New Tech Li starts phase 1 exploration at Buena Vista 2018-08-08 09:18 ET - News Release
Mr. Rudy de Jonge reports
PHASE 1 EXPLORATION PROGRAM COMMENCES AT BUENA VISTA HILLS COBALT PROJECT, PERSHING COUNTY, NEVADA
New Tech Lithium Corp. has initiated a phase 1 exploration program at its Buena Vista Hills cobalt project, located 25 miles southeast of Lovelock, Nev.
The program, with an estimated budget of $250,000 (U.S.), will consist of a review and reinterpretation of a historic airborne magnetic survey, a detailed geologic/geochemical survey, and a drill program consisting 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 to 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 per cent 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 National Instrument 43-101 disclosure of historical estimates guidelines existed, and additional drilling and sampling must be completed to verify and update 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, New Tech 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 per cent Co to 0.113 per cent Co and supported historic reported cut sample results (lowest, 0.009 per cent Co, and highest, 1.2 per cent Co, samples are cut from the DeMatties data base) which averaged 0.18 per cent Co (T. DeMatties, unpublished preprint data).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 per cent CoO occurring within a 60-foot interval of 0.10 per cent CoO and a 90-foot interval of 0.09 per cent CoO.
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 Dr. Kent Ausburn, PhD, PGeo, 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.
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