New Energy Metals Corp. (TSXV:ENRG; OTC:NEMCF)  has entered into a letter of intent with certain arm’s length vendors to grant exclusive right and option to acquire an initial 70% royaltyfree interest in certain exploration and exploitation mineral concessions for the Exploradora North project.

The project has a total area of 84,750 hectares and is located in the II and III Regions of Northern Chile along the prolific West Fissure fault system between the open-pit Escondida mine, the largest copper mine in the world, to the north of the Exploradora district and CODELCO’s El Salvador underground copper mine, approximately 60 km to the south of the district.

Exploradora North contains several porphyry copper system opportunities, some exhibiting lithocaps, possibly above a deeply concealed porphyry system; more than 50% of these prospects are covered with post-mineral gravels and volcanic rocks. Deep-seeking induced polarization (IP), metal earth magnetotellurics (MT) and magnetics are planned to be initiated by New Energy Metals to help define initial drill targets, with initial drilling proposed to start in August or September, 2019.

Under the agreement, New Energy Metals must invest  at least US$ 15 million in exploration expenditures, pay US$ 8.5 million and delivery an aggregate of 11.5 million common shares.

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