NAME Change to New Energy Metals Corp. Effective Today Acquistion of Cobalt Projects IN Chile NR18-07
#2300 – 1177 West Hastings Street, Vancouver, BC, Canada, V6E 2K3
Phone: 604-484-1232 / Fax: 604-408-7499
NAME CHANGE TO NEW ENERGY METALS CORP. EFFECTIVE TODAY
ACQUISTION OF COBALT PROJECTS IN CHILE
NR18-07
Vancouver, B.C., April 4, 2018 – Darien Resource Development Corp. announces that its name
change to “ New Energy Metals Corp .” (“New Energy Metals ” or the “ Company”) and new
trading symbol (TSXV.ENRG) are effective as of today.
The Company also announces that it has entered into option agre ements (the “ Agreements”) to
acquire a 100% interest in two cobalt exploration projects (the “Projects”) located within Chile’s
past-producing San Juan cobalt district. The Projects are located in a readily accessible region that
is noted for the occurrence of high grade cobalt mineralization . The Company is currently
negotiating to secure several additional cobalt exploration pro perties in prospective regions
of the San Juan Cobalt District.
New Energy Metal’s President and Chief Executive Officer, Grant Ewing, said “These cobalt
acquisitions are important additions to our asset base, which is now comprised of cobalt and copper
exploration projects in Chile. Both commodities are consistent with our new focus on the growing
‘energy metals’ sector. Based on the historical records from t he San Juan cobalt district and the
fact that very limited exploration has been conducted in the region in more than 60 years, we view
the potential for the discovery of primary cobalt deposits as very good.”
Cobalt Project Highlights
In November 2017, Chile’s Corporation for the Promotion of Prod uction (“CORFO”) and the
Chilean National Service of Geo logy and Mining (SERNAGEOMIN) pu blished a report that
reviewed the cobalt mineral resources in Chile. Meaningful pri mary cobalt production has
historically been developed in two districts in Chile, one of which is the San Juan cobalt district in
the Atacama Region.
The Company reviewed available regional and district-scale datasets in the San Juan cobalt district
and selected the Projects based on geological characteristics, abundance of historic workings,
evidence of mineralization, and proximity to past production. The Company’s initial exploration
focus on the Projects will center on compilation of historical data, regional mapping and
prospecting, and sampling to identify priority areas for follow up work.
The Projects occur on the same trend and in close proximity to the past producing Cobaltera mine,
and are readily accessible on secondary roads approximately 25k m south of the town of Freirina
and port of Huasco, Chile. Infra structure is good and the dist rict is approximately 10km from
tidewater.
NR18-07 Continued 2 April 4, 2018
About San Juan Cobalt District
The San Juan cobalt district incl udes several historical produc ing mines, which produced cobalt
(and copper) for several decades at the turn of the 20 th century. The past-producing Cobaltera
Mine was the last to close in the mid-1940’s at the end of the Second World War. At the peak of
production there were three processing plants in the area and several small-scale operations.
Cobalt production and smelting in the district started in 1885 but no statistics are available prior
to 1903. From 1903 to 1944 the district produced approximately 300,000 tonnes of cobalt ore
grading up to 4% cobalt (plus copper) (“El Cobalto en Chile, Ca ja Credito Minero”, H.
Hornkohl,1944).
The known San Juan cobalt district measures approximately 4km by 10km. Numerous small-scale
mines, historical shafts and adit s exist in the region, indicat ing the existence of an extensive
network of mineralized structures and past high-grade mining activity. Numerous ruins and slags
from the past producing cobalt-copper smelters also exist in the district.
Mineralization occurs in high-grad e veins and mantos, with aver age cobalt grades reportedly up
to 1.6% cobalt for primary mineralization, and up to 6.4% cobal t in the enriched secondary
oxidized zones. Vein thickness varies greatly from 0.5m to 20m. Shafts over 100m in depth exist
on some of the vein structures. The cobalt mineralization is associated with copper mineralization
and is noted to be structurally controlled and closely associat ed with the large regional northeast
trending Atacama fault system. In the oxidized zone (up to 40m thick) cobalt occurs as erythrite,
a cobalt arsenate. In the deeper primary zone the mineral Cobaltite, a cobalt sulfo-arsenide mineral,
is the main cobalt mineral.
Option Agreement Details
Under the terms of the Agreements, the Company can earn a 100% interest in the Projects through
the following payments:
La Sufrida Cobalt Project
Date US$ Cash
On signing: $150,000
6 months: $150,000
12 months: $200,000
TOTAL $500,000
Pirula Cobalt Project
Date US$ Cash
On signing: US$150,000
6 months: US$250,000
12 months: US$300,000
TOTAL US$700,000
NR18-07 Continued 3 April 4, 2018
Upon completion of the option payments, the Company will be dee med to have exercised the
options and will have earned an undivided 100% legal and beneficial interest in and to the Projects.
The Projects are not subject to underlying royalties. During t he option period, the Company will
be responsible for maintaining the concessions comprising the Project in good standing. There are
no work commitments and all work carried out on the Projects will be at the sole discretion of the
Company. Initially, the Company will focus on data review, and mapping and sampling to identify
priority targets for follow-up.
The Company has established a wholly owned Chilean subsidiary, New Energy Metals SpA, which
has entered into the Agreements with the property venders in accordance with Chilean law.
About The Company
The Company completed an IPO in January 2018 and closed a $4.37 million-dollar financing in
February 2018. The Company has an option to acquire a 100% interest in the Cristal copper project
located in northern Chile, and is pursuing other attractive opp ortunities in strategic commodities,
with a focus on opportunities in Chile. The Company’s name cha nge to “ New Energy Metals
Corp.” more accurately reflects the new corporate strategy.
Qualified Person
Mr. Grant Ewing, P.Geo., is a qualified person as defined by Na tional Instrument 43-101. Mr.
Ewing and has reviewed the scientific and technical information that forms the basis of this news
release and has approved the disclosure herein. Mr. Ewing is not independent of the Company.
On behalf of New Energy Metals Corp.
Grant Ewing, President & CEO
T: 604.484.1232
Neither the TSX Venture Exchange nor its Regulation Services Pr ovider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking Statements
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information
contained herein. This News Release includes certain “forward- looking statements”. Other than statements of
historical fact, all statements included in this release, including, without limitation, statements regarding future plans
and objectives of New Energy Metal s Corp., are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such s tatements. Important factors that could cause actual
results to differ materially from New Energy Metal’s expectations are the risks detailed herein and from time to time
in the filings made by New Energy Metals Corp. with securities regulators. Those filings can be found on the Internet
at http://www.sedar.com.