NRG Metals Inc. (“NRG” or the “Company”) (TSX-V:NGZ) (OTCQB:NRGMF) (Frankfurt:OGPN), is pleased to announce that, further to its news releases of June 5, 2017 and October 16, 2017, it has received transaction approval from the TSX Venture Exchange (the “Exchange”) for the Hombre Muerto North Project, Argentina. Pursuant to the Mining Exploration Agreement with Option to Purchase dated May 17, 2017, between the Company’s wholly-owned subsidiary, NRG Metals Argentina S.A. and Mr. Jorge E. Moreno and Mrs. Alba Silvia Sala (together, the “Owners”), the Company will be issuing 1,000,000 common shares at a deemed value of $0.39 per common share and a cash payment of US$100,000 to the Owners. In addition, Mr. Moreno will be joining the board of directors of NRG Metals Argentina S.A.. Mr. Moreno is a well established and highly respected businessman in Salta, Argentina.
As quoted in the press release:
Highlights of the Hombre Muerto North Lithium Project Include:
20 surface samples collected in 2016-2017 range from 48 to 1,064 mg/L Li, averaging 587 mg/L Li, with seven samples over 800 mg/Li.
Magnesium to lithium ratios range from 1.1:1 to 10.2:1, averaging 4.6:1, which are low, a positive by industry standards.
Geophysical data indicates zones of low resistivity, interpreted to be potential lithium-bearing zones that are open at depth.
Adjacent to Galaxy Resources’ Sal de Vida lithium development project and FMC Corp’s long-time producing Fenix lithium brine operations.