Vancouver, B.C., March 3, 2020: New Tech Minerals Corp. NTM-CSE (“New Tech” or the “ Company”), is pleased to announce that it has received approval for the renewal of nine (9) Potash and Mineral Salts Leases from the State of Utah. The leases have been extended for a period of ten (10) years, subject to certain annual payment obligations.
These leases, plus two additional state leases, cover an area of more than 8,000 acres within the Paradox Basin, Grand County, Utah, and form a strategic land position contiguous with over 25,000 acres of Federal Potash Permit Applications presently under review by the Bureau of Land Management (“BLM”). Additionally, New Tech has permits to over 6,000 acres of placer claims with rights to extract lithium and other brines which overlay these leases and applications.
These potash leases and applications were the subject of a NI-43-101 Technical Report authored by Agapito Associates, Inc., (effective October 2012), and cover an evaporate cycle (#5) which is classified in the report as an Exploration Target containing between 600 million to 1.0 billion tonnes of sylvinite with an average grade ranging between 19 and 29% KCL (12 to 18% K2O).*
Jonathan George, President and CEO commented, “With the certainty of mineral rights that these lease renewals afford us, and with the review for approval of our Federal Potash Permit Applications by the BLM in its final stages, the Company can now pursue multiple avenues to advance this exceptional project, potentially unleashing substantial value for our investors.”
The Company further announces that at its Annual General Meeting held on February 27th, 2020, Messrs. Jonathan George, John Greig, Kenneth Holmes and Kent Ausburn were re-elected to the Board of Directors of the Company. Mr. Rudy DeJonge did not stand for re-election.
*Cautionary Note: It should be noted that Exploration Targets are conceptual in nature and there has been insufficient exploration to define them as Mineral Resources, and while reasonable potential may exist, it is uncertain whether further exploration will result in the determination of a Mineral Resource or support a PEA report under NI-43-101. The Exploration Targets are not being reported as part of any Mineral Resource or Mineral Reserve.
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.
New Tech Minerals Receives Approval for Utah State Potash Lease Renewals
About New Tech Minerals Corp.
New Tech is engaged in the exploration and development of promising potash/brine, cobalt and vanadium projects in America, including the Paradox Basin Potash and the Brine project in Utah, the Buena Vista and Tule cobalt projects in Nevada and the Fredericktown cobalt project in Missouri.
On behalf of the Board of Directors
Jonathan George, President & 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.