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Rock Tech Notifies Vendors of Intent to Proceed with Nogalito Acquisition
Rock Tech Notifies Vendors of Intent to Proceed with Nogalito Acquisition Canada N...
About this update from Rock Tech Lithium Inc.
[{"type":"text","content":"\n\n\n\nRock Tech Notifies Vendors of Intent to Proceed with Nogalito Acquisition\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 12, 2018\n\n\n\nVANCOUVER, March 12, 2018 /CNW/ - Rock Tech Lithium Inc. (the \"Company\" or \"Rock Tech\") [TSX-V: RCK; Frankfurt: RJIB (WKN: A1XF0V)] is pleased to announce it has completed satisfactory due diligence on the Nogalito lithium property in Sonora, Mexico. As announced on February 20, 2018, the Company has entered into a Letter of Intent (\"LOI\") to acquire, through its wholly-owned subsidiary, Minerales de Baterias SA de CV, a 100% interest in the Nogalito lithium property in Sonora, Mexico, subject to regulatory approval.\n\n\n \n \n\n \nThe Company has provided written notice to the property vendors stating its wishes to proceed with the transaction. Accordingly, Rock Tech has paid US$20,000 to the vendors per the terms of the LOI.\n\nRock Tech collected five (5) samples from unconsolidated surface sediments in the basin and analyzed their lithium content. All five samples were anomalous for lithium with assays ranging from 150 ppm to 600 ppm lithium, averaging 292 ppm lithium. US Borax Inc. collected 136 sediment samples in 1990 of which 108 returned values between 200 ppm and 498 ppm lithium, twenty-seven (27) returned values between 523 ppm and 968 ppm lithium and one returned a value of 1,166 ppm lithium.\n\nMartin Stephan, Chief Executive Officer of Rock Tech, commented, \"The Nogalito project represents a low-cost acquisition for Rock Tech's shareholders, though our expectations of its potential are high as past operators have sampled as high as 1,166 ppm lithium and our due diligence samples returned up to 600 ppm lithium. Our short-terms goals will be to work with the relevant authorities to have the claims granted and develop and execute work programs aimed at confirming the presence of a basin containing lithium-rich brine.\"\n\nAdditionally, the Company is pleased to announce the continued business relationship with Arriva Management Inc. (\"Arriva\") for mineral exploration and ...