Vancouver, B.C., October 19th, 2021: New Tech Minerals Corp. NTM-CSE (“New Tech” or the “Company”), is pleased to announce that it has received approval for the renewal of two (2) 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 nine additional state leases, cover an area of approximately 7,000 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”).
The two renewed leases are located in the northern portion of the Company’s holdings and are comprised of 960 acres, the largest of which borders an approximately 6,750 acre area designated for solar evaporation ponds and processing/recovery facilities by the BLM.
Historical wells drilled for oil and gas in the Paradox Basin encountered supersaturated brines which were analyzed by the Utah Geological and Mineralogical Survey. The analyses indicated that commercial possibilities exist for the extraction of lithium, potassium and bromine, particularly in the central part of the basin. Comprehensive brine analyses are known for seven wells located approximately 10 miles southeast of New Tech’s leases, which contained 66 ppm to 500 ppm lithium, 18,800 ppm to 41,958 ppm potassium and 1,150 ppm to 6,100 ppm bromine. Flow rates from one well, Big Flat-Long Canyon, gauged in excess of 6,300 gallons per hour.
These lithium and 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 evaporite 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).*
The Company is pursuing multiple avenues to advance this project, with the aim of potentially unleashing value for our investors.
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.
*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.
About New Tech Minerals
New Tech Minerals is engaged in the exploration and potential development of promising lithium and potash assets in the Paradox Basin, Utah, and La Escondida Silver-Gold project in Sonora, Mexico.
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.
Forward Looking Information
This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future performance of the Company, and include, without limitation, statements relating to plans for development, and the magnitude and quality, of the Company's lithium and potash leases. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information in this news release, including without limitation, the following risks and uncertainties;; (i) risks inherent in the mining industry; (ii) regulatory and environmental risks; (iii) results of exploration activities and development of mineral properties; (i) risks relating to the estimation of mineral resources; (v) stock market volatility and capital market fluctuations; and (vi) general market and industry conditions. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada at www.sedar.com. The Company assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by applicable law.