Exploring Lithium and Potash in the Paradox Basin
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New Tech Lithium Corp (CSE:NTM) is a resource company focused on the exploration of lithium and potash within the Paradox basin in Utah and Colorado. As a first mover in the region, New Tech Lithium has holdings in three properties: the Ten Mile lithium and potash property in Utah and the Southeast Lisbon Valley and Andy’s Mesa properties in Colorado.
The Paradox Basin is an area that straddles the southern portion of the Utah-Colorado border. Rich in multi-commodity brines that have the potential to host lithium, bromine and potassium, the region is one of two in the world that hosts lithium and bromine together. Unlike most of the lithium-rich regions in South America, the Paradox basin is also unique as it sits in a historic sea bed as opposed to a lake bed.
New Tech Lithium has been working within the Paradox basin for the last eight years, looking to establish a potash exploration and development program on their Ten Mile property. In this time, they released an NI 43-101 compliant exploration target of 600 million to 1 billion tonnes of potash.
During their potash exploration activities, the company discovered the presence of subsurface lithium brines, and this led them to acquire federal and state lithium mining claims and licenses on their existing property as well as additional land claim blocks in Colorado. This makes New Tech Lithium uniquely positioned as the only lithium explorer in the Paradox basin that also has the potential to recover and develop potash in brines.
In early 2017, New Tech Lithium entered into a joint venture deal with Power Metals (TSXV:PWM) on their Utah-based lithium-brine project in the Ten Mile property. Under this agreement, Power Metals can earn up to a 65 percent interest in the company’s Utah lithium holdings by completing two lithium brine exploration wells. The first of these has to be completed within the first six months of signing the agreement, and the second within the first year.
New Tech Lithium also holds two properties that make up its Colorado lithium project. These land claim blocks host historic and current oil and gas wells that can be accessed for the sampling of lithium brine aquifers. The company is working on identifying target drill areas on the property that will help determine the size and grade of the lithium resource.
The New Tech Lithium management team is one with vast experience in the industry and expertise in geology, law and the financial aspects of developing resource projects towards production. Highly invested in the company, management and insiders hold seven million shares and a major independent shareholder holds over 20 percent of shares.
- First-mover status in the highly-prospective Paradox basin that straddles the Utah and Colorado border
- Uniquely diversified portfolio in lithium and potash exploration in Paradox basin which hosts multi-commodity brines containing lithium, potassium and bromine
- NI 43-101 exploration target of 600 million to 1 billion tonnes of potash in Utah property
- Significant land position for lithium brine exploration: 13,200 acres in Utah and 12,100 acres in Colorado
- Large area on property designated by BLM for location of processing-recovery facilities
- Several operating oil and gas wells on Colorado properties that can be accessed and sampled in near-term
- Drilling program scheduled to begin in March 2018
The Paradox basin is a large Pennsylvanian-age marine basin that sits on the southeastern corner of Utah and the southwestern corner of Colorado. An area known for oil and gas drilling, the basin is one of two regions in the world that holds both lithium and bromine together.
The basin also includes a thick series of marine evaporite deposits making up the Paradox Formation, which hosts 29 salt-evaporite sequences separated by clastic beds, which can function as brine aquifer host beds.
The brines within the Paradox basin are multi-commodity brines with potentially economic concentrations of high-grade lithium, bromine, potassium and boron. Samples taken from various zones within the basin include 66 ppm to 500 ppm lithium, 18,800 ppm to 41,958 ppm potassium and 1,150 ppm to 6,100 ppm bromine.
New Tech Lithium has taken advantage of its first mover status within this region to gather extensive knowledge on the area through the purchase of a significant database made up of historic oil and gas well logs, production data and seismic survey data. The company is working on developing both lithium-brine and potash projects with the goal of making them production ready.
AsNew Tech Lithium progressed with its potash exploration initiatives in the Paradox basin, the company noticed the presence of enriched lithium concentrations within subsurface brines. This led to the acquisition of federal placer lithium claims and state leases within their Utah property and across the state border, on the Colorado side of the Paradox basin.
Utah lithium property
Within the confines of New Tech Lithium’s existing potash prospecting permit application, the Ten Mile property, the company has acquired federal placer lithium claims and Utah State lithium leases adding up to a total 13,200 acres of land dedicated to lithium-brine exploration. The property is located in Utah’s Grand County, under 30 kilometers west of Moab. The project is supported by easy road access, a nearby railway and highway, a power line running alongside the property and access to water from being on the border of the Green River. Ten Mile also includes two historic oil and gas wells—the federal 1-26 and Shell Quintana—both of which documented brine occurrences.
In early 2017, New Tech Lithium announced a joint venture agreement with Power Metals for a 65 percent interest in their Utah lithium holdings. As part of the agreement, Power Metals will drill two wells on the property in 2018, targeting known lithium brine aquifers beneath the Utah state leases and beneath their federal lithium claims. Additionally, the Bureau of Land Management (BLM) recently designated an area on the Utah property for the build of processing-recovery facilities.
