New Tech Minerals acquires 100% interest in Paradox Basin Potash and Brine rights through purchase of Sweetwater River Resources LLC
Vancouver, B.C. / July 3, 2019 / JMN Wire / New Tech Minerals Corp (NTM-CSE) (“New Tech” or the “Company”), is pleased to announce that it has purchased Sweetwater River Resources LLC (“Sweetwater”), a private Wyoming , U.S. company which is the applicant of record for 12 Federal Potash Prospecting Permit applications covering 27,331 acres within the Paradox Basin, Grand County, Utah.
Through the purchase of Sweetwater, the Company has now satisfied all obligations under a preexisting option agreement between the parties and as a result now has 100% interest (subject to a 2% NSR) in all rights associated with the Potash Permits when granted.
New Tech’s Paradox Basin Potash and Brine Project has an Exploration Target of 600 million to 1 billion tons of sylvinite (eKCL) grading between 19% to 29%, as reported in a NI-43-101 Technical Report prepared by Agapito Associates, October ,2012.*
The project is comprised of 305 placer claims (6,100 acres), 11 State of Utah mineral leases (7,050 acres) and 12 Federal Potash Prospecting Permit applications (27,331 acres) representing one of the largest land packages in Utah’s Paradox Basin permissible for potash and brine exploration and development.
Located approximately 14 miles west of Intrepid Potash’s Moab Solution Potash Mine, New Tech’s Exploration Target is within the same horizon (cycle 5) that Intrepid Potash has been producing from for many years.
The project area boasts excellent infrastructure including railway, power and road access. Importantly, a large area on the northeast border of the project has been designated for solar evaporation ponds for future developments.
Jonathan George, President and CEO, commented, ”Given the grades and size of the potash Exploration Target identified in Cycle 5, which America’s largest potash producer has been successfully mining for years, the Paradox Basin Potash and Brine Project represents a rare opportunity for further exploration and development, particularly with potash prices recovering over the past year”.
*Cautionary Note: Exploration Targets are conceptual in nature and there has been insufficient exploration to define them as Mineral Resources, and, while reasonable potential may exist, it is undertain whether further exploration will result in the determination of a Mineral Resource under NI 43-101. The Potash 5 Exploration Target is not being reported as part of any Mineral Resource or Mineral Reserve.
Kent Ausburn, PhD, PG is a qualified person within the meaning of NI 43-101. Dr Ausburn has reviewed and is responsible for the technical details of this release.
About New Tech Minerals Corp.
New Tech is engaged in the exploration and development of promising potash/brine, cobalt and vanadium projects in America, including the Paradox Basin Potash and the Brine project in Utah, the Buena Vista and Tule cobalt projects in Nevada and the Fredericktown cobalt project in Missouri.
On behalf of the Board of Directors
Jonathan George, President & 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.