- Pumping well drilled to 306 meters
- Target depth set at 400 meters
- Geology identical to core hole
May 25, 2018 / Vancouver, BC / NRG Metals Inc. (“NRG” or the “Company”) (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt: OGPN) the Company is pleased to report that the drilling of a pump test well at the Hombre Muerto North Lithium Project is progressing on schedule. The rotary hole, which is located 15 meters east of the core hole currently underway, is now at 306 meters, with an expected target dept of 400 meters. On site geological staff are reporting identical geology to 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, the hole can be utilized as a production well.
The pumping well is being drilled in tandem with the core hole because the Company was confident that it would obtain acceptable results in the core hole. The average values of 905 mg/l Li that were recently reported in the top 100 meters have confirmed that expectation. The rotary hole will provide essential information on the pumpability of the brine identified to date.
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.
On behalf of the board of directors of NRG Metals Inc.:
Adrian F.C. Hobkirk
President and C.E.O.
The preparation of this press release was supervised by Mr. James K. Duff, a Licensed Professional Geologist and a Registered Member of the Society for Mining, Metallurgy and Exploration and a Qualified Person as defined under National Instrument 43-101. Mr. Duff 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.