Highlights
- Brine samples collected over the
first 100 meters average 905 mg/l Li
with a low Mg to Li
ratio.
- The hole is now at 300.5
meters in clastic sediments, and
brine samples are currently
being collected from 300 to 100 meters. Drilling
will resume after the sampling is completed.
- Adjacent rotary drill hole for pump
testing is at a depth of
173
meters.
VANCOUVER, May 24, 2018 /CNW/ - NRG Metals Inc.
("NRG" or the "Company") (TSX-V: NGZ) (OTCQB: NRGMF)
(Frankfurt: OGPN) the Company is delighted to report that double
packer samples collected over the first 100 meters of the hole
average 905 mg/l lithium with a low Mg to Li ratio of 3.0 to 1.0.
The assay results are shown in the table below.
Sample
|
From
|
To
|
Li
|
Mg
|
B
|
K
|
Density
|
Conductivity
|
Mg/Li
|
mg/L
|
mg/L
|
mg/L
|
mg/L
|
g/mL
|
mS/cm
|
HMN-2
|
100
|
101
|
929
|
2974
|
331
|
7263
|
1.16
|
206
|
3.2
|
HMN-3
|
90
|
91
|
895
|
2678
|
382
|
7399
|
1.18
|
209
|
3.0
|
HMN-4
|
78
|
79
|
942
|
3027
|
329
|
7299
|
1.16
|
207
|
3.2
|
HMN-6
|
70
|
71
|
962
|
3113
|
318
|
7343
|
1.16
|
206
|
3.2
|
HMN-7
|
58
|
59
|
939
|
2925
|
355
|
7430
|
1.16
|
207
|
3.1
|
HMN-8
|
37
|
38
|
879
|
2367
|
445
|
7772
|
1.16
|
210
|
2.7
|
HMN-10
|
28
|
29
|
782
|
1548
|
585
|
8177
|
1.17
|
212
|
2.0
|
HMN-11
|
18
|
19
|
879
|
3035
|
373
|
7135
|
1.16
|
206
|
3.5
|
HMN-12
|
9
|
10
|
935
|
3055
|
342
|
7323
|
1.16
|
206
|
3.3
|
Arithmetic
Average
|
905
|
2747
|
384
|
7460
|
1.16
|
208
|
3.0
|
Drilling has advanced to a depth of 300.5 meters, and brine is
present from the surface to the bottom of the hole. The hole has
been drilled almost entirely in clastic sediments consisting of
poorly consolidated sandstone and conglomerate. Drilling on the
hole is currently being paused to collect brine samples from 300 to
100 meters. Once sampling of this interval has been completed,
drilling advance will resume.
José de Castro, Chief Operating Officer of NRG Metals
Inc., commented, "We are
very excited about the
exceptional results from the
initial sampling. The lithium grades
and low Mg to Li ratios exceeded our
expectations. The high grades and
favorable Mg to Li ratios have the potential to have a very
positive impact on any future capital and operating costs should
the economic viability and technical feasibility of
the project be established."
Meanwhile, the rotary hole located 16 meters east of the core
hole has advanced to a depth of 174 meters. This hole will be
drilled to a depth of up to 400 meters, depending upon the results
obtained in the core hole. The rotary hole is being drilled at a
diameter of 12 inches, and upon completion, the hole diameter will
be enlarged by reaming to a diameter of 17 inches, and 10-inch
perforated casing will be installed so that pumping tests can be
performed. If the results warrant, this hole can be utilized as a
production well. On site geological staff have also confirmed that
a pumping well is being drilled by a competitor, approximately one
kilometer south of the Tramo property boundary.
The sampling was conducted with double packer equipment over
one-meter intervals approximately every ten meters starting at a
depth of 101 meters and working back up the hole. On site 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. 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 three blind duplicate samples in the sample
batch, and all QA/QC results corroborate the analyses reported in
this press release. In addition to the packer samples, 27 sealed
core samples have been collected at regular intervals from 291
meters to the collar of the hole, 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
Galaxy Resources' Sal de Vida
development stage project.
About the Company
NRG Metals Inc. is an exploration stage company focused on the
advancement of lithium brine projects in Argentina. In addition to the Hombre Muerto
Norte project, the Company is evaluating its 29,000-hectare Salar
Escondido project in Catamarca province where the company recently
completed a 400 meter rotary hole, as described in the Company's
press release dated May 8, 2018. The
diameter of the hole is currently being enlarged by reaming to
install casing so that it can be sampled. 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. The Company currently has working capital of
approximately CAD$3.2 million
dollars.
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. 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.
SOURCE NRG Metals Inc