NRG METALS INC COM NPV (OTCMKTS:NRGMF) is another new name coming into the lithium space, with shares spiking around 200% higher over the past 3 weeks. We know a theme is heating up when we start to see new plays getting clear OTC trading attention, such as this one. The company just came out with an update. We will state the key paragraph here in verbatim, but note that this stock has skyrocketed and its drilling program hasn’t even reached its target depth.

According to the release, “further to the news release dated October 11, 2017, the Company is providing an update on drilling progress at the Salar Escondido Lithium Project, Catamarca Province, Argentina. As of Tuesday October 17, 2017, AGV Falcon Drilling SRL, has completed 69 meters of drilling on the first drill hole of the project. The hole has now passed through the aquifer zone, which is semi-resistive and defined as sand and gravel with brackish to fresh water. The target zone is approximately 70 meters further down, as identified in a Vertical Electric Sounding survey previously completed on the project. The target zone was identified as a zone of very low resistivity. Management and the Company’s technical experts (see NI 43-101 technical report filed on Sedar on February 16, 2017) believe this represents a saturated saline brine zone, that has the potential to host lithium. The total depth of this drill hole is expected to be approximately 350 meters. Further updates are expected in the immediate future.”

NRG METALS INC COM NPV (OTCMKTS:NRGMF) bills itself as a Junior Canadian Exploration company in search of brine based lithium targets in Argentina, Chile and Boliva.

NRG Metals Inc. might also be characterized as an exploration stage junior mining company that engages in the identification, acquisition, and exploration of mineral properties in Guyana and Quebec.

The company explores for gold and copper, as well as graphite and lithium. Its flagship property is the Carachi Pampa Lithium Project located in Catamarca, Argentina. The company was formerly known as Codrington Resource Corporation and changed its name to NRG Metals Inc. in September 2015. NRG Metals Inc. was incorporated in 1995 and is headquartered in Vancouver, Canada.

According to company materials, “NRG Metals Inc. is an exploration stage company focused on the advancement of lithium brine projects in Argentina. In addition to the Salar Escondido lithium project, the Company is evaluating the 3,287 hectare Hombre Muerto North lithium project (“HMNLP”) in the province of Salta. The HMNLP is located at the northern end of the prolific Hombre Muerto Salar, adjacent to FMC’s producing Fenix mine and Galaxy Resources’ Sal de Vida development stage project. As announced in a press release dated July 13, 2017, the Company has filed an Environmental Impact Study and applied for permits to drill the HMNLP. Also,the Company is currently reviewing the exploration program as outlined in the NI43-101 report that was filed on Sedar on October 16, 2017.”

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As noted above, this is another new name to pop up on the OTC radar in the lithium space. The company is making progress toward drilling into a zone that management and technical experts apparently believe has good odds of hosting lithium deposits.

The release notes that “the Salar Escondido is a large basin, roughly 20 by 40 kilometers in size, which is mostly covered by a series of overlapping alluvial fans. NRG’s technical team believes that a large salar with an area of at least 700 m2 developed in the basin. Geologically the basin is interpreted to have formed approximately two million years ago. After the salar was formed, it was buried by coalescing alluvial fans, and it is thus considered to be a “paleo-salar,” hence the name Salar Escondido, which means “hidden salar” in Spanish.”

The company also just announced that it has granted incentive stock options to purchase a total of 1,700,000 common shares at an exercise price of $0.305 per share for a period of five years to certain directors, officers and consultants in accordance with the provisions of its stock option plan.

We’ve witnessed above 200% piled on for shareholders of the stock during the trailing month, a bounce that has taken root amid largely bearish action over the larger time frame. The situation may be worth watching. NRGMF has evidenced sudden upward volatility on many prior occasions. In addition, the stock has benefitted from a jump in recent trading volume to the tune of nearly 450% above the average volume levels in play in this stock over the longer term.

At this time, carrying a capital value in the market of $24M, NRGMF has a chunk ($992K) of cash on the books, which must be weighed relative to virtually no total current liabilities. The company is pre-revenue at this point. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $NRGMF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $NRGMF, either long or short, and we have not been compensated for this article.