The Prospector News

New Tech Lithium Signs Letter of Intent for Acquisition of a Cobalt Property in Nevada

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

New Tech Lithium Signs Letter of Intent for Acquisition of a Cobalt Property in Nevada

 

 

 

 

 

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wall and associated waste-dump material on the property by a previous operator and results are reported in a currently unpublished, pre-print publication (T.A. DeMatties, 2016).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:

 

    • $3000 up-front upon signing of LOI by both parties. Up-front payment ensures 90-day due diligence period for technical and legal review of the property. $3000 up-front payment will be credited to NTM 1st year payment.
    • $22,000 + 250,000 NTM shares payable three business days after execution of Definitive Agreement (DA).
    • $25,000 + 250,000 NTM shares payable on 1st anniversary of execution of DA.
    • $25,000 + 250,000 NTM shares payable on 2nd anniversary of execution of DA.
  • $50,000 per annum minimum royalty payment for 10-years commencing in 4th year of the Lease and paid on the anniversary of the Closing Date each year.
  • 1% NSR with NTM’s option to buy-down ½ of NSR (0.5%) for $500,000.
  • Minimum Work Commitments
    • $100,000 1st year work commitment.
    • $200,000 2nd year work commitment.
    • $400,000 3rd year work commitment.
    • No minimum work commitment after 3rd year.
    • All data generated during a given years exploration program will be made available to the Vendor.

 

 

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.

 

Posted March 12, 2018

Share this news article

MORE or "UNCATEGORIZED"


Premier Announces that its US$205 M Offer to Acquire Centerra's Interest in Greenstone Gold Mines Partnership was not Accepted

PREMIER GOLD MINES LIMITED (TSX:PG) (OTCPK: PIRGF) announces that... READ MORE

April 8, 2020

Talon Drilling Update: Talon Intersects 7.14 Meters (23.4 Feet) of Mixed Massive Sulphides at the Tamarack Project

Talon Metals Corp. (TSX: TLO) is pleased to announce that 7.14 me... READ MORE

April 8, 2020

NIOBAY INTERSECTS 1.02% Nb²O⁵ OVER 62 METRES AT JAMES BAY NIOBIUM

NioBay Metals Inc. (TSX-V: NBY) is pleased to announce significan... READ MORE

April 8, 2020

Discovery Drills 1.0 m of 2,153 g/t AgEq as well as 62.8 m of 217 g/t AgEq at its Cordero Project, Mexico

Discovery Metals Corp. (TSX-V: DSV) (OTCQX: DSVMF) is pleased to ... READ MORE

April 8, 2020

OSISKO EXPANSION DRILLING INTERSECTS HIGH GRADE AT WINDFALL

Osisko Mining Inc. (TSX:OSK) is pleased to provide new infill dri... READ MORE

April 8, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions