VANCOUVER, British Columbia, May 8, 2018 /CNW/ --
NRG Metals Inc. ("NRG" or the "Company") (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt: OGPN) is pleased to report that drilling at the Salar Escondido Lithium Project has progressed ahead of schedule, and an 8.5 inch rotary hole has been completed to the target depth of 400 meters. The hole will now be reamed to a diameter of 12.25 inches so that perforated casing can be installed in preparation for sampling.
As expected, the hole intersected fine to coarse grained clastic sediments with occasional intercalated clay layers to a depth of 370 meters. The sediments are interpreted to represent alternating dunes, alluvial fans and valley sediments. From 370 to 400 meters the hole intersected an unaltered basalt that may be the bottom of the basin.
After the casing is installed, the hole will be given time to stabilize before sampling by a ProHydro Inc. SNAP passive sampler and custom packer equipment Mr. William Feyerabend, a Qualified Person under NI 43-101, will be on site to provide senior supervision beginning in mid-May.
Adrian Hobkirk, CEO of NRG Metals Inc. commented, "We are extremely enthusiastic about the progress of this drill hole and the results we are seeing. We were able to successfully complete the initial rotary hole to the target depth of 400 meters in only 12 days, and the sediments we intersected may represent a buried brine deposit. We look forward to initiating the sampling phase as soon as the hole is reamed out and the perforated casing is installed."
During 2017, NRG's drilling 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 m 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 current exploration is being conducted.
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.
About NRG
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 currently drilling at its 3,287 hectare (8,100 acre) Hombre Muerto Norte lithium project ("HMN") in Salta province as described in the Company's press release dated May 3, 2018. 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 132 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.
On behalf of the board of directors of NRG Metals Inc., Adrian F. C. Hobkirk, President and C.E.O.
Technical Disclosure
The preparation of this press release was supervised by Mr. William Feyerabend, a Certified Professional Geologist and a Qualified Person under NI 43-101. Mr. Feyerabend approves of the technical and scientific 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.
Investors / Shareholders Call 855-415-8100
Direct to Adrian Hobkirk 714-316-3272, ahobkirk@nrgmetalsinc.com
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SOURCE NRG Metals Inc.
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