Vancouver, B.C., June 4, 2018: New Tech Lithium Corp. (the “Company”) (NTM:CSE) is pleased to announce that it has signed an arm’s length option agreement dated May 18, 2018 (the Missouri Option Agreement”) with John Glasscock of Laramie, Wyoming (the “Optionor”) to acquire four federal Prospecting Permit Applications covering 9,406 acres located adjacent to and immediately south of the Fredericktown Lead (Pb) – Copper (Cu) – Nickel (Ni) – Cobalt (Co) subdistrict of the historic Old Lead Belt in Madison County, Southeast Missouri, USA.
All $ are in the currency of the United States. NTM is required to pay $30,000 and issue 1,600,000 common shares of NTM as follows.
|6,500||Paid on signing of the LOI|
|23,500||350,000||On June 1, 2018 (“Closing Date”)|
|250,000||First anniversary of the Closing Date|
|250,000||Second anniversary of the Closing Date|
|250,000||Third anniversary of the Closing Date|
|250,000||Fourth anniversary of the Closing Date|
|250,000||Fifth anniversary of the Closing Date|
After the issue of Shares on the Closing Date, the number of all subsequently issued Shares will be subject to any subdivision or consolidation of the Shares.
Concurrently with signing of the Missouri Option Agreement, NTM signed a Royalty Agreement with the Optionor who retains a two percent (“2%”) net smelter return (the “Royalty”). NTM can buy one-half of the Royalty (1%) for $1,000,000 at any time during the term of the Option and for a period of 10 years thereafter.
The Fredericktown subdistrict covers approximately 80 square miles in the southeastern Old Lead Belt and consists of 30+ historic mines, several of which were subsequently consolidated into larger mine complexes. Lands applied for encompass two Pb-Cu-Ni-Co past producers, one CuCo past producer, and several cobalt prospecting sites.
Cobalt-Copper-Nickel mineralization is associated with Pb–Zn deposits throughout the Southeast Missouri (SEMO) Lead Belt but is especially concentrated in the Fredricktown subdistrict mineralization. The largest mine complex, Mine LaMotte, is reported to have produced 15 million tonnes (mT) of ore at average grades of 2.7 % Pb, 0.69 % Cu, 0.29 % Ni, and 0.23% Co, or 34,500 tonnes cobalt (75.9-million pounds cobalt) (USGS OFR 81-518). Significant production also occurred at the similar–sized Madison Mine complex from which grade and tonnage are unknown, although an existing (unmined) resource at the Madison Mine, determined from drilling in the 1980’s and 1990’s, was reported to contain 6.6 mT @ 0.31% Co, 0.47 % Ni and 0.74% Cu, or 20,460 tonnes cobalt (45.1 million pounds cobalt). A mine plan was developed in 2001 for 2.2 mT grading 0.54% Co, 0.82% Ni, and O.92% Cu (11,880 tonnes cobalt, or 26,14 million pounds cobalt) (Anshutz Mining and US Cobalt, CDNX:USC, 2001). It was recently reported (April 14, 2018) that the Madison Mine has been sold to Missouri Cobalt, LLC who has stated plans to initiate mining in 2020. The Higdon Mine (Doe Run Resource Company), located in the eastern part of the Fredricktown subdistrict, is also reported to have an undeveloped primary lead resource of 14 mT with an average grade of 0.14% Co and 0.17% Ni or 19,600 tonnes cobalt (43,120,000 pounds cobalt) (Para. L. A., 2009). Note that the historic mines and mineralization mentioned above are not located on our newly acquired Federal Cobalt Prospect Permit Applications and are not necessarily indicative of mineralization hosted on the NTM property, although they are all within the same Fredericktown Sub-District of the Old Lead Belt Mining District.
New Tech Lithium’s property applications all lie within a maximum distance of two miles from the current historic Fredericktown Mining District boundary and encompass lithostratigraphic and structural attributes deemed favorable for the discovery of new deposits (Anderson K. H., 1983, USGS, MF-1002). The area’s high cobalt prospectivity is further evidenced by a unique regional cluster of 15 small, historic Pb-Zn-Cu-Ni-Co and/or Cu-Co past producers, three of which are encompassed by lands under NTM application (U.S. Bureau of Mines, Minerals Availability System (MAS)). The area is thought to be underexplored due to extensive cover and historic focus on the very large Pb deposits discovered previously to the north (Missouri Geologic Survey, personal communication).
Lead-Zinc + (Co-Cu-Ni) deposits are hosted in the lower Cambrian Bonterre Formation carbonate rocks and occasionally in the underlying LaMotte Formation sandstones. Cambrian and younger carbonate and clastic sedimentary rocks uncomformably overlie a large Precambrian magmatic complex. The SEMO Lead Belt is the “type location” for Mississippi Valley Type (MVT) carbonate-hosted Pb–Zn deposits which occur in the midcontinent U.S. and worldwide. The SEMO Lead Belt deposits are unique with respect to associated Co-Cu-Ni mineralization and low Zn concentrations when compared to other MVT districts. In general, Lead Belt deposits are stratiform, > 10meters -thick, and laterally extensive, potentially enabling bulk underground mining via room and pillar mining methods.
NTM has received a request from the US Bureau of Land Management to submit an Exploration Plan acknowledging the receipt and preliminary adjudication of Prospecting Permit Applications. The Exploration Plan is under development and will generally apply current SEMO Co-Ni-Cu deposit models utilizing data from modern geophysical methodology and stream sediment geochemistry to facilitate targeting test drill holes. Approval of the Exploration Plan and the issuance of a Prospecting Permit is anticipated by 2018 Q4. NTM will continue to research the Cobalt-prospective Fredricktown subdistrict and refine potential exploration models in the area.
In addition to the acquisition of a second cobalt project in the Old Lead Belt of SEMO (the Buena Vista Cobalt Project in Nevada being the first) and escalation of the cobalt exploration programs in general, NTM continue to be actively involved in exploration for lithium, bromine and potassium at their Green River project in the Paradox Basin of SE Utah and SW Colorado.
About New Tech Lithium Corporation
New Tech Minerals (NTM) is a CSE-listed public company located in Vancouver, B.C. New Tech Minerals are focused on exploring for and developing modern battery-metals Lithium and Cobalt in the USA. NTM 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. In addition to the 640-acre cobalt option agreement announced herein UTM has also recently completed another cobalt option agreement for US Federal cobalt exploration leases in Southeast Missouri. A detailed News Release announcing the Southeast Missouri cobalt acquisition is forthcoming.
The scientific and technical data contained in this news release was prepared and reviewed by Kent Ausburn, PhD, P.Geo., a non-independent qualified person to the Company. Dr. 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
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.