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Press Release - New Tech Lithium Corp. NTM.c
New Tech options Buena Vista Hills property in Nevada
NEW TECH LITHIUM ACQUIRES BUENA VISTA HILLS COBALT PROPERTY IN NEVADA
2018-05-28 - New Tech Lithium Corp. (C:NTM) has signed an arm's-length definitive option agreement dated May 15, 2018, to lease the mineral rights for the Buena Vista Hills (BVH) cobalt property located in Pershing county (Nevada), which contains known significant cobalt mineralization. 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 section in Pershing county. Deal terms are defined as follows.
Cobalt mineralization and provenance
The BVH cobalt project is in northern Pershing County, central Nevada, southeast of Lovelock Nevada. Cobalt mineralization at the BVH Cobalt Project is considered part of an Iron Oxide Copper Gold (IOCG) mineralization occurrence located within and associated with the Jurassic-aged Humboldt Mafic Magmatic Complex (T. DeMatties, Ore Geology Reviews, 2017; DeMatties, unpublished pre-print; Johnson and Barton, EG Guidebook, 2000). Cobalt mineralization occurs temporally with copper-gold mineralization as part of a sulfide mineralization event that post-dates and in places partially overprints earlier oxide, magnetite iron-ore metasomatic replacement mineralization. Cobalt is associated with disseminated to massive pyrite and stockwork-pyrite veining sulfide mineralization that is temporally associated with but spatially separated from copper-gold sulfide mineralization. IOCG iron ore mineralization has been mined in the past at several locations in the Humboldt Mafic Complex, as evidenced by several existing historic open pits and associated waste piles ("dumps"). Strongly oxidized ("gossanous") cobalt-bearing pyrite is exposed in an historic, approximately 150-foot (45.5 m) deep X 660 (200 m) X 600 (180 m) open pit iron-ore mine at the area of interest. IOCG associated copper-gold exploration has occurred at several locations in the Humboldt Mafic Complex as well (T. DeMatties, unpublished pre-print; T. DeMatties Ore Geology Reviews, 2017).
Cobalt mineralization occurs as disseminations and stock-work veins of cobalt-bearing ("cobaltoan") pyrite associated with strong sodium-calcium (Na-Ca) hydrothermal alteration in gabbroic intrusive rocks, co-magmatic basalt-andesite volcanic flow rocks and replacements of disseminated to massive magnetite bodies. The igneous host rocks are all part of the Jurassic-aged Humboldt IOCG Mafic Magmatic Complex. Very low levels of nickel-sulfide mineralization represent the only other base metal associated with the cobaltoan-pyrite sulfide mineralization, and the prospect can be characterized as an Iron-Cobalt deposit. Cobaltoan-pyrite sulfide mineralization is associated with albite-actinolite and late chlorite-sericite alteration that occur outside of or variably overprint earlier scapolite-hornblende alteration in gabbro intrusive rocks, basalt-andesite volcanic flow rocks and early disseminated to massive magnetite replacement bodies which are genetically and spatially related to high-temperature, intrusive-proximal scapolite-hornblende alteration.
Cobalt Geochemical Results
Due diligence rock chip geochemical results for samples collected by New Tech Lithium from the top of the northeast margin of an historic iron-ore open pit mine on the property range from 0.048% to 0.113% cobalt and confirm previously reported rock chip sample cobalt data collected from around the existing open pit (T. DeMatties, pre-print unpublished data; average un-cut grade = 0.23% Co) and historic drill data from a single vertical 580-foot total depth (TD) reverse circulation (RC) exploration drill hole completed by the owners in 2008. The drill hole is located approximately 330-feet (100-meters) northeast of the northeast pit wall and contains a 40-foot (12-meter) interval with average grade = 0.12% CoO occuring within a 60-foot (18.2-meters) interval of 0.10% CoO and a 90-foot (27-meters) interval of 0.09% CoO. Complete NewTech Lithium due diligence and comparative historic rock chip and drill hole sample results are reported below.
Complete Historic and Recent (NTM due diligence sampling) Cobalt Geochemical Results
New Tech Lithium due diligence geochemical results:
4 rock chip samples from exposed mineralization at top/upper bench of open pit and northeast development pit outside the pit range from 0.048% to 0.113% Co, average grade = 0.0723% Co.
