February 11th, 2021, Vancouver, British Columbia - New Tech Minerals Corp. NTM-CSE (“New Tech” or the “Company”) is pleased to advise that 11 of its State of Utah mineral leases, considered integral to future lithium, brines and potash exploration on the Company’s Paradox Basin Project in Utah, remain in good standing.
The mineral leases, which cover over 7,000 acres, are valid until the year 2029, and are within an approximately 25,000acre potash permit area under application with the United States Bureau of Land Management(BLM).
Four of the lithium leases are located immediately adjacent to two historic oil and gas wells which encountered significant brines when originally drilled. Though brines were not routinely sampled during past oil and gas drill programs, seven wells located approximately ten miles southeast of New Tech’s leases, were reported to contain from 66 ppm to 500 ppm lithium, 1,150 ppm to 6,100 ppm bromine and 18,800 to 41,958 and are within the same formations that occur on the Company’s leases.
In addition, two leases border on a more than 6,700 acre site that has been designated by the BLM as available for the location of processing and recovery facilities.
Three of the state leases have been selected as high priority target areas for initial drill testing and “Notices of Intention to Conduct Exploration” (NOI’s) have been submitted to and accepted by the State of Utah Division of Oil, Gas and Mining.
About New Tech Minerals Corp
New Tech is engaged in silver exploration on its La Escondida Silver and Gold project in Sonora, Mexico, and holds significant lithium, brine and potash assets in the Paradox Basin, Utah.
Qualified Person:
Mr. Kent Ausburn, PhD, CPG is the qualified person as defined by National Instrument 43-101 reviewed and approved the technical information in this news release.
On behalf of the Board of Directors
“Jonathan George”, President & 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.
Forward Looking Information
This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future performance of the Company, and include, without limitation, statements relating to plans for the exploration of the Paradox Basin Project and the magnitude and quality of the Paradox Basin Project. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information in this news release, including without limitation, the following risks and uncertainties; (i) risks inherent in the mining industry; (ii) regulatory and environmental risks; (iii) results of exploration activities and development of mineral properties; (iv) risks relating to the estimation of mineral resources; (v) stock market volatility and capital market fluctuations; and (vi) general market and industry conditions. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada at www.sedar.com. The Company assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by applicable law.