NRG Metals (NGZ.V) has re-started trading on the stock exchange after completing a ‘fundamental transaction’ which will change the future of the company. Subsequent to securing a lithium brine asset in Argentina, the company has spun off its gold project in a separate entity to its existing shareholders.
NRG Metals has now expanded its Carachi Pampa Lithium project to almost 30,000 hectares, for a total initial cash payment of US$173,000 and 100,000 shares, with additional payments (US$7.2M and 100,00 shares) contingent on exploration success.
The Carachi project is located 40 kilometers south of Antofagasta de la Sierra in Argentina’s Catamarca province, at an elevation of approximately 3,000 meters. Rojas y Asociados has completed an initial NI43-101 compliant report, which confirms the project is a ‘property of merit’ (note: Rojas also completed the NI43-101 report on Millennial Lithium’s (ML.V) Pastos Grandes project, and we met Nivaldo Rojas during our site visit to Salta last year).
NRG Metals has already filed an environmental impact assessment and is waiting for the drill permits, where after the company will undoubtedly immediately want to get to work.