VANCOUVER, April 19, 2018 /CNW/ - NRG Metals Inc. ("NRG" or the "Company") (TSX-V: NGZ.V) (OTCQB: NRGMF) (Frankfurt: OGPN.F) is pleased to announce that drilling on a second test well is progressing at the Salar Escondido Lithium Project, comprised of 29,180 hectares (72,100 acres), and located in Catamarca Province, Argentina. A rotary drill operated by drilling contractor Water Drilling ("WD") had completed 87 meters as of Tuesday, April 17th. The hard basaltic layer encountered in the previous hole was not encountered in this well. It is expected to reach the target depth of approximately 110 meters in the next day or two. WD is contracted to drill an 8.5-inch diameter rotary hole up to a depth of 400 m. This second hole is located approximately one kilometer south of the Company's initial diamond drill hole, which was completed to a depth of 307 meters in December 2017. The objective is to further quantify and confirm to depth, lithium values encountered in the top of the first test well, which was not completed to depth due to hole instability.
Mr. Jose de Castro, Chief Operating Officer, NRG Metals Inc., is quoted: "I am very pleased the second well at Salar Escondido is progressing, and am excited to determine lithium values at this very large basin."
During 2017, NRG's drilling at the comprised of 29,180 hectares (72,100 acres) project, confirmed the presence of a buried brine zone beneath the alluvial cover on the surface of the basin. Brine was intersected at a depth of 140 m, and as reported in the Company's press release dated December 7, 2017, sampling from 183 to 198 meters returned an average grade of 229 mg Li/liter in a porous, weakly consolidated sandstone horizon. A Vertical Electrical Sounding ("VES") geophysical survey conducted by the Company suggests that the brine zone occurs at an even shallower depth where the upcoming hole will be drilled.
The Salar Escondido project is located approximately 280 kilometers northwest of Catamarca, Argentina. Further details are available at the company website at http://www.nrgmetalsinc.com, and a National Instrument 43-101 Technical Report was filed on SEDAR in December 2016.
Technical Disclosure: The preparation of this press release was supervised by Mr. William Feyerabend, a Certified Professional Geologist and a member of the American Institute of Professional Geologists, and a Qualified Person as defined under National Instrument 43-101. Mr. Feyerabend approves the scientific and technical disclosure contained in this press release.
NRG Metals Inc. is an exploration stage company focused on the advancement of lithium brine projects in Argentina. In addition to the Salar Escondido project, the Company is planning to shortly commence drilling at its 3,287 hectare (8,100 acre) Hombre Muerto Norte lithium project ("HMN") in Salta province. The HMN project 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. A NI 43-101 report for HMN was filed on SEDAR in October 2017.
NRG Metals Inc. currently has approximately 121 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$4.0 million.
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 +1-855-415-8100 / Direct to Adrian Hobkirk +1-714-316-3272, [email protected]