Vancouver, B.C., April 17, 2018: New Tech Lithium Corp. (the “Company”) (NTM:CSE) is pleased to announce receipt of positive geochemical results from a due diligence sampling program designed to confirm the presence of cobalt mineralization at the Buena Vista Hills Cobalt(Co) prospect in Nevada. Due diligence rock chip sample results from the top of the northeast margin of the historic iron-ore open pit range from 0.048% to 0.113% cobalt and confirm previously reported rock chip sample cobalt data collected from around the existing open pit (Ted DeMatties, pre-print unpublished data; average un-cut grade = 0.23% Co) and historic drill data from a single vertical 580-foot total depth (TD) reverse circulation (RC) exploration drill hole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 and located approximately 330-feet northeast of the northeast pit wall which contains a 40-foot interval with average grade = 0.12% CoO. NewTech Lithium due diligence and comparative historic rock chip and drill hole sample results are reported below.
All due diligence samples were collected from gossanous disseminated pyrite and stock work 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-ore bodies. 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 historic 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 NE-trending SH fault zone and the NW trending “cross-fault” fault zone, producing a “bloom” of cobalt-pyrite mineralization of currently unknown dimensions. The oxidized sulfide (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 historic drill hole located northeast of the pit, NTM considers the Buena Vista Hills Cobalt project to be a viable open pit-mining exploration target.
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 massive magnetite bodies. The igneous host rocks are all part of the Jurassic-aged Humboldt IOCG Magmatic Complex. Very low levels of nickel-sulfide mineralization represent the only other base metal associated with the cobalt mineralization, and the prospect can be characterized as an IronCobalt deposit. Cobaltoan-pyrite sulfide mineralization is associated with albite-actinolite and late chlorite-sericite alteration that variably overprint earlier scapolite-hornblende alteration in gabbro intrusive rocks, basalt-andesite volcanic flow rocks and early massive to disseminated oxide magnetite replacement bodies are genetically and spatially related to high-temperature, intrusiveproximal scapolite-hornblende alteration.
NewTech Lithium had previously signed a Letter of Intent (LOI) with an arms-length vendor to lease the mineral rights beneath a privately owned, approximately 640-acre (1-square mile) section in Pershing County, Nevada (NTM News Release, March 12, 2018). Positive technical due diligence sampling results provides impetus for NTM to conclude the due diligence process and proceed with completion of a definitive agreement in the near term.
Historic and NTM Due Diligence Sampling Results: Note that selected grab samples collected by NTM and reported in the Ted DeMatties pre-print paper are not necessarily representative of the deposit.
- NewTech 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 = 0.0047%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 cut anomalous low (0.009% Co) and high (1.2% Co) cobalt concentration samples 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 mineralized zone:
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
In addition to escalation of the cobalt exploration programs, NTM continue to be actively involved in exploration for lithium, bromine and potassium at their Green River project in the Paradox Basin of SE Utah and SW Colorado.
Relative to the Green River project, MGX minerals has failed to meet their JV obligations to fund 1-2 exploration wells on the Utah lease applications within the 6-month contractual time-period allocated. Therefore, the JV agreement has been terminated.
The scientific and technical data contained in this news release was prepared and reviewed by Kent Ausburn, P.Geo., 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.
On behalf of the Board of Directors
“Rudy de Jonge”
Rudy de Jonge, CEO
New Tech Minerals is a CSE-listed public company located in Vancouver, B.C. New Tech Minerals are focused on exploring for and developing the modern battery-elements Lithium and Cobalt in the USA. We 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.
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.