Neo Lithium Appoints Chief Operating Officer and Expands Engineering Team; Provides Project Update
TORONTO, ON--(Marketwired - January 08, 2018) - Neo Lithium Corp. (TSX VENTURE: NLC) (OTCQX: NTTHF)
- The addition of a COO and expansion of the engineering team allows the Company to rapidly advance the 3Q Project's feasibility study work with a goal of becoming the next large lithium producer
- New deep drill hole in the northern target yielded 238 metres with an average grade of 784 mg/L Lithium, 7,544 mg/L Potassium and Mg/Li ratio 2.02 and Sulfate/Li ratio 0.25
Neo Lithium Corp. ("Neo Lithium" or the "Company") (TSX VENTURE: NLC) (OTCQX: NTTHF) announces the appointment of Gabriel Pindar as its new Chief Operating Officer ("COO) and the addition of three engineers to the 3Q Project team. In addition, the Company announces the results of the second drill hole of its 2018 exploration campaign from its wholly owned Tres Quebradas lithium brine project ("3Q Project") in Catamarca Province, Argentina.
3Q Project Engineering Team
With the addition of Gabriel Pindar as COO, as well as three new engineers and the current staff of four chemical engineers that already work full time at the 3Q Project, the Company is well prepared for the feasibility and development stages of the Project.
Gabriel Pindar
Gabriel has been appointed as COO and continues as a director of the Company. He has over 25 years of experience building large scale mines and related infrastructure projects around the world, including processing facilities, rail and ports. He has over 14 years of experience as an EPCM expert and 11 years of experience in project feasibility and development for large scale mines including Olympic Damn and Stanwell Magnesium in Australia, Nimba Iron Project in Guinea, Doe Run in Peru, and Alumbrera in Argentina. His experience at Fluor Daniel, BHP Billiton, and his more recent position as the General Manager and Head of Project Controls for Arcelor Mittal responsible for the development of projects across six countries (Canada, Mexico, UK, Guinea, Liberia, US), brings to Neo Lithium important experience and leadership capabilities to move the 3Q Project forward.
"We are very pleased with the appointment of Gabriel Pindar as the Company's new COO, as he brings many years of technical operational and project management experience building some of the largest mining projects worldwide including one in Argentina" stated Constantine Karayannopoulos, Chairman of the Company.
Enrique Gallardo, Project Engineer Manager
Enrique brings 15 years of experience in charge of construction, development and planning mining projects and industrial sites including Orocobre's Olaroz lithium brine mine in northern Argentina, the Don Nicolas gold mine in Argentina, the Pirapora tin mine in Brazil, the Alumbrera copper gold mine and the Gramond project in the US.
Armando Farfan, Project Engineer
Armando is an expert in instrumentation and brings 27 years of experience in process control and industrial automatization in the mining industry including working at Orocobre's Olaroz lithium brine mine as well as Yamana's Gualcamayo gold project and Glencore's Alumbrera project in Argentina.
Daniel Gonzalez, Chemical Engineer
Daniel is a chemical engineer with five years of experience, formerly with Orocobre as laboratory supervisor at the Olaroz lithium brine mine.
"The engineering and technical team that Neo Lithium has assembled brings an unparalleled level of lithium industry expertise capable of advancing the 3Q Project through feasibility, development and production", stated Dr. Waldo A. Perez, President and CEO.
Project Update
The second exploration season of drilling and pumping work continues at the 3Q Project, with positive results so far.
The Company has received the results of the second hole drilled this exploration season. New drill hole PP1-D-15 yielded 238 metres with an average grade of 784 mg/L Lithium, 7,544 mg/L Potassium and Mg/Li ratio 2.02 and Sulfate/Li ratio 0.25. This hole is located in the western part of the northern target and extends previous results in the area down depth (previous holes were only 60 m deep in this sector).
Results from two more drill holes in the northern target are pending. The Company has contracted two new drilling companies and is starting to drill with four rigs now, so results are expected to increase over the upcoming weeks.
QA/QC: The brine samples collected in the field were delivered by Company personnel to Andesmar Transport Company ("Andesmar") in Catamarca city, in the province of Catamarca. Andesmar delivered the samples by truck to ASL, an ISO 9001-2008-certified laboratory in Mendoza, Argentina. ASL used the following analytical methodologies: ICP-OES (inductively-coupled plasma-optical (atomic) emission spectrometry) to quantify boron, barium, calcium, lithium, magnesium, manganese, and potassium; an argentometric method to assay for chloride; a gravimetric method to analyze for sulfate; a volumetric analysis (acid/base titration) for the evaluation of alkalinity (as CaCO3); a gravimetric method to determine density and total dissolved solids; and, a laboratory pH meter to determine pH. All analytical work is subject to systematic and rigorous Quality Assurance-Quality Control. A reference ("standard") sample was inserted into the sample stream at a frequency of approximately 1 in 15 samples; a field blank was inserted at a frequency of approximately 1 in 15 samples; and a field duplicate sample was inserted at a frequency of approximately 1 in 15 samples.
About Neo Lithium Corp.
Neo Lithium is quickly advancing its wholly-owned, high quality 3Q Project located in Latin America's Lithium Triangle in the Province of Catamarca, Argentina, given the rapidly growing lithium battery market that is driven largely by the growth of the electric vehicle market, and other consumer electronic products as the world moves towards cleaner and more efficient sources of energy.
The Company is well capitalized to continue the rapid development of its 3Q Project, a unique high-grade and low impurity lithium brine lake and salar complex, which encompasses approximately 35,000 hectares.
Neo Lithium recently completed a preliminary economic assessment of the 3Q Project that indicates very robust economics for a 35,000 tonne per year lithium carbonate mine.
The technical team that discovered this unique salar complex is one of the most experienced in the industry, having discovered and led the technical work, including resource definition and full feasibility study that established the Cauchari lithium salar as the third largest lithium brine resource in the world.
Additional information regarding Neo Lithium Corp. is available on SEDAR at www.sedar.com under the Company's profile and at its website at www.neolithium.ca, including various pictures of ongoing work at the 3Q Project.
Waldo Perez, Ph.D, P.Geo., the CEO and President of Neo Lithium Corp. is the Qualified Person who approved the scientific and technical disclosure in the news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way approved nor disapproved the contents of this press release.
Cautionary Note Regarding Forward Looking Statements -- This news release contains forward-looking information regarding Neo Lithium, its business and the 3Q Project within the meaning of that term under Canadian securities laws. Such forward-looking information includes statements with respect to the economic results of the PEA and the Company's ability to achieve such results (including lower capital costs associated with pond construction as a result of optimization), the Company's continued advancement of the 3Q Project, the Company's ability to be a low-cost lithium carbonate producer, the growth rate of the lithium and technology metals industries and the demand for the Company's products, the ability to finance the 3Q Project, future lithium prices, and the permitting status of the Company to construction. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "is expected", "scheduled", "estimates" "intends", "anticipates", "believes", "indicates" or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, which could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. These risks include, without limitation, risks related to failure to obtain adequate financing on a timely basis and on acceptable terms, political and regulatory risks associated with mining and exploration activities, including environmental regulation, risks and uncertainties relating to the interpretation of drill and sample results and relating to resource estimations, risks related to the uncertainty of cost and time estimation and the potential for unexpected delays, costs and expenses, risks related to lithium and potash price fluctuations, the market for lithium products, and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and undue reliance should not be placed on forward-looking statements.
Contact
For further information, please contact:
Neo Lithium Corp.
Carlos Vicens
cvicens@neolithium.ca