Includes 1 sample from small development pit located approximately 1000-feet (303-meters) northeast of main exposed mineralized zone = 0.048% Co.
2 dump samples average grade = 0.013% Co.
1 sample from development pit approximately 800 feet southwest of the main exposed mineralized zone and outside the pit = 0.047% Co. Unpublished geochemical data (T. DeMatties, unpublished pre-print):
15 pit wall (top of upper bench only) rock chip and dump samples range from 0.009% to 1.2% Co with an average grade of 0.23% Co.
If the anomalously low (0.009% Co) and high (1.2% Co) cobalt concentration samples are cut from the sample population, the range becomes 0.023% to 0.82% Co and average grade = 0.18% Co.
Historic RC Drill Hole Data (1 vertical RCDH w/ 10-foot sample intervals, TD = 580 feet); located approximately 330 feet (100-meters) northeast of main exposed cobalt mineralized zone in the open pit:
20 feet to 110 feet (90 feet/27 meters) @ 0.09% CoO
Includes: 20 feet to 80 feet (60 feet/18.2 meters) @ 0.10% CoO
Includes: 40 feet to 80 feet (40 feet/12 meters) @ 0.12% CoO
Please note that selected grab samples collected by NTM and reported in the Ted DeMatties pre-print paper are not necessarily representative of the deposit.
The final terms of the Definitive Option Agreement are as follows (all dollars are in the currency of the United States):
Cash and Shares
Column 1Column 2 Column 3Column 4
Item Cash $Shares (1)Date
1 3,000 Paid on March 5, 2018
2 22,000 250,000 Closing Date- May 25, 2018, (ten business days after the Execution Date)
3 25,000 250,000 May 25, 2019
4 25,000 250,000 May 25, 2020
After the Closing Date, the number of Shares to be issued will be subject to any
subdivision or consolidation of the Shares.
Exploration expenditures: $700,000.
Year 1 $100,000 Completed by the first anniversary of the Execution Date, May 15, 2019
Year 2 $200,000 Completed by the second anniversary of the Execution Date, May 15, 2020
Year 3 $400,000 Completed by the third anniversary of the Execution Date, May 15, 2021
Royalty
The Lessor retains a 1% Net Smelter Return, one-half of which can be purchased for $500,000. If magnetite and hematite are comingled within the ore or concentrates shipped from site, a royalty of $1.00 per metric ton of Fe shall be paid to Lessor in addition to the other royalties for the metals of interest.
There is a minimum annual royalty of $50,000 to be paid for ten years, commencing on the 3rd anniversary of the execution date which would be May 15, 2021.
There is an existing, underlying NSR of 5% on the property owned by Nevada Lands and Resources of Reno, Nevada.
Option to Purchase
The Company has the option to purchase the Property for a price of $2,000,000 for a period of 3 years, expiring May 13, 2021.
Exploration Program
New Tech Lithium plan to immediately initiate design of a Phase 1 Exploration Program now that the lease-option deal has been completed. The proposed Phase 1 Exploration Program is expected to include early-stage test drilling around the known cobalt-mineralized zone(s) in and around the existing open pit and along presumed structural controls.
About New Tech Lithium Corporation
New Tech Minerals (NTM) is a CSE-listed public company located in Vancouver, B.C. New Tech Minerals are focused on exploring for and developing modern battery-metals Lithium and Cobalt in the USA. NTM currently control a large Lithium + Bromine + Potassium brine project (~13,840 acres of Federal lithium claims and Utah and Colorado State Leases) in the Paradox Basin of Utah and Colorado. New Tech Minerals also control ~27,000 acres of Potash Permit Applications in the Paradox Basin of Utah. In addition to the 640-acre cobalt option agreement announced herein UTM has also recently completed another cobalt option agreement for US Federal cobalt exploration leases in Southeast Missouri. A detailed News Release announcing the Southeast Missouri cobalt acquisition is forthcoming.
The scientific and technical data contained in this news release was prepared and reviewed by Kent Ausburn, PhD, P.Geo., a non-independent qualified person to the Company. Dr. 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.
We seek Safe Harbor.
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