drill hole at the Salar Escondido Lithium Project, Catamarca Province, Argentina. The hole was drilled to a depth of 307 meters due to hole conditions The hole bottomed in brine and the brine target remains open at depth.
At a depth of 210 meters the hole was converted from core drilling to tricone rotary drilling due to challenging drilling conditions. Now that the hole has been terminated, the interval from 307 to 210 meters will be sampled using either a double packer or bailer system, depending upon the conditions in the hole.
Consistent with the Company’s geophysical data and geological model, the target zone of sediments saturated with brine that could contain lithium was intersected at 140 meters, and has continued to the completed depth of 307 meters with the brine zone target open below that depth. Recent sampling in the interval from 183 to 198 meters returned an average of 229 mg/liter lithium as reported in the Company’s press release dated December 7, 2017. 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. Mr. Feyerabend supervised and approves the scientific and technical disclosure contained in this press release.
Adrian Hobkirk, CEO of NRG Metals Inc., commented, “We are very excited that we have a lithium saturated brine confirmed near the top of the target zone at Salar Escondido and the fact that the brine zone now appears to be very thick. Given that our current drilling bottoms in brine and is open at depth is very encouraging highlighting the substantial size potential of the salar. We look forward to reporting the sampling in progress and continuing the exploration at Salar Escondido to fully assess and delineate this discovery.”
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 km2 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 Nnational 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.
On behalf of the board of directors of NRG Metals Inc.:
Adrian F.C. Hobkirk
President and C.E.O.
T: Investors / Shareholders Call 855-415-8100 / Direct to Adrian Hobkirk 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 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.