OCTOBER 19, 2017 / Vancouver, BC – NRG Metals Inc. (“NRG” or the “Company”) (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt OGPN), is pleased to provide the following update:
Further to the news release dated October 11, 2017, the Company is providing an update on drilling progress at the Salar Escondido Lithium Project, Catamarca Province, Argentina. As of Tuesday October 17, 2017, AGV Falcon Drilling SRL, has completed 69 meters of drilling on the first drill hole of the project. The hole has now passed through the aquifer zone, which is semi-resistive and defined as sand and gravel with brackish to fresh water. The target zone is approximately 70 meters further down, as identified in a Vertical Electric Sounding survey previously completed on the project. The target zone was identified as a zone of very low resistivity. Management and the Company’s technical experts (see NI 43-101 technical report filed on Sedar on February 16, 2017) believe this represents a saturated saline brine zone, that has the potential to host lithium. The total depth of this drill hole is expected to be approximately 350 meters. Further updates are expected in the immediate future.
The Salar Escondido is a large basin, roughly 20 by 40 kilometers in size, which is mostly covered by a series of overlapping alluvial fans. NRG’s technical team believes that a large salar with an area of at least 700 km2 developed in the basin. Geologically the basin is interpreted to have formed approximately two million years ago. After the salar was formed, it was buried by coalescing alluvial fans, and it is thus considered to be a “paleo-salar,” hence the name Salar Escondido, which means “hidden salar” in Spanish.
NRG Metals Inc. is an exploration stage company focused on the advancement of lithium brine projects in Argentina. In addition to the Salar Escondido lithium project, the Company is evaluating the 3,287 hectare Hombre Muerto North lithium project (“HMNLP”) in the province of Salta. The HMNLP 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. As announced in a press release dated July 13, 2017, the Company has filed an Environmental Impact Study and applied for permits to drill the HMNLP. Also,the Company is currently reviewing the exploration program as outlined in the NI43-101 report that was filed on Sedar on October 16, 2017.
NRG Metals Inc. currently has approximately 75 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.
On Behalf of the Board of Directors
Adrian F.C. Hobkirk
President and CEO
T: Investors / Shareholders Call 855-415-8100 / Direct to Adrian Hobkirk 714.316.3272
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.