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New Tech samples up to 0.11% Co at Buena Vista Hills -NTM.c
2018-04-17 17:46 ET - News Release
Mr. Rudy de Jonge reports
NEWTECH LITHIUM RECEIVE POSITIVE DUE DILIGENCE SAMPLING RESULTS AT THE HUMBOLDT COBALT PROSPECT IN NEVADA
New Tech Lithium Corp. has received positive geochemical results from a due diligence sampling program designed to confirm the presence of cobalt mineralization at the Buena Vista Hills cobalt prospect in Nevada. Due diligence rock chip sample results from the top of the northeast margin of the historical iron-ore open pit range from 0.048 per cent to 0.113 per cent cobalt and confirm previously reported rock chip sample cobalt data collected from around the existing open pit (Ted DeMatties, preprint unpublished data; average uncut grade equals 0.23 per cent Co) and historical drill data from a single vertical 580-foot total depth (TD) reverse circulation (RC) exploration drill hole completed by the owners in 2008 and located approximately 330 feet northeast of the northeast pit wall, which contains a 40-foot interval with an average grade of 0.12 per cent CoO (cobalt oxide). New Tech Lithium due diligence and comparative historical rock chip and drill hole sample results are reported herein.
All due diligence samples were collected from gossanous disseminated pyrite and stockwork pyrite veins hosted by strongly altered gabbro, co-magmatic basalt and variably pyrite-replaced magnetite bodies around the margins of, and dump samples from, an approximately 150-foot deep open pit that was dug in the past to exploit one or more massive magnetite iron orebodies. The zone of cobalt-pyrite mineralization exposed in the northeast wall of the existing open pit varies from 80 to 100 feet wide. The upper, main zone of mineralization intercepted in the historical drill hole is 90 feet thick, beginning at approximately 20 feet below surface, with lower-grade cobalt mineralization extending to the top of bedrock. Iron-cobalt mineralization and associated hydrothermal alteration are localized at the intersection of the northeast-trending SH fault zone and the northwest-trending cross-fault zone, producing a bloom of cobalt-pyrite mineralization of currently unknown dimensions. The oxidized sulphide (pyrite) zone in the open pit extends from the surface to the approximate bottom of the pit, at least 150 feet deep. Due to the described dimensions of the zone of cobalt mineralization exposed in the existing open pit and the cobalt mineralization intersected in the historical drill hole located northeast of the pit, the company considers the Buena Vista Hills cobalt project to be a viable open pit mining exploration target.
Cobalt mineralization occurs as disseminations and stockwork veins of cobalt-bearing pyrite associated with strong sodium-calcium (Na-Ca) hydrothermal alteration in gabbroic intrusive rocks, co-magmatic basalt-andesite volcanic flow rocks and replacements of massive magnetite bodies. The igneous host rocks are all part of the Jurassic-aged Humboldt IOCG (iron oxide copper gold) magmatic complex. Very low levels of nickel-sulphide mineralization represent the only other base metal associated with the cobalt mineralization, and the prospect can be characterized as an iron-cobalt deposit. Cobaltoan-pyrite sulphide mineralization is associated with albite-actinolite and late chlorite-sericite alteration that variably overprints earlier scapolite-hornblende alteration in gabbro intrusive rocks and basalt-andesite volcanic flow rocks, and early massive to disseminated oxide magnetite replacement bodies are genetically and spatially related to high-temperature, intrusive-proximal scapolite-hornblende alteration.
New Tech Lithium had previously signed a letter of intent (LOI) with an arm's-length vendor to lease the mineral rights beneath a privately owned, approximately 640-acre (one square mile) section in Pershing county, Nevada (see the news release dated March 12, 2018). Positive technical due diligence sampling results provide impetus for the company to conclude the due diligence process and proceed with completion of a definitive agreement in the near term.
Historical and due diligence sampling results
Note that selected grab samples collected by the company and reported in the Mr. DeMatties preprint paper are not necessarily representative of the deposit.
New Tech Lithium due diligence geochemical results:
Four rock chip samples from exposed mineralization at the top/upper bench of the open pit and the northeast development pit outside the pit range from 0.048 per cent to 0.113 per cent Co, with an average grade of 0.0723 per cent Co.
They include one sample from a small development pit located approximately 1,000 feet (303 metres) northeast of a main exposed mineralized zone of 0.048 per cent Co.
Two dump samples average a grade of 0.013 per cent Co.
One sample from the development pit approximately 800 feet southwest of the main exposed mineralized zone and outside the pit was 0.0047 per cent Co.
Unpublished geochemical data (Mr. DeMatties, unpublished preprint): Fifteen pit wall (top of upper bench only) rock chip and dump samples range from 0.009 per cent to 1.2 per cent Co with an average grade of 0.23 per cent Co.
If concentration samples are cut anomalously low (0.009 per cent Co) and high (1.2 per cent Co), the range becomes 0.023 per cent to 0.82 per cent Co, and the average grade is 0.18 per cent Co.
Historical reverse circulation drill hole data (one vertical RC drill hole with 10-foot sample intervals, TD of 580 feet) located approximately 330 feet (100 metres) northeast of main exposed mineralized zone:
20 feet to 110 feet (90 feet; 27 metres) of 0.09 per cent CoO;
Includes: 20 feet to 80 feet (60 feet; 18.2 metres) of 0.10 per cent CoO;
Includes: 40 feet to 80 feet (40 feet; 12 metres) of 0.12 per cent CoO.
In addition to escalation of the cobalt exploration programs, the company continues to be actively involved in exploration for lithium, bromine and potassium at its Green River project in the Paradox basin of southeast Utah and southwest Colorado.
Relative to the Green River project, MGX Minerals has failed to meet its joint venture obligations to finance one to two exploration wells on the Utah lease applications within the six-month contractual time period allocated. Therefore, the JV agreement has been terminated.
The scientific and technical data contained in this news release were prepared and reviewed by Kent Ausburn, PGeo, a non-independent qualified person to the company. Mr. Ausburn is responsible for ensuring that the geologic information provided in this news release is accurate and acts as a qualified person pursuant to National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
New Tech Lithium is a Canadian Securities Exchange-listed public company located in Vancouver, B.C. New Tech is focused on exploring for and developing the modern battery-element lithium and cobalt in the United States. It currently controls a large lithium plus bromine plus potassium brine project (about 13,840 acres of federal lithium claims and Utah and Colorado state leases) in the Paradox basin of Utah and Colorado. New Tech also controls about 27,000 acres of potash permit applications in the Paradox basin of Utah.
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