VANCOUVER, British Columbia, Dec. 4, 2018 /PRNewswire/ -- NRG Metals Inc. ("NRG" or the "Company") (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt: OGPN) is pleased to report it has issued and filed a technical report titled "Initial Measured Lithium and Potassium Resource Estimate Hombre Muerto North Project, Salta and Catamarca Provinces, Argentina." The report was completed in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, on behalf of the Company by independent consultants Montgomery and Associates, of Santiago, Chile.
The NI 43-101 resource statement (see press release October 2, 2018), detailed in Table 1 below, includes 509,000 tonnes (metric tons) of lithium carbonate (Li2CO3) equivalent (LCE) and 1,609,000 tonnes of potash (KCl) equivalent in the Measured Resource category, with an additional 62,000 tonnes of LCE and 231,000 tonnes KCl in the Indicated Resource category. The average grade of lithium for the 571,000 tonne combined Measured and Indicated resource is 756 milligrams/liter lithium, with a low lithium to magnesium ratio of 2.6 to 1. The report is now filed on SEDAR and is available at the company website at www.nrgmetalsinc.com.
Table 1. Hombre Muerto North Lithium Brine Resource Statement
Tonnages are rounded off to the nearest 1,000. Cutoff grade: 500 mg/L lithium, but no laboratory results were less than the cutoff grade. The conversion used to calculate the equivalents from their metal ions is based on the molar weight for the elements added to generate the equivalent. The equations are Li x 5.3228 = lithium carbonate equivalent and K x 1.907 = potassium chloride equivalent. The reader is cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability.
Montgomery and Associates recommends that the company further evaluate the project by completing a Preliminary Economic Assessment. Selection of a contractor for this stage of evaluation is underway, and the company expects to award the contract shortly.
Company President Adrian F.C. Hobkirk is quoted, "we are pleased with our accomplishment to date at Hombre Muerto North, and in particular, the identification of a significant high- grade resource. We anticipate that the PEA will allow the company to further justify the development of the Hombre Muerto North Lithium Project."
Qualified Person
The resource evaluation work was completed by Mr. Michael Rosko, M.Sc., C.P.G. of Montgomery and Associates Consultores Limitada of Santiago, Chile (M&A). Mr. Rosko is a Registered Geologist (C.P.G.) in Arizona, California, and Texas, a Registered Member of the Society for Mining, Metallurgy and Exploration, and is a qualified person (QP) as defined by NI 43-101. Mr. Rosko and hydrogeologists from M&A have been on site multiple times during the various phases of drilling and sampling operations; Mr. Rosko has extensive experience in salar environments and has been a QP on many lithium brine projects. Mr. Rosko and M&A are completely independent of NRG. Mr. Rosko has reviewed and approved the content of this news release.
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. We seek safe harbor.
T: Investors / Shareholders Call 855-415-8100 / Direct to Adrian Hobkirk 714-316-3272 E: ahobkirk@nrgmetalsinc.com
W: www.nrgmetalsinc.com
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SOURCE NRG Metals Inc