New Tech Lithium Corp (CSE:NTM) is pleased to announce that it has initiated a Phase 1 exploration program at its Buena Vista Hills Cobalt project, located 25 miles southeast of Lovelock, Nevada.
The program, with an estimated budget of US $250,000, will consist of a review and re-interpretation of a historic airborne magnetic survey, a detailed geologic/geochemical survey and a drill program comprised of approximately 2,400 feet of diamond drilling and 3,300 feet of reverse circulation drilling.
The Buena Vista Hills cobalt project encompasses the past producing open-pit Segerstrom–Heizer iron ore mine which produced more than 1.2 million tons of iron ore from 1943-1966. An historic open-pit “reserve” estimate, as reported by The Nevada Bureau of Mines, Bulletin 89 (1977), was estimated at 35 million tons with an average grade of 30% iron. The “reserve” estimate reported by the Nevada Bureau of Mines (NBM) in 1977 was derived by the NBM from geophysics (magnetics) survey and historic drilling data, and iron-ore production at the Segerstrom-Heizer Mine before NI 43-101 Disclosure of Historical Estimates guidelines existed and additional drilling and sampling must be completed to verify and up-date the historic estimate. A Qualified Person (QP) has not done sufficient work or have sufficient information to classify the historic estimate as a current mineral resource or mineral reserve. Therefore, NTM is not treating the historic estimate as a current mineral resource or reserve.
Cobalt mineralization at Buena Vista Hills occurs within disseminations and stockwork veins of pyrite and is characterized as an Iron-Cobalt deposit. Recent rock chip sampling conducted by the Company along the northeast margins of the open pit resulted in cobalt values ranging from 0.04% Co to 0.113% Co and supported historic reported “cut” sample results (lowest, 0.009% Co, and highest, 1.2% Co, samples are “cut” from the DeMatties data base) which averaged 0.18% Co (T. DeMatties, unpublished pre-print data).
A 580-foot vertical reverse circulation drill hole was completed approximately 330-feet northeast of the Segerstrom-Heizer open pit mine by Zephyr Mining Ltd. in 2008 and returned a 40-foot interval with an average grade of 0.12% CoO occurring within a 60-foot interval of 0.10% CoO and a 90-foot interval of 0.09% CoO (see NTM April 15, 2018 News Release).
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.