New Tech Lithium Corp. (CSE:NTM) are excited to announce signing of a LOI to lease the mineral rights for a property in Nevada containing known significant Cobalt mineralization. The mineral rights underlie an approximately 1 square mile (640 acres) Section owned by an arms-length private Nevada-based company.
Cobalt mineralization at the property occurs as disseminated Cobalt-bearing pyrite associated with strong Na-Ca hydrothermal alteration in gabbroic intrusive and co-magmatic basalt-andesite volcanic flows and inter-bedded sediments. Lesser Nickel-sulfide mineralization is associated with the Cobalt mineralization.
Fifteen samples were collected from an open-pit wall and associated waste-dump material on the property by a previous operator and results are reported in a currently unpublished, pre-print publication (T.A. DeMatties, 2016). Of the 15 samples reported 1 sample contains 1.2% Cobalt, 6 samples contain between 0.12% – 0.82% Cobalt, 7 samples contain between 0.023% – 0.079% Cobalt and, 1 sample contains 0.009% Cobalt.
Acquisition agreement as follows:
This offer is contingent upon completion of an agreement with the prior land holder during the 90-day due diligence period to reduce their underlying non-Fe ore NSR to no more than 2.0%.
A finders-fee agreement will apply to this transaction
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.
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.
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