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

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wall and associated waste-dump material on the property by a previous operator and results are reported in a currently unpublished, pre-print publication (T.A. DeMatties, 2016).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

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