Vancouver, B.C., October 23, 2018: New Tech Lithium (the “Company”) (NTM:CSE is pleased to announce acquisition of the Tule Cobalt Prospect, hosted in the Humboldt Mafic Intrusive Complex in Nevada. The Tule prospect consists of eight US Federal lode mining claims which cover approximately 1-mile of strike length of a large gossanous outcrop of strongly oxidized and limonite-altered pyrite-bearing rock. New Tech Lithium can earn 100% ownership of the eight mining claims for payment of $100,000 USD + 400,000 shares of NTM over 3-years, plus completion of a $500,000 USD work program over 4-years. The vendor will retain a 2% NSR subsequent to the successful completion of the 100% earn-in. One-half (1/2) of the 2% NSR (1%) can be purchased by NTM any time and at their discretion for $1,000,000 USD.
The geology and mineralization of the Tule cobalt occurrence are considered by NTM geologists to be similar to NTM’s Buena Vista Hills Cobalt Project, located some 11 to 12 miles to the eastsoutheast. The intensely leached gossanous material exposed at the surface contains low-levels of cobalt, supported by three NTM check samples (13 ppm, 14 ppm, and 23 ppm Co) and historic sampling (30 ppm - 60 ppm Co; Parker Mining Corporation, Internal Report, 2001). Parker Mining Corporation also reported in the same document cobalt concentrations ranging from 300 ppm - 1285 ppm cobalt (~0.03% - 0.13% Co) from several partially-oxidized, pyrite-rich rock samples collected from several old mine dumps on the property. These partially-oxidized samples presumably represent cobalt-bearing pyrite from the oxide-sulfide transition zone at depth, suggesting the potential occurrence of cobalt concentrations greater than 0.1% in “fresh” pyrite below the oxide zone.
With the exception of the NTM check samples, these cobalt results are considered historic in nature. In the case of the historic samples collected and reported by Parker Mining Corporation, sample collection, sample preparation and QA/QC protocol cannot be verified to have been conducted under the supervision of a Qualified Person as defined by NI 43-101 and cannot be unequivocally relied upon. Detailed sampling and assaying of the magnetite-pyrite mineralized zones via drilling by NTM will be required to reliably determine the true concentrations and distribution of cobalt mineralization.
New Tech Lithium is engaged in the exploration and development of promising Cobalt and Lithium projects in America, including the Buena Vista Hills Cobalt project in Nevada, the Fredericktown Cobalt project in Missouri and the Paradox Basin Lithium-Bromine project in Utah/Colorado. The Company is managed by seasoned professionals with extensive experience in mineral exploration and development throughout the world.
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.