The Nogalito property is located in a Tertiary age geologic basin with favourable felsic volcanics, sandstones and siltstones in a volcanoclastic and tuff basinal sequence comprised of lithium-bearing clay horizons, volcaniclastic sediments, clayey sandstones and sandy and calcareous sediments. These are in a fault-bounded graben that contains the known lithium in a basin of approximately 16 kilometers long by 5 kilometers wide. The region is geologically similar in nature to deposits in Chile, Argentina and Nevada with lithium in volcanic rocks around the basin presenting the potential for brine-based lithium discoveries.
Exploration work previously conducted by US Borax Inc., in 1990, exploring for borate, led to the initial lithium discoveries. The Nogalito property has concentrations of lithium with highly anomalous values up to and exceeding 1,000 ppm lithium in rock chip sampling of 1 metre channels across exposed stratigraphy. Of the US Borax Inc. sediment sampling, 108 samples collected during their exploration program returned values between 200 ppm and 498 ppm lithium, twenty-seven (27) samples returned values between 523 ppm and 968 ppm lithium and one sample returned a value of 1,166 ppm lithium.
Due Diligence Sampling by Rock Tech
Rock 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.
To acquire a 100% interest in the El Noglito lithium project, Rock Tech must complete the following:
- Payment of US$20,000 within thirty (30) days of signing the LOI (paid);
- Payment of US$20,000 and issuance of 20,000 common shares of Rock Tech upon granting of the Mining Concessions by Mexican authorities;
- Payment of US$20,000 and issuance of 30,000 common shares of Rock Tech on the first anniversary;
- Payment of US$20,000 and issuance of 40,000 common shares of Rock Tech on the second anniversary;
- Payment of US$50,000 and issuance of 160,000 common shares of Rock Tech on the third anniversary;
- Spend a minimum of US$500,000 in exploration expenditures by the third anniversary.