NOA LITHIUM BRINES INC. (:NOAL) NOA Lithium Brines Commences Drilling at its Flagship Rio Grande Project

Directive transparence : information réglementée

13/03/2023 13:00

TORONTO, ON / ACCESSWIRE / March 13, 2023 / NOA Lithium Brines Inc. (TSX-V:NOAL) ("NOA" or the "Company") is pleased to announce that the Company has started its Phase 1 core drilling program at its flagship Rio Grande Project ("Rio Grande" or the "Project") in Salta Province, Argentina. The Phase 1 program is expected to consist of six exploration holes, totalling approximately 3,000 meters, and may be expanded based on results. The initial drill program is expected to be complete by Q4 2023.

The Company's Rio Grande Project covers approximately 43,000 hectares and is located adjacent to the project of the same name owned by Pluspetrol Resources Corporation ("Pluspetrol"). The key objectives for NOA's initial drill campaign at Rio Grande include:

  • Drilling targets where recent geophysical testing has identified lithium brine to a depth of ~500 meters ("m"), as historical drilling at the salar has only drilled to depths of ~100 m;
  • Exploration of the broader salar basin (salar under alluvial cover) which shows brine potential from geophysics completed by NOA and others.

Taj Singh, President and CEO of NOA stated, "We are very pleased to start drilling less than a week after trading began on the TSX Venture Exchange. The depth and experience of our team in-country has been a key contributor to how fast the Company's operations have advanced. We are one of the largest claimholders at Rio Grande and through historical work carried out by neighbouring companies, we have access to salar-wide drilling and geophysical data, which gives us a high degree of confidence in the exploration potential at the Project. In addition, we have carried out geophysics on several of our claims at the Project which further confirms the brine potential here. In parallel with our Rio Grande drill program, we are also excited to start exploration programs on our Arizaro and Salinas Grandes projects to get them ready for drilling later this year or early in 2024."

Rio Grande Phase 1 Drill Program

At the Rio Grande Project, NOA plans to drill six core holes on its claims. NOA's target is to drill until bedrock (salar basement) is reached and a high-level estimate is that each hole will be drilled to ~500 m. The overall aim is to release a maiden mineral resource estimate by late 2023 / early 2024. A plan map of the Project claims can be found at: https://noalithium.com/projects/.

The current drill plan at the Rio Grande Project is to drill three holes in the salar core and three holes in the alluvial cover of the broader salar basin. Drill targeting was supported by a combination of nearby existing drillhole data, geophysical testing and geological mapping.

About the Rio Grande Project

NOA controls a 100% interest in approximately 43,000 hectares of claims located at the Rio Grande salar in Salta Province, Argentina. The Project is approximately 70 kilometers ("km) from the Company's Arizaro Project and 250 km from its Salinas Grandes Project.

The Rio Grande salar is known to host lithium-bearing brines with production potential. Pluspetrol owns the most advanced project on the Rio Grande salar and acquired these claims through its acquisition of LSC Lithium Corporation ("LSC") in 2019. At the time of this acquisition, LSC had an inferred resource of 2.2 million tonnes of lithium carbonate equivalent ("LCE") at an average grade of 374 milligrams per liter ("mg/l) lithium, as disclosed in the most current technical report, with an effective date of March 28, 2018, that can be found on LSC's SEDAR profile.

Location & Infrastructure

The Rio Grande salar is located at approximately 3,600 m above sea level, and the geological environment at the salar is similar to other salars in the Puna region where lithium and potash are commonly present. The Project is situated close to Provincial Route 27, and 185 km south of Provincial Route 51, the international road that connects to Chile's coastal ports, and is 50 km away from the Caipe international railway station. The InterAndes power corridor runs within a few km of the Rio Grande salar.

Previous Exploration

Significant exploration has been carried out by various operators at Rio Grande, including extensive drilling. Typical lithium values intercepted are in the 350-450 mg/l range. NOA carried out geophysical testing in 2022 on its Rio Grande claims which indicated significant brine potential in the alluvial fans of the salar, and for the claims in the surface salar, brine potential was indicated down to the salar basement of ~500 m, significantly deeper than what has been historically drilled on this salar. Certain applicable exploration data and geophysical results suggest that lithium concentrations may increase with increased depths in and around this salar.

About NOA Lithium Brines Inc.

NOA is a lithium exploration and development company formed to acquire assets with significant resource potential. All NOA's projects are in the heart of the prolific Lithium Triangle, in the mining-friendly province of Salta, Argentina, near a multitude of projects and operations owned by some of the largest players in the lithium industry. NOA has rapidly consolidated one of the largest lithium brine claim portfolios in this region that is not owned by a producing company, with key positions on three prospective salars (Rio Grande, Arizaro, Salinas Grandes) and totalling over 100,000 hectares.

On Behalf of the Board of Directors
Taj Singh, M.Eng, P.Eng, CPA
President & CEO, Director

For Further Information
Website: www.noalithium.com
Email: info@noalithium.com
Telephone: 416-568-1027

Qualified Person

Taj Singh, P.Eng, President & CEO, NOA Lithium Brines Inc., is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and validated that the information contained in this news release is accurate.

Technical Notes & Forward-Looking Statements

The most recent technical report for NOA's Rio Grande Project is the 2022 Technical Report which was completed by Montgomery & Associates. The full document is available on NOA Lithium Brines Inc. SEDAR profile.

Cautionary Note Regarding Forward-Looking Statements

This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking statements. Forward-looking statements including, but not limited to NOA's future plans and objectives regarding its projects, which constitute forward looking information that involve various risks and uncertainties. Although NOA believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. NOA does not assume any obligation to update any forward-looking statements except as required under applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: NOA Lithium Brines Inc.

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