VANCOUVER, March 13, 2018 /CNW/ - NRG Metals Inc. ("NRG" or the "Company") (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt: OGPN) is pleased to announce that it has awarded a contract for the initial diamond drilling at its Hombre Muerto North lithium project ( " HMN " ) in Salta province, Argentina to AGV Falcon Drilling SRL of Salta, Argentina. The initial phase of drilling will consist of three cores holes, which will be drilled up to a maximum depth of 400 meters depending upon results obtained. The drilling is expected to commence in early-April, depending upon weather conditions.
The HMN project is located at the northern end of the prolific Hombre Muerto Salar, adjacent to FMC's producing Fenix lithium mine and Galaxy Resources' Sal de Vida development stage project. The Fenix mine is the largest producing lithium mine in Argentina, and the Sal de Vida project is the largest development stage lithium project in Argentina.
The project comprises mining concessions totaling approximately 3,287 hectares (8,122 acres) and is located 170 km southeast of the provincial capital of Salta. The project concessions are shown on the map at the conclusion of this press release. Further details are available at the company website at http://www.nrgmetalsinc.com, including a recently completed National Instrument 43-101 Technical Report.
NRG Metals Inc. is an exploration stage company focused on the advancement of lithium brine projects in Argentina. In addition to the Hombre Muerto Norte project, the Company is evaluating its 29,000 hectare Salar Escondido project in Catamarca province where the company recently completed a first drill hole that confirmed the Company's conceptual model of a buried lithium brine target.
NRG Metals Inc. currently has approximately 107 million shares issued and outstanding, and 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. The Company currently has working capital of CAD$3.1 million dollars.
The preparation of this press release was supervised by Mr. James K. Duff, a Licensed Professional Geologist and a Registered Member of the Society for Mining, Metallurgy and Exploration and a Qualified Person as defined under National Instrument 43-101. Mr. Duff approves the scientific and technical disclosure contained in this press release.
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 harbor.
On behalf of the board of directors of NRG Metals Inc., Adrian F. C. Hobkirk, President and C.E.O.
SOURCE NRG Metals Inc
For further information: Investors / Shareholders Call 855-415-8100 / Direct to Adrian Hobkirk +1-714-316-3272, [email protected]