New Tech Lithium Signs Letter of Intent (LOI) for Acquisition of a Cobalt Property in Nevada
VANCOUVER, March 12, 2018 /CNW/ - New Tech Lithium Corp. (the "Company") (NTM:CSE) 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 (the "Vendor").
Cobalt mineralization at the property occurs as disseminated Cobalt-bearing ("Cobaltoan") 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wall and associated waste-dump material on the property by a previous operator and results are reported in a currently unpublished, pre-print publication (T.A. DeMatties, 2016).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.
On behalf of the Board of Directors
"Rudy de Jonge"
Rudy de Jonge, CEO
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.
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.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward Looking Statements.
Key assumptions upon which the Company's forward-looking statements and information are based include: the price of potash will rise and not fall significantly; the Company's ability to secure new financing to continue its exploration and development activities; there being no significant changes in the ability of the Company to comply with environmental, safety and other regulatory requirements; the Company's ability to obtain regulatory approvals in a timely manner; and the Company's ability to achieve its growth strategy. These assumptions should be considered carefully by readers. Readers are further cautioned that the foregoing list of assumptions is not exhaustive. Although the Company believes that the assumptions on which the forward-looking statements or information are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct.
SOURCE New Tech Lithium Corp.