NOA Lithium Brines Inc. [TSXV-NOAL; FSE-N7N] released positive lithium results from brine samples from RG23-005, the fifth hole of the phase 1 diamond drill program at its Rio Grande project, Salta province, Argentina. The hole, located at the Juana Azul claim within the salar, completed to a depth of 602 metres, intersected a high-grade lithium brine aquifer of significant thickness starting from a down-hole depth of only 1 metre.
Highlights from the fifth drill hole include:
Near-Surface: Lithium brine-saturated geological units were encountered starting at only 1 metre below surface, indicating the project’s vast potential.
Extensive Brine-Bearing Units: Approximately 530 metres of lithium brine-bearing units were identified through 41 packer tests, affirming substantial lithium content within the salar. Average concentration of 464 mg/l Li in the upper 350 metres, while the remainder of the hole averaged a high-grade concentration of 474 mg/l Li; and encountered highest-grade concentration of 607 mg/l Li at 203 metres.
Gabriel Rubacha, CEO, stated: “The results of this 5 th hole reaffirm the potential of our Rio Grande project. We are now focused on the next stages where we expect to expand the resource drilling areas not explored yet and start our pumping holes campaign to support the development of the project. We expect to start this second stage during Q2 this year.”
Brine packer samples have been sent for laboratory analyses, including multi-element geochemical analysis for lithium and other relevant elements, and results are expected in the coming weeks. Selected drill core samples were sent to an accredited laboratory for physical property tests, including drainable porosity.
The company entered into a short-term unsecured loan agreement with Gabriel Rubacha, CEO and a Director. Under the agreement and on or about April 8, 2024, the lender will advance the company a US$1 million term loan with repayment terms as disclosed below. The Bridge Financing is expected to be repaid to the lender in 60-90 days as the company is in advanced discussions with strategic investors regarding longer term capital financing for the company.
NOA is a lithium exploration and development company formed to acquire assets with significant resource potential. All NOA’s projects are located 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, being Rio Grande, Arizaro, Salinas Grandes, and totalling over 140,000 hectares.
