Vancouver, B.C., October 16, 2018: New Tech Lithium (the “Company”) (NTM:CSE) is pleased to announce as part of preparation for a phase 1 diamond drilling program scheduled for Q-4, 2018, New Tech Minerals (NTM:CSE) geologists recently conducted a geologic reconnaissance and sample collection program on its Buena Vista Hills (BVH) cobalt project, located approximately 23 miles ESE of Lovelock, focusing on the historic Seigerstrom-Heizer (SH) open pit iron mine area located on the property. The Seigerstrom-Heizer mine has an historical resource of 35 million tons of 30% iron, composed primarily of semi-massive to massive magnetite (Nevada Bureau of Mines, 1977).
Rock Sampling and Results
Select samples of limonite-altered rock, a result of pyrite oxidation, were collected within and adjacent to the main iron-cobalt-vanadium mineralized zones in and around the SH open pit. Representative samples of the various types of mostly un-oxidized magnetite-pyrite mineralization were also collected from the dumps surrounding the open pit.
Three semi-massive to massive magnetite samples were significantly enriched in vanadium (1245 ppm, 1255 ppm, and 1360 ppm V), with elevated levels of cobalt (64 ppm, 384 ppm, and 176 ppm Co, respectively).
Two semi-massive magnetite samples with significant pyrite content were significantly enriched in cobalt (1485 ppm and 4820 ppm Co) with elevated levels of vanadium (410 ppm and 169 ppm V, respectively).
Limonite-altered samples were collected from the NE wall of the SH pit and from several small development (“prospect”) pits occurring along the NE extension of the SH fault zone, and from a small pit and outcrop SW of the open -pit. Four samples collected from the NE margins of the pit wall, and from development pits and a cat-cut that occur up to 1000 feet NE of the SH pit, were significantly enriched in cobalt (284, 465, 825, 921 ppm Co). A rock sample taken from a development pit located approximately 1,500-feet NE of the SH pit contains 837 ppm cobalt.
Reconnaissance and dump sampling results suggest the following:
- Magnetite, with little or no pyrite, contains significant vanadium mineralization.
- Magnetite mineralization can contain significant cobalt mineralization as well (up to approximately 1.2% cobalt), with cobalt concentrations generally positively correlated with the amount of contained pyrite.
- Zones of rock containing strong limonite alteration extending up to 1,500-feet NE of the open pit contain significant cobalt mineralization.
- Drilling will be required to determine the geometry and extent of cobalt and vanadium mineralization beneath and adjacent to the SH open pit as well as both NE and NW of the SH fault.
Option Agreement Amendment
Further to the news release on August 1st, 2018, the company has amended the agreement of the terms to property package approximately 4.2 kilometres southeast of Sokoman Iron Corp.'s flagship Moosehead high-grade gold project in Newfoundland:
New Tech has the option to acquire 100 per cent of the property in a cash and share exchange agreement in consideration for:
- Payment of $15,000 already paid;
- Issuance of 1.5 million common shares to be paid upon closing of the agreement.
New Tech Lithium is engaged in the exploration and development of promising Cobalt and Lithium projects in America, including the Buena Vista Hills Cobalt project in Nevada, the Fredericktown Cobalt project in Missouri and the Paradox Basin Lithium-Bromine project in Utah/Colorado. The Company is managed by seasoned professionals with extensive experience in mineral exploration and development throughout the world.
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
On behalf of the Board of Directors
“Rudy de Jonge”
Rudy de Jonge, CEO
Neither the OTCQX nor the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, are "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward Looking Statements.
Key assumptions upon which the Company’s forward-looking statements and information are based include: the price of potash will rise and not fall significantly; the Company’s ability to secure new financing to continue its exploration and development activities; there being no significant changes in the ability of the Company to comply with environmental, safety and other regulatory requirements; the Company’s ability to obtain regulatory approvals in a timely manner; and the Company’s ability to achieve its growth strategy. These assumptions should be considered carefully by readers. Readers are further cautioned that the foregoing list of assumptions is not exhaustive. Although the Company believes that the assumptions on which the forward-looking statements or information are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct.