VANCOUVER, Sept. 25, 2018 /CNW/ - NRG Metals Inc. ("NRG" or
the "Company") (TSX-V: NGZ) (OTCQB: NRGMF) (Frankfurt: OGPN) The
Company is pleased to announce that it has completed the third
installment of it's purchase option for the Hombre Muerto North
Lithium Project (" HMN Project "), located in Salta Province, Argentina. A payment of $ US 250,000 and one
million common shares have been made to the vendor as per the
contract terms. The vendor has also become an insider of the
Company as defined by Canadian securities regulations. The Company
has now completed an extensive evaluation of the HMN Project, and
intends to announce a maiden resource estimate in the immediate
future through the release of an independent NI43-101 technical
report.
The HMN Project is strategically located in the Hombre Muerto
Salar, an area of lithium production by FMC at the Fenix Lithium
Mine, some 12 kilometers south of the project area. The project is
surrounded by ground now owned by POSCO, a Korean based
conglomerate, as a result of their $ US 280 million purchase of the
area from Galaxy Resources Ltd, an Australian based producer.
Galaxy is also moving their portion of the Hombre Muerto Salar, the
Sal de Vida Project, to lithium production.
Salar Escondido Update
The Company has completed a technical review of exploration
results to date at the Salar Escondido Project, located in
Catamarca Province, Argentina. Two
holes have been attempted at this large project area, and drilling
has proven to be very challenging. The presence of lithium in
highly permeable host rocks was confirmed in both holes, but there
was considerable variation in lithium grades and Mg/Li ratios. No
representative sample to target depth has been obtained to date,
and only a small portion of the project area has been drill
tested.
The project is comprised of five underlying agreements. One has
been terminated, relinquishing approximately 3,000 hectares of the
29,000 hectare total. As a completion of an option commitment on
part of the Luz Maria claim group, the Company is issuing 420,000
shares to the underlying owner. Management are in discussions
regarding the project, and anticipate further developments in the
near future.
Consulting Agreements
The Company has entered into two consulting agreements with
Market IQ Media Group Incorporated ("Market IQ") and VibraSlim
Sales Inc. ("Vibraslim'). Each of the consultants were retained to
provide digital marketing primarily using Google ads, digital
media, corporate advisory, branding and strategic business services
to the Company over a four-month period for consideration of
$400,000 to Market IQ and
$100,000 to VibraSlim. The Company
prepaid the total amount of $500,000
to these two entities using cash on hand. Market IQ is located in
Vancouver B.C. and owned by
Brady Middleditch. VibraSlim is
located in Vancouver B.C. and
owned by Chris Jackson.
Subsequent to the entry into the consulting agreements, MarketIQ
and VibraSlim subscribed for 2,000,000 units of the Company in the
above-mentioned private placement for total subscription amount of
$500,000. The Company has received
full payment for the private placement units from these two
entities by cheque.
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.
SOURCE NRG Metals Inc.