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wall and associated waste-dump material on the property by a previous operator and results are reported in a currently unpublished, pre-print publication (T.A. DeMatties, 2016).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


Robex Resources Inc. Announces the First Encouraging Results of the 2020 Exploration Program.

Robex Resources Inc. (TSX-V: RBX) (FWB: RB4) is pleased to report... READ MORE

May 22, 2020

Ucore Closes First Tranche of Convertible Debenture Financing

Ucore Rare Metals Inc.(TSX-V:UCU) (OTCQX:UURAF)... READ MORE

May 22, 2020

Mistango Closes Eric Sprott Led $2.5 Million Financing

Mistango River Resources Inc. (CSE: MIS) is pleased to announce i... READ MORE

May 22, 2020

Evergold Closes $1.17 Million Financing With Respected Funds as Field Season Gets Underway

Evergold Corp. (TSX-V: EVER) is pleased to announce that it has c... READ MORE

May 22, 2020

Silvercorp Reports Net Income of $34.3 Million, $0.20 Per Share, and Cash Flow From Operations of $77.2 Million for Fiscal 2020

Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) reported i... READ MORE

May 21, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions