Business
NRG Metals Announces Completion of Fundamental Transaction, Expansion of Carachi Pampa Lithium Project, Catamarca, Argentina to 29,182 Hectares, 43-101 Report Filing, and Resumption of Trading
February 17, 2017 / Vancouver, BC – NRG Metals Inc. (“NRG” or the “Company”) (TSX-V:NGZ) (OTC Pink GPOFF) (Frankfurt OGPN). The Company is pleased to announce t
About this update from Lithium South Development Corporation
[{"type":"text","content":"February 17, 2017 / Vancouver, BC – NRG Metals Inc. (“NRG” or the “Company”) (TSX-V:NGZ) (OTC Pink GPOFF) (Frankfurt OGPN). The Company is pleased to announce the expansion of the Carachi Pampa Lithium Project located in Catamarca Province, Argentina (the “Project”), to a total of 29,182 hectares, which now comprises most of the Carachi Pampa basin, and can now be classed as “district scale” sized project. All documentation has been accepted for filing by the TSX Venture Exchange (the “Exchange”), and the common shares of the Company will resume trading Tuesday, February 21, 2017. The Project is now comprised of five contiguous claim groups. The Luz Maria Claim Group, which was the first acquisition signed by the Company, and resulted in a Fundamental Acquisition and trading halt as per Exchange policy, was re-negotiated on terms similar to the additional acquisitions. During the trading halt, Company management sought to consolidate the entire basin into one project area. Four other contiguous claim packages, the Beatriz, La Fortuna, Padre José María and Sofía claim groups were optioned. Initial payments for the entire package collectively total USD$172,911 and 100,000 shares, with no further payments due until the completion of a drill program and receipt of results satisfactory to the Company. Upon the receipt of satisfactory results, the Company will make payments totaling USD$535,000, the issuance of an additional 100,000 shares and to enter into definitive agreements for the property package. Further payments to the owners will result in a total purchase price of USD$6,717,911 over a 54 month period (full details are available at the Company’s website, www.nrgmetalsinc.com). The Company will file the amended agreement for the Luz Maria Claim Group, and the additional projects, as an exempt transaction. The Project is situated 40 kilometers south of the town of Antofagasta de la Sierra, Catamarca, at approximately 3,000 meters elevation. This region of Argentina is host to the Hombre Muerto Salar where FMC is producing approximately 20,000 tonnes of lithium carbonate equivalent per year and Galaxy Resources’ is developing the large Sal de Vida project (the Company cautions these deposits may not be indicative of mineralization at the Carachi Pampa Paleo Salar; further exploration is required). There is a provincial road wit...