Colorado lithium properties
The Colorado project covers two wholly owned properties: the Southeast Lisbon Valley and Andy’s Mesa claim blocks, adding up to 608 federal placer mining claims of a total 12,100 acres. The two claim blocks host existing operating and shut-in oil and gas wells, which can be accessed for sampling and exploring deeper brine aquifers.
The Southeast Lisbon Valley property is made up of 338 federal placer claims totalling 6,700 acres. It is located approximately 10 kilometers southeast of the Lisbon well, which is known for producing lithium values of up to 339 ppm elemental lithium. The Andy’s Mesa property covers 270 federal claims that add up to 5,400 acres within the Andy’s Mesa well field.
Next steps for the Colorado properties include further research on the brine aquifer stratigraphic and structural controls, bringing the company closer to developing target brine exploration wells.
New Tech Lithium’s Ten Mile project is located less than 20 kilometers northwest of Intrepid Potash’s evaporation pond mining operation. It includes 27,000 acres of land under potash prospecting permit applications, within which the company has acquired their federal mining claims and Utah state licenses. The property also hosts an NI 43-101 compliant exploration target of 600 million to 1 billion tonnes of potash with an average grade of between 19 and 29 percent eKCl. This resource was outlined in the NI 43-101 technical report drafted by the company’s potash consultant, Agapito Associates Inc.
Rudy de Jonge—CEO
Rudy de Jonge has over 20 years experience with publicly trading mining exploration companies. His experience in investor relations, managing IPOs, financing, corporate development, team building, and project acquisitions is extensive.
He has many years of experience in project acquisitions and management in international markets. Including the countries of Peru, Indonesia, Tanzania, Brazil and projects in Canada and the United States. He has been instrumental in the creation and development of many public companies in the past. His experience includes being a founding director for Evolving Gold Ltd, founding promoter of Confederation Minerals Ltd, director for Great Quest Metals Ltd and founding promoter of
Continent Resources Inc (currently Copper One Inc).
John A. Greig, MSc, PGeo—Director
John A. Greig has played a key role in a number of successful exploration/development projects since 1969, both in Canada and internationally. He is experienced in the management and financing of public companies. He was a founder of Sutton Resources Ltd, Cumberland Resources Ltd and EuroZinc Mining Corp, serving as director and chairman for these companies as well. Greig has also served on the boards of Winspear Resources Ltd, Dynamic Oil and Gas Inc and Shellbridge Oil and Gas Inc.
He holds a BS Hons degree in Geology from McGill University, Montreal, and an MSc degree in Geology from the University of Alberta, Edmonton. He has a Professional Geoscientist designation with the Association of Professional Engineers and Geoscientists of British Columbia. He s also a life member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta.
Lawrence Dick, PhD, PGeo—Director
Dr. Lawrence Dick is a professional geologist with over 35 years of experience in base and precious metals exploration worldwide. He spent over 20 years exploring for copper and gold throughout South America and was credited with major finds at Collahuasi (Chile); Golden Bear (B.C.) and the San Jose silver deposit in Mexico. After a 17-year stint with Chevron Minerals Ltd, where he was Director of Exploration in Latin America, he consulted for SRK and his own consultancy before co-founding General Minerals Corporation (now Sprott Resource Corporation) and then co-founding and acting as President and Chief Executive Officer of Evolving Gold Corporation.
He currently serves as Chief Geologist and Manager of the Resource Group for Baron Global Financial Canada Ltd, a Hong Kong based merchant bank dedicated to the identification, acquisition, exploration and marketing of mining projects worldwide. He also serves on a number of boards, including Timmins Gold Corp, Copper one Inc, United Mining Group Inc and Confederation Minerals Ltd.
Kenneth R. Holmes, LLB—Director
Kenneth R. Holmes began his legal career in 1982 and spent 10 years in a predominantly corporate and securities practice, which also included a full complement of commercial, real estate, tax technology and intellectual property matters and often had international issues and elements. This resulted in exposure to and an understanding of a broad range of businesses and transactions, including natural resource (mining, oil and gas) companies.
Since 1991, he has been acting as in-house counsel and senior management of, or consulting to, companies, public and private, involved in businesses ranging from natural resource exploration, franchising, television production and gaming. He also serves on the board of Confederation Minerals Ltd.
Kent Ausburn, PhD, PGeo—Title
Dr. Kent Ausburn is a senior geologist with over 30 years of experience in the mineral exploration/mining industry, with three years experience as a consulting hydrogeologist, leading to a focus on property acquisition with equity positions in both private and public companies. He has extensive field and management experience in the minerals business in a wide variety of mineral deposits, rock types and geologic terrains.
He has worked and managed exploration programs in several countries including the Western USA, Alaska, Mexico, Colombia, SW Mainland China and Malaysia and has also consulted for several environmental consulting companies in the highly competitive and regulatory-complex Los Angeles-Orange County areas of Southern California. He also serves on the board of Confederation Minerals Ltd.
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