Vancouver, B.C., February 1, 2019: Recently received geochemical results from a reconnaissance geologic mapping and rock sampling program at New Tech Lithium’s (NTM) Tule Cobalt Project in Pershing County, Nevada, have confirmed a previously reported cobalt anomaly occurring beneath a well-developed gossan cap exposed along an approximately 4000-foot (~1,212-meters) long zone on the project claim block. The gossan zone varies in width from approximately 250 to 500 feet (~ 75-150 meters), with a currently unknown vertical dimension due to lack of drill data.
A geologic reconnaissance survey was conducted resulting in a preliminary geologic map of the area on and around the gossan occurrences.
Drill cuttings from around the collar of an historic rotary drill hole contained abundant fresh to partially oxidized iron-sulfides (pyrite-marcasite). A sample of this material was collected and sent to ALS-Chemex in Reno for multi-element analyses and returned a result of 1,765 ppm (~0.18%) cobalt and 1115 ppm (~0.11%) copper. Results confirmed cobalt anomalies in samples containing fresh to partially oxidized pyrite-marcasite (py-mrc) previously reported by Parker Mining Corporation in 2001. Cobalt is present in the py-mrc crystal lattice as it replaces iron in the iron-sulfide minerals.
Additionally, a 21-line, 10.5-line mile (16.8-line kilometer) ground magnetometer survey was conducted in conjunction with the aforementioned geologic survey. The survey was designed and implemented to cover the entirety of the gossan exposed on the Tule Project claim block. Magnetic highs exist along the entirety of the gossan outcrop but tend to occur along the margins of the mapped gossans, with magnetic lows generally corresponding with the strongest gossans.
The Tule cobalt project area is located approximately 8-miles (~13 kilometers) southeast of Lovelock Nevada on the west side of the West Humboldt Range. Cobalt-iron mineralization at the Tule project is the result of sequential oxide - sulfide (early to late) hydrothermal systems related to the Humboldt IOCG mafic complex magmatic system.
Change of Chief Executive Officer (“CEO”)
The Company also announces that it has appointed Jonathan George, President, as its CEO replacing Rudy de Jonge after his long and dedicated term in that capacity.
Grant of Stock Options
The Company also announces the grant of 1,300,000 stock options at an exercise price of $0.05 per share for a period of five years to insiders and consultants.
Kent Ausburn, PhD, PG is a qualified person within the meaning of NI 43-101. Dr. Ausburn has reviewed and is responsible for the technical details of this release.
About New Tech Lithium Corp.
New Tech Lithium is engaged in the exploration and development of promising cobalt, vanadium, lithium and potash projects in America, including the Buena Vista and Tule cobalt projects in Nevada, the Fredericktown cobalt project in Missouri, and the Green River potash, lithium, bromine project in the Paradox Basin, Utah.
On behalf of the Board of Directors
Jonathan George, 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.