by Greg Klein | February 21, 2017
NRG Metals TSXV:NGZ resumed TSXV activity February 21, following the expansion of its Carachi Pampa option and completion of a 43-101 technical report. The company has also applied for a drill permit for the Argentinian lithium prospect, now increased from 6,387 hectares to 29,182 hectares.
Located about 3,000 metres’ elevation in the Andes, the property sits in the same region as FMC’s Salar del Hombre Muerto lithium mine and Galaxy Resources’ Sal de Vida lithium-potash project, which reached feasibility in 2013. Carachi Pampa has road access within 10 kilometres.
Using a common geophysical approach to finding potential brine zones in Argentina, NRG conducted a vertical electrical survey on the property. Of four zones tested, one showed extremely low resistivity, a characteristic of brine zones. The zone begins at 70 metres in depth and dips to 300 metres, the company stated. At least 150 metres thick, it’s open at depth and in all directions laterally. Awaiting a permit, the company anticipates exploration drilling.
With all figures in American currency, the acquisition comes with an initial price of $172,911 and 100,000 shares. Pending satisfactory exploration results, NRG would pay another $535,000 and 100,000 shares to sign a definitive agreement. Additional payments would bring the total to $6.72 million over 54 months.
Earlier this month NRG completed the spinout of its non-core assets, the Groete gold-copper project in Guyana and the LAB graphite project in Quebec, to Gold Port Resources. The new company will focus on Groete, which has a 2013 inferred resource that used a 0.22 g/t gold-equivalent cutoff:
- 74.8 million tonnes averaging 0.49 g/t gold and 0.12% copper, or 0.66 g/t gold-equivalent, for 1.59 million gold-equivalent ounces
LAB sits adjacent and contiguous to Lac des Iles, the largest of North America’s two flake graphite mines.
NRG closed an oversubscribed private placement of C$1.51 million in December.