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New Tech Lithium acquiring cobalt property in Nevada

New Tech Lithium Corp. said March 12 that it signed a letter of intent with an arm's-length vendor to lease the mineral rights over a cobalt property covering 640 acres in Nevada.

The company will pay C$75,000 in cash and issue 750,000 shares over two years, with a minimum C$50,000 annual royalty payment over a 10-year period starting in the fourth year of the lease.

New Tech Lithium, previously known as American Potash Corp., must also spend C$700,000 on the property over three years.

The vendor will also retain a 1% net smelter royalty, half of which the company can repurchase for C$500,000.

The deal is subject to a 90-day due diligence period and an agreement with the previous landholder to reduce an underlying non-iron ore NSR to no more than 2.0%.