4 July 2022 – Bromborough (UK): NewEra Metal Resources Ltd (the “Company” or “NewEra”) is pleased to announce a significant addition to its vanadium exploration portfolio in the Neuquén Basin of west-central Argentina. The Company has applied for six (6) cateos covering a total area of 14,675 ha which includes a contiguous block of 13,675 ha. The applications are in southern Malargue close to the border with the Neuquén Province and form the Malargue south vanadium project.
The project is situated in Cretaceous age sediments where up to 9 bitumen occurrences have been recorded. The majority of the bitumen veins occur as dykes trending approximately SSW – NNE. Various anticlinal structures are present within the project area which are known to be favourable for bitumen emplacement.
One cateo application of the contiguous block encompasses a small bitumen mine permit and the same cateo has a second mine permit at its eastern boundary.
The Isabel application (1,000 ha) which is situated to the east of the contiguous block covers the Isabel bitumen occurrence which was a previously producing mine. The bitumen here is reported to be 4 m thick and of high grade (impsonite).
NewEra considers that the historic small-scale mining activity at this large project together with the numerous bitumen occurrences and almost total absence of modern exploration makes this a significant addition to its vanadium portfolio in Argentina which now comprises 37,000 ha over 10 projects.
