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NRG Metals to acquire 3,287-hectare lithium project in Argentina

NRG Metals Inc. secured an option to purchase the 3,287-hectare Hombre Muerto North lithium project in Argentina, the company said June 5.

The property package comprises the Alba Sabrina, Tramo, Natalia Maria, Gaston Enrique, Viamonte and Norma Edit concessions, all located in the Salar del Hombre Muerto.

The company will pay US$5.7 million in cash and issue 10 million common shares over 54 months to a private borate producer in Argentina, named Jorge Moreno, to acquire the property.

The project will be subject to a 3% net production royalty, half of which may be purchased by paying US$3.0 million within three years of the TSX accepting the NI 43-101-compliant report.

As part of the deal, Moreno will join the board of NRG's Argentine subsidiary.