NOA Reports High-Grade Maiden Resource Estimate at Rio Grande With
NOA Reports High-Grade Maiden Resource Estimate at Rio Grande With
Measured and Indicated Resource Estimate of 1.9Mt LCE @ 612 mg/l &
Inferred Resource of 0.4 Mt @ 610 mg/l With Substantial Exploration
Upside
February 26, 2024, Buenos Aires, Argentina – NOA Lithium Brines Inc. (TSX-V: NOAL, FSE:
N7N) (“NOA” or the “Company”) is pleased to report a maiden Mineral Resource Estimate (“MRE”)
statement for its Rio Grande lithium (“Li”) brine project (“Rio Grande”) in the Salta province of
Argentina.
The MRE detailed in Table 1 below includes 1,919,000 metric tonnes (“Mt”) of lithium carbonate
(“Li2CO3) equivalent (“LCE ”) with an average Li concentration of 612 mg/l in the Measured &
Indicated (“M&I”) category. Moreover, the MRE includes an Inferred category which contains an
additional 371,000 Mt of LCE with an average Li concentration of 610 mg/l.
Highlights of the maiden MRE at Rio Grande, include the following:
• M&I resource estimate with greater than 1.9 Mt of LCE at 612 mg/l in addition to approximately
0.37 Mt of LCE inferred at 610 mg/l.
• Approximately 80% of the MRE is located in the north and northeast of the Rio Grande
properties, where the highest concentration and porosity was found.
• Extensive exploration upside potential remains with only 4,362 hectares (“ha”), which equals
only 12% of NOA’s ~37,000 ha land package at Rio Grande having been explored to date.
• NOA is currently performing a CSAMT geophysical campaign at Rio Grande to help define the
second phase of the Company´s Rio Grande exploration campaign, which is expected to
include areas not yet explored, including the southern portion of its tenements.
NEWS RELEASE
Table 1: Resource Estimate Statement
Notes:
Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that any or all of the mineral
resources can be converted into mineral reserve after application of the modifying factors.
The conversion factor used to calculate the equivalents from their metal ions is simple and based on the molar weight for the elements added to
generate the equivalent. The equations are as follows: Li x 5.3228 = lithium carbonate equivalent (Li2CO3).
Tonnages are rounded to the nearest thousand and grades are rounded to the nearest whole number, comparison of values may not add due to
rounding.
NOA’s Chief Executive Officer, Gabriel Rubacha states: “We are very excited to announce a robust
maiden resource estimate, which solidifies our Rio Grande project as one of the best undeveloped
projects in Argentina. This maiden resource exceeds our expectations both in terms of total volume,
and also in terms of the high concentration of lithium, leading us to believe NOA has a valuable
project to be developed with the flexibility of not having to rely on DLE (Direct Lithium Extraction)
technologies, minimizing risks and potential additional cost for its development. Considering we have
only explored 12% of NOA’s properties at Rio Grande to date, there is still significant exploration
upside potential to expand this resource as we look forward. These results allow NOA to proceed to
the next stage of our flagship project at Rio Grande. Additionally, with a plan to start drilling NOA’s
Arizaro and Salinas Grandes projects, we are confident we will unlock additional value for our
shareholders”.
Resource Estimation Methodology
The initial exploration well program was designed to characterize the subsurface lithology and
determine the potential for a lithium resource within the mining concessions. Locations for the
exploration wells currently drilled are shown on Figure 1 below, and location coordinates and depths
for these wells are provided in Error! Reference source not found. below. A total of 2,481 meters
were drilled in this initial program and included in the MRE.
Wells drilled in this initial program used the diamond drill hole method by Hidrotec Perforaciones
S.R.L., based in Salta , Argentina . All boreholes are vertical, and depths drilled represent true
thicknesses. During drilling, core samples were obtained for laboratory analysis and brine samples
for chemical analysis. Core samples were stored in wooden boxes and labeled with the borehole
name and depth. Lithological descriptions were done by geologists of NOA and reviewed by
Montgomery & Associates.
Total Summary Brine volume (m3) Avg Li (mg/L) In Situ Li (tonnes) Li2CO3 Equivalent (tonnes)
Measured 0.45 billion 621 278,000 1,478,000
Indicated 0.4 billion 585 83,000 441,000
Measured + Indicated 0.59 billion 612 361,000 1,919,000
Inferred 0.11 billion 610 70,000 371,000
Total Resource 0.7 billion 612 431,000 2,290,000
Table 2: Well Locations
Figure 1: Well Locations
The MRE was prepared in accordance with the guidelines of National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“NI 43-101”) and uses best practice methods specific to brine
resources, including a reliance on sampling methods that yield depth-specific chemistry and effective
Well Northing1
(meters, POSGAR 94, zone 2)
Easting1
(meters, POSGAR 94, zone 2)
Total Depth
Drilled (meters)
DDH-RG23-001 7,237,553.02 2,586,300.37 613
DDH-RG23-002 7,223,294.66 2,585,218.84 641.5
DDH-RG23-003 7,228,159.63 2,582,468.58 676
DDH-RG23-004 7,234,034.30 2,588,529.90 551
(drainable) porosity measurements. The MRE was completed by independent ‘qualified person’ Mr.
Michael Rosko, M.Sc., C.P.G. of Montgomery & Associates.
Resource estimates were calculated by multiplying the polygon area by the unit thickness by the
drainable porosity by the lithium grade calculated for corresponding intervals. Subsequently, the
resulting value was summed within each polygon, for each assigned resource category.
Considering that nearly 100% of chemistry samples show concentration values significantly higher
than 200 mg/, no cut-off grade was applied to calculate the MRE.
The primary analytical laboratories for the data used in this MRE are Alex Stewart, Argentina and
SGS Laboratory, Argentina. Both laboratories are accredited to ISO 9001:2008 and ISO14001:2004
for their geochemical and environmental labs for the preparation and analysis of numerous sample
types, including brines.
Qualified Person
The MRE was completed by Mr. Michael Rosko, M.Sc., C.P.G. of Montgomery and Associates
(“M&A”). Mr. Rosko is a Registered Geologist (C.P.G.) in Arizona, California, and Texas, a
Registered Member of the Society for Mining, Metallurgy and Exploration, and is a ‘qualified person’
(“QP”) as defined by NI 43-101. Mr. Rosko and hydrogeologists from M&A have been on site multiple
times during the various phases of drilling and sampling operations; Mr. Rosko has extensive
experience in salar environments and has been a QP on many lithium brine projects. Mr. Rosko and
M&A are completely independent of the Company . Mr. Rosko has reviewed and approved the
content of this news release, and has verified the data disclosed herein, including sampling,
analytical, and test data underlying the information contained herein.
A Technical Report prepared under the guidelines of NI 43 -101 standards describing the resource
estimation will be filed on SEDAR+ within 45 days of this press release.
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 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.
On Behalf of the Board of Directors,
Gabriel Rubacha
Chief Executive Officer and Director
For Further Information On The Company
Website: www.noalithium.com
Email: [email protected]
Telephone: +54-9-11-5060-4709
Alternative Telephone: +1-403-571-8013
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and other statements that are not historical
facts. Forward -looking statements are often identified by terms such as “will”, “may”, “should”,
“anticipate”, “expects” and similar expressions. All stateme nts other than statements of historical
fact, included in this news release are forward -looking statements that involve 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 statements. Important
factors that could cause actual results to differ materially from the Company’s expectations include
the results of further brine process testing and exploration and other risks detailed from time to time
in the filings made by the Company with securities regulators. The reader is cautioned that
assumptions used in the preparation of any forward -looking information may prove to be incorrect.
Events or circumstances may cause actual results to differ materially from those predicted, as a
result of numerous known and unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Company. The reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although considered reasonable by management at
the time of preparation, may prove to be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news relea se are expressly qualified by
this cautionary statement. The forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or revise publicly any of the included
forward-looking statements as expressly required by applicable law.
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. No securities regulatory authority has reviewed nor accepts responsibility for
the adequacy or accuracy of the content of this news release.