New Point Exploration

Battery Metal Exploration in North America

This profile is part of a paid investor education campaign.*

Overview

New Point Exploration Corp. (CSE:NP) is an exploration company engaged in acquiring, exploring and developing mineral properties focused on supplying the growing battery industry. To that effect, New Point has been building a portfolio of high-grade lithium, cobalt and copper properties in mining-friendly jurisdictions in North America.

New Point has two projects in Nevada, United States. The Majuba Hill copper project is a past producing property which historically produced 2.8 million pounds of copper, 184,000 ounces of silver, 885,800 pounds of lead, 106,000 pounds of zinc, 21,000 pounds of tin and 5,800 ounces of gold between 1907 and 1960.

The Empire Lithium property also resides in Nevada. Between 2008 and 2016, geochemical tests were conducted on the property and the results range from 78.8 to 600 ppm lithium with a median value of 300 ppm. Finally, New Point has acquired the Mid-Corner cobalt Project in Newfoundland. The project has an existing net smelter return (NSR) of two percent. The district that the property is situated in is under explored, but has the potential to contain significant cobalt and zinc mineralizations.

New Point’s management is experienced in the financial sector and is supported by the experience and expertise of geologists E.L. ‘Buster’ Hunsaker and Eric Saderholm. Both Hunsaker and Saderholm are from Elko, Nevada and have worked on projects across the state. Hunsaker has worked on the Majuba Hill project for the past 12 years for Newmont Mining (NYSE:NEM) and will be helping design the upcoming work programs.

Management is also notably invested within the company. President and CEO Bryn Gardner-Evans owns 10 percent of the shares himself and all other directors in the company own shares as well.

To get more information on the financing through Front Fundr, click here.

Company Highlights

  • 38,498 feet of core and drilling completed at Majuba Hill since 1970.
  • Historic drilling at Majuba Hill included a 113 meter interval that graded 0.45 percent copper.
  • Empire Lithium soil sampling program showed values of 78.8 to 600 ppm lithium with a median value of 300 ppm.
  • Mid-Corner cobalt project has an existing 2 percent NSR.
  • Well structured company with a seasoned management team.
  • President and CEO Bryn Gardner-Evans owns 10 percent of the shares.

Majuba Hill Copper Project

In May 2018, New Point entered into an exploration lease and option to purchase agreement with Majuba Hill LLC, for the Majuba Hill copper project. The property is approximately 113 kilometers southwest of Winnemucca, Nevada and approximately 251 kilometers northeast of Reno, Nevada.

The property is accessible on well maintained country roads and all mineral exploration services, including supplies, analytical laboratories and drilling service companies, are available in Reno or Elko, Nevada.

Historic exploration

In 1907, the Majuba Hill district was discovered when copper-stained outcrops and cassiterite float were identified. In the early part of the 1900s, high-grade copper and minor tin production was produced from oxidized ore at the Majuba mine. Between 1907 and 1960, historic underground mining was conducted and reportedly produced 2.8 million pounds of copper, 184,000 ounces of silver, 885,800 pounds of lead, 106,000 pounds of zinc, 21,000 pounds of tin and 5,800 ounces of gold.

Modern exploration began in 1971 when Mine Finders Inc. thought that Majuba Hill might contain porphyry molybdenum orebodies similar to those mined in Colorado. Since the 1970s, exploration has continued and a porphyry system was recognized and defined following 38,498 feet of drilling completed by various companies:

  • Between 1970 and 1974, 19,834 feet of core by Mine Finders.
  • Between 2006 and 2008, 8,560 feet of RC by Minterra Resource Corp.
  • Between 2011 and 2014, 10,104 feet of core by Max Resources.

 

Ongoing exploration

Between 2007 and the present, 35 holes with a total of 18,584 feet have been drilled at Majuba Hill. Modern drilling records are in very good condition and have been converted into an electronic format along with all assay certificates and results. Drilling has shown significant intercepts of low grade copper and silver in both oxide and sulfide mineralization.

Commencing in October, New Point will be drilling an additional three to four holes on the property, which will target the original mine area and at a depth below any previous work.

Empire Lithium Project

In May 2018, New Point entered into a share purchase agreement with Goldhat Resources Inc. where New Point acquired the exclusive lease of certain unpatented mining claims, known as the Empire Lithium Property.

The project is located on the San Emidio Desert and is a dry playa lake in northeastern Washoe County, which is approximately 98 kilometers northeast of Reno, Nevada and approximately 88 kilometers north of Fernley, Nevada. The property consists of 143 placer claims and covers 1,156 hectares of playa and alluvial fan.

Geology and mineralization

The San Emidio Desert basin is approximately 38 kilometers long and 11 kilometers wide. The central playa measures approximately 8.5 kilometers north to south and 4.5 kilometers east to west. The valley is about 2,000 meters deep and filled with coarse conglomerate, gravel, sand and silt in the upper part of the valley with volcanic rocks, tuff beds and volcanic sediments in the lower part of the valley. Outcrops of iron-rich travertine and algal mound tufa are found near the springs on the western portion of the property.

The San Emidio Desert contains a playa-related lithium brine deposit similar to productive playas in Clayton Valley, Nevada and several areas of South America. Sections of the San Emidio Desert lithium project are being targeted by New Point based on solid geologic information in comparison to established lithium brine models. Exposed mineralization has been found in a salt crust on the playa surface. Unfortunately this can make lithium brine difficult to identify in outcrop exposures and requires that a chemical analysis is conducted in order to identify the lithium brine.

Historical exploration

In 1900, the first mining claims on the property were looking for sulfur, mercury and opal. In the 1930s, the depression sparked a renewed interest in the area as people looked for silver and gold.

In 1975 and 1978, exploration for geothermal energy was undertaken by Chevron (NYSE:CVX) with two geothermal test wells of 1,223 and 1,636 meters. There is no evidence that significant exploration has been conducted on the property.

Geochemical exploration

A grid soil sampling program was conducted to test for lithium and other elements in surface soil samples. A total of 172 samples were collected in 200 meters intervals on lines spaced 400 meters apart. The program produced results ranging from 78.8 to 600 ppm lithium with a median value of 300 ppm. These values are comparable to those obtained at Teels Marsh by Dajin Resources (TSXV:DJI,OTCMKTS:DJIFF,Germany: C2U1).

The program indicated that lithium is present in the groundwater, is concentrated in the evaporites and provides feed material for gravity concentration of brines. The connection between lithium values found in clay concentrates and those found in bulk soil samples remains unclear.

Ongoing exploration

New Point will be conducting more exploration work to better understand the size of the porphyry found and to verify geochemical exploration results from various areas on the property.

Mid-Corner Cobalt Project

In March 2018, New Point entered into an option agreement with a private vendor to acquire 100 percent interest in the Mid-Corner cobalt project, which is subject to an existing two percent NSR. The property comprises of three licences and 15 mineral claims.

The Mid-Corner cobalt project is located on the Avalon Peninsula approximately 60 kilometers south of St. John’s, Newfoundland and has access to Route 10. The district is under explored, but has the potential to contain significant cobalt and zinc mineralizations. Mid-Corner could house the largest and highest cobalt lake sedimentary anomaly found within the province of Newfoundland and Labrador.

Management

Bryn Gardener-Evans — President, CEO & Director

Bryn Gardener-Evans has 30 years of investment industry experience during which he has participated in raising over $100-million in debt and equity for a variety of public and private companies in various businesses and industry sectors, including mining, technology, real estate, oil and gas, and biotech.

Eric Saderholm — Director

Former Western USA Exploration Manager for Newmont (Nasdaq: NEM), Eric Saderholm is a well-respected, Elko-based geologist with decades of discovery to production experience in both major and minor resource companies. He is a Registered Member and Qualified Person and he is a member of the Society for Mining, Metallurgy and Exploration RM#04145463.

Dusan Berka — Director

Dusan Berka is a graduate engineer with a M.Sc. degree from the Slovak Technical University, Bratislava, Slovakia (1968) and is a member of the Association of Professional Engineers and Geoscientists of B.C. since 1977.

Robert Coltura — Director

Robert Coltura is a businessman and entrepreneur with over a decade of experience in junior resource. He is currently President and principal shareholder of Matalia Investments Ltd.

James Hyland — Director

Mr. James Hyland brings more than 25 years of experience in the public markets as a financial and marketing consultant, a corporate founder and manager of numerous early stage public and private businesses.  His industry expertise includes mining, publishing, financial services, oil & gas, hospitality, technology, alternative energy and healthcare appliances. He is currently a Director of Tasca Resources Corp. (TSX.V: TAC), Resolve Ventures Inc. (TSX.V: RSV) and BLOK Technologies Inc. (CSE: BLK). He earned a Bachelor of Commerce in Entrepreneurial Management from Royal Roads University of Victoria, BC. Canada.

E.L. “Buster” Hunsaker — Advisor

Since the early 1980’s, Buster Hunsaker has been engaged in exploration and evaluation of quality mineral deposits primarily in the western United States. As well as designing, implementing, and managing exploration programs, he has been employed by both mid-size and major mining companies, including Atlas Precious Metals, Echo Bay, and Newmont, as Senior Geologist, Chief Mine Geologist, and Project Geologist. He holds a B.S. degree in Geological Engineering from the Colorado School of Mines and an M.S. degree in Economic Geology from Colorado State University.

 

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