NOA Lithium Brines Inc. (TSX-V:NOAL)(FSE:N7N) (" NOA " or the " Company ") is pleased to provide an update on the significant progress of its flagship, Rio Grande Project (the " Rio Grande Project " or the " Project "). The Company has sent brine samples from the Project to a select few direct lithium extraction (" DLE ") supplies, of which XtraLit Ltd. (" XtraLit ") was one. XtraLit has a patented DLE process based on ion-exchange technology which consists of sorption, washing, desorption and post-desorption washing steps to process the brine. XtraLit completed its initial process test-work using its patented DLE technology on brine samples from the Company's Rio Grande's Project and provided promising initial results.
Highlights of the XtraLit results include:
Results: The outcome of XtraLit's DLE technology using its proprietary process recovered more than 91% of the lithium contained in the brine samples from Rio Grande.
Testing: Additionally, XtraLit's technology was very selective and effective in the extraction of lithium and the rejection of impurities (>98%) like magnesium, sodium, chlorine and others.
NOA's Chief Executive Officer, Gabriel Rubacha states: "Our Rio Grande Project already demonstrated the potential with a robust resource of 4.7 million tons of lithium carbonate equivalent at 525 milligrams per litre, which gives NOA the flexibility to develop the project using evaporation or DLE processes. Results received from XtraLit together with a recent announcement from Litica whereby they used an evaporation process to produce lithium carbonate from brines from the Rio Grande salar at its pilot plant, continue to confirm the potential of our flagship project. We continue the development of the project with the target of a Preliminary Economic Evaluation (PEA) of the Project during 2025."
DLE Process Evaluation
NOA has been working with a select few DLE providers. Results received from XtraLit show high recovery and rejection rates (>91% and >98% respectively).
As shown in the process flow below, brine sent to be tested in XtraLit's facilities contained 458 milligrams per litre and the eluate released contained 4,400 milligrams per litre of lithium concentration, which demonstrated the potential of the process for our Rio Grande Project.
Figure 1: XtraLit DLE Process Flow
Company Update
As previously announced in the Company's press release dated October 15, 2024, NOA and Clean Elements Ltd. (" Clean Elements ") are continuing to work diligently to achieve the closing of the said investment by Clean Elements in the Company on or before December 10, 2024, subject to requisite approvals, including but not limited to shareholder approval, of which such shareholder meeting will be held on December 4, 2024. Additionally, a second tranche closing pursuant to the general private placement previously announced of up to $2.7 million, ~$900,000 of which closed in a first tranche on November 8, 2024, is expected to close by the end of November 2024.
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.
David O'Connor P.Geo., is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical information in this news release.
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this news release contains forward-looking information relating to, among other things, the completion of the Clean Elements private placement, the completion of the general private placement, the use of proceeds of these private placements, the operations of the Company, approval by the TSXV and any other regulatory bodies and shareholder approval. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of the Company's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.
While the Company considers these statements to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include market risks and the demand for securities of the Company, risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, and regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks.
The forward-looking information contained in this news release is made as of the date hereof, and the Company is not obligated, and does not undertake, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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.
