Environmental Impact Study Filed for Drill Permits at Hombre Muerto North Lithium Project
13.07.2017 | GlobeNewswire
- Environmental Impact Study Filed for Drill Permits and Pumping Tests- Montgomery and Associates Retained for NI 43-101 Technical Report
VANCOUVER, July 13, 2017 - NRG Metals Inc. (“NRG” or the “Company”) (TSX-V:NGZ) (OTCQB:NRGMF) (Frankfurt:OGPN). The Company is pleased to announce that it has filed an Environmental Impact Study seeking permits to conduct exploration drilling, pumping tests, and evaporative testing at the Hombre Muerto North Project, located in the Province of Salta, Argentina. The study was completed on behalf of the Company by EC&Asociados, an ISO 9001 certified environmental consultancy based in Salta. Once permits have been obtained, the Company plans to drill up to eight diamond core holes to depths ranging from 150 to 200 m. Depending upon the results obtained from the drilling, the depth of the holes may be extended to as much as 400 m. Core holes with positive results will be followed up by larger diameter tricone holes (approximately 12 inch diameter) for pumping tests. While permitting is underway, the company will complete a geophysical survey to existing data.
The company is planning to engage a drilling contractor as soon as the permits are granted. In addition, the Company is planning to construct a pilot test pond to assess evaporative conditions and chemical features of the brine which will be used to calibrate and validate a mathematical model to size the ponds, liming and carbonation plants. NRG plans to utilize the considerable experience of its lithium team to quickly evaluate and potentially develop the Hombre Muerto North property should the economic viability and technical feasibility of the project be established by a Feasibility Study. Upon completion of permitting, the company will complete an exploration drill program, and if results warrant, further advance the project through the necessary work and studies to estimate a resource and, if a resource is delineated, determine the optimal size for any potential commercial production supported by a PEA, PFS or FS.
Jose de Castro, Chief Operating Officer is quoted, “I am very excited with the land package we have assembled in the Hombre Muerto salar, which is the premier lithium producing salar in Argentina, and I am looking forward to advancing the project quickly. ”
The Company is also pleased to announce that it has retained Montgomery and Associates of Santiago, Chile, to perform confirmation sampling at the project and complete a National Instrument 43-101 Technical Report. Twenty surface samples collected on behalf of the project vendor in 2016-2017 returned lithium values ranging from 48 to 1,064 mg/L Li, and averaged 587 mg/L Li. Magnesium to lithium ratios were low by industry standards, ranging from 1:1 to 10:1, averaging 4.6:1. The 43-101 report will provide details of the project geology and the Company’s planned drilling program.
NRG Metals Inc. is an exploration stage company focused on the advancement of lithium projects in Argentina. Company management are highly qualified in the exploration and development to production, of lithium brine projects. In addition to the Hombre Muerto North Lithium Project, the Company is evaluating the 29,000 hectare Carachi Pampa Lithium Project in the province of Catamarca, which is in the final stage of drill permitting.
NRG Metals Inc. currently has 66,330,885 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.
On Behalf of the Board of Directors of NRG Metals Inc.
Adrian F. C. Hobkirk
President and Chief Executive Officer / ahobkirk@nrgmetalsinc.com
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.
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.