NTH:CC - Nord Precious Metals Signed LOI to Option Two Gold Properties in Sweden with 27.1 gpt Gold at Finnsbo and up to 12.1 gpt Gold at Norrby
(TheNewswire)
High grade gold assays from recent surface discoveries and historicalmine sampling
July 9, 2024 – TheNewswire- Coquitlam, BC, Nord Precious Metals MiningInc., (TSXV: NTH) (OTCQB: CCWOF) (Frankfurt:4T9B) (the "Company" or "Nord” or “Nord PreciousMetals”), is pleased to announce it has signed a non-binding Letterof Intent (LOI) to purchase 80% of two exploration permits in Swedenwith the option to purchase the remaining 20% after successfullycompleting the option terms.
Finnsbo Property Highlights:
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A recent grab sample at Finnsbo, gadolinitemineralization with gold bearing chalcopyrite, had 27.1 grams pertonne (gpt) Gold, 1.44% Copper and 5.3% TREOY. Nd-Pr-Dy account for25%.
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The 586.8 hectare property is located in UppsalaCounty, Sweden with road access and near infrastructure.
Grab samples are selective samples and do not necessarily indicate themineral composition of the property. Future controlled sampling willneed to be conducted.
Norrby Property Highlights:
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An average assay result from 17 grab samples was 3.55gpt Gold in a range of 12.1gpt Gold to 1.1 gpt Gold with copper-cobaltassays.
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The 365.4 hectare property is also located in UppsalaCounty, Sweden with road access and near infrastructure.
Grab samples are selective samples and do not necessarily indicate themineral composition of the property. Future controlled sampling willneed to be conducted.
“We are excited to get boots on the ground toevaluate this prospect, an area that has seen artisanal mining forcenturies for iron and could have a new life with this discovery of27.1 gpt gold, 5.3% TREOY and 1.44% Copper. We see a lot of demand toacquire new sources copper, and there is a need for western supply ofREE; it is promising to see a deposit that could be paid by gold toopen up new avenues for copper and REE,” said Matthew Halliday,P.Geo, President of Nord Precious Metals.
Finnsbo and NorrsbyProperties:
The geology of Finnsbo and Norrsby are composed of a deformed sequenceof felsic to intermediate pyroclastic units with zones of arenite andlocally intercalated dolomitic to limestone horizons. ThisPalaeo-Proterozoic sequence of volcano-sedimentary rock is moderatelymetamorphosed, silicified and intruded by mafic dykes. Mineralizationpatterns suggest that the overall control is polyphase structuralzones that have conducted fluids up and away from the mafic root. Themineralization is both spatially and temporarily zoned. Mineralizingfluids are highly exotic and can contain anomalous Au, Cu, REE, Be,Re, Co, Mn, In, Zn.
Option Agreement:
The non-binding letter of intent dated July 2, 2024 sets forth theterms and conditions which shall form the basis of the optionagreement whereby Nord Precious Metals Mining Inc. (the “Company”)may acquire up to a 80% interest in certain mining claims located inUppsala County, Sweden (the “Property”). After completion of therequirements of the option agreement Nord has the right to acquire theadditional 20% for cash payment.
The Company and Optionor shall enter into the Option Agreement wherebythe Optionor shall grant to the Company the right to acquire anundivided 80% interest in and to the Property as follows:
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a) Cash payment of USD$100,000 tobe paid to the Optionor, upon TSX Venture Exchange (“Exchange”)approval to the Definitive Agreement;
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b) The Company incurs explorationexpenditures on the Property in the amount USD$170,000 on or beforethe one-year anniversary of the Definitive Agreement, to earn anundivided 80% interest in the Property;
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c) Commitment to fund studies forbulk sampling permit;
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d) Upon exercise of the Option bythe Company, the Company grants to the Optionor a1.5% NSR on theProperty. The Company retains a $500,000 buy back on 1% of theNSR.
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e) Additional 20% interest in theproperty can be purchased by cash payment to the Optionor ofUSD$300,000.
Qualified Person
The technical information in this news release wasapproved and prepared under the supervision of Mr. Matthew Halliday,P.Geo., (PGO), President and COO of Nord Precious Metals Inc., aqualified person accordance with National Instrument 43-101.
About Nord Precious Metals MiningInc.
Nord Precious Metals Mining Inc. (formerly CanadaSilver Cobalt Works Inc.) recently discovered a major high-gradesilver vein system at Castle East located 1.5 km from its 100%-owned,past-producing Castle Mine near Gowganda in the prolific andworld-class silver-cobalt mining district of Northern Ontario. TheCompany has completed a 60,000 m drill program aimed at expanding thesize of the deposit with an update to the resource estimateunderway.
In May 2020, based on a small initial drill program,the Company published the region’s first 43-101 resource estimatethat contained a total of 7.56 million ounces of silver in Inferredresources, comprising very high-grade silver (8,582 grams per tonneun-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections(1A and 1B) of the Castle East Robinson Zone, beginning at a verticaldepth of approximately 400 meters. Note that mineral resources thatare not mineral reserves and do not have demonstrated economicviability. Please refer to the Nord Precious Metals (previously CanadaSilver Cobalt Works) Press Release May 28, 2020, for the resourceestimate. Report reference: Rachidi, M. 2020, NI 43-101 TechnicalReport Mineral Resource Estimate for Castle East, Robinson Zone,Ontario, Canada, with an effective date of May 28, 2020, and asignature date of July 13, 2020.
The Company also has: (1) 14 battery metals propertiesin Northern Quebec where it has recently completed a nearly16,000-metre drill program on the Graal property; and (2) St.Denis-Sangster lithium project – 260 square kilometers of greenfieldexploration ground with numerous pegmatites focussed along asignificant volcanic sedimentary rock – Archean granite contact nearCochrane, Ontario contiguous to Power Metals’ Case Lake Lithiumproperties.
Nord Precious Metal’s flagship silver-cobalt Castlemine and 78 sq. km Castle property feature strong exploration upsidefor silver, cobalt, nickel, gold, and copper. With underground accessat the fully owned Castle Mine, an exceptional high-grade silverdiscovery at Castle East, a pilot plant to produce cobalt-rich gravityconcentrates, a processing facility (TTL Laboratories) in the town ofCobalt, and a proprietary hydrometallurgical process known as Re-2Ox(for the creation of technical-grade cobalt sulphate as well asnickel-manganese-cobalt (NMC) formulations), Nord Precious Metals isstrategically positioned to become a Canadian leader in thesilver-cobalt space. More information is available at www.nordpreciousmetals.com .
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“Frank J. Basa”
Frank J. Basa, P. Eng. Professional EngineerOntario
Chief Executive Officer
For further information, contact:
Frank J. Basa
Chief Executive Officer
416-625-2342
or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Caution RegardingForward-Looking Statements
This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-looking statements. The Company does notundertake to update