NRG Announces Initial Results for Second Drill Hole at Its Flagship Hombre Muerto North Lithium Project
VANCOUVER, British Columbia, July 10, 2018 /CNW/ -- NRG Metals Inc. ("NRG" or the "Company") (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt: OGPN) is pleased to report the initial assays for samples from the second diamond drill hole at the Hombre Muerto Lithium project. The samples were taken from near surface to a depth of 61.5 m below surface. The samples average 719 mg/L lithium with a very low Mg to Li ratio ranging from 2.1 to 3.3. These values are similar to the results obtained in the first diamond drill hole located 2.1 kilometers to the east. The assays results are shown in the table below.
Drilling in this hole has advanced to a depth of 226.5 m with a planned depth of 400 m. Host rocks are mainly poorly-consolidated sandstone from surface to 77 m, followed by a layer of compact halite from 77 to 139 m, poorly-consolidated sandstone from 139 to 166 m, and then intercalated halite and sandstone to the current bottom of the hole at 226.5 m.
Adrian Hobkirk, CEO of NRG Metals Inc., commented, "We are encouraged to find high lithium grades in the first part of the second hole, and these results demonstrate the presence of lithium bearing brine across our Tramo property. We will have a more complete picture once this hole is completed and when we have the results of the pumping test from the large diameter hole completed adjacent to the first core hole."
The sampling was conducted with single packer equipment over 1.0 to 2.5 m intervals approximately every 20 meters. Brine is present from the surface and below the elevation of the last sample reported from 59.0 to 61.5 m. NRG believes that the three samples taken together are representative of the brine material from surface to at least 61.5 m. NRG considers that the host rock stratigraphy is horizonal, and the sampled interval represents the true thickness because the drill hole is vertical. Onsite QA/QC for the sampling was directed by Cristian Avila of Montgomery and Associates of Santiago, Chile under the supervision of Mike Rosko, also of Montgomery and Associates, a Qualified Person under NI 43-101. The samples were assayed by the Alex Stewart Laboratory in Jujuy, Argentina, which is the preeminent laboratory for lithium brine analysis in northern Argentina. Alex Stewart employed Inductively Coupled Plasma Optical Emission Spectrometry ("ICP-OES") as the analytical technique for the primary constituents of interest, including those shown in the table. Alex Stewart maintains a strict internal QA/QC program employing multiple standards, re-analyses by AA and calculation of ionic balances. NRG inserted one blank sample and one blind duplicate sample in the samples batch; all QA/QC results corroborate the analyses reported in this press release. In addition to the packer brine samples, sealed core samples have been collected, and these samples will be sent to a laboratory in the United States for brine release testing.
The project is located in the province of Salta, Argentina at the northern end of the prolific Hombre Muerto Salar, adjacent to FMC's producing Fenix mine and the Sal de Vida Lithium Project being developed by Galaxy Resources Ltd. Galaxy recently announced the pending sale of their northern portion of Sal de Vida to POSCO of South Korea, for $ US 280 million.
About the Company
NRG Metals Inc. is an exploration stage company focused on the advancement of lithium brine projects in Argentina. 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.
Technical Disclosure
The preparation of this press release was supervised by Mr. Michael J. Rosko, a registered professional geologist in the states of Arizona (25065), California (5236), and Texas (6359), and a registered member of Society for Mining, Metallurgy, and Exploration (#4064687) and a Qualified Person as defined under National Instrument 43-101 with over 30 years of experience, with 10 years of direct experience with lithium brine deposits. Mr. Rosko 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.
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
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SOURCE NRG Metals Inc.