September, 22nd, 2021, Vancouver, British Columbia - New Tech Minerals Corp. NTM-CSE (“New Tech or the “Company”) is pleased to announce that its wholly owned Mexican subsidiary, NTM Minerales SA de CV, has entered into a formal Assignment Agreement for the acquisition of a 100% interest in the La Escondida mining concessions located in Sonora, Mexico. The concessions were the subject of a prior agreement, as disclosed in a news release dated December 21st, 2020.
The purchase price is $455,000 USD payable by September 15th 2023 of which $155,000 USD has been paid. The concessions are subject to an underlying two percent net smelter return royalty (NSR) half of which may be purchased for $1 million USD.
The concessions form the core of the La Escondida silver-gold project, which is described in a Technical Report by Mine Development Associates (a division of RESPEC) authored by Steven Weiss, PhD., C.P.G, dated February 9th, 2021, and posted on the Company’s website: www.newtechminerals.ca and under the Company's profile at www.sedar.com.
About La Escondida Silver- Gold Project
The La Escondida Project is comprised of three contiguous concessions, (total 4,178 hectares), located approximately 140 kilometers northeast of Hermosillo, Sonora, Mexico. Historical and recent descriptions of the veins are consistent with a silver-rich epithermal origin, however the project is located within the region of orogenic gold deposits that includes La Herradura, Noche Buena, El Chanate and San Francisco.
Numerous small artisanal workings are present along the east-west trend for over 1,500 metres. Historical rock-chip sampling along the veins and structures returned values of up to 1,893 g/t Ag and up to 5.4 g/t Au.
A rock chip sampling program conducted along these structures in January, 2021, returned very encouraging silver and gold values including up to 1,150 g/t silver and 1.02 g/t gold, with the higher silver values broadly distributed over the entire lengths of both the 800metre long Central vein and the 400 metre long Southern vein. (January12th, 2021 news release).
Those areas returning the highest silver grades have been targeted for a maiden drill program which is anticipated to commence in October of this year.
Mr. Steven I. Weiss, PhD, CPG is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this news release.
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 La Escondida Project. 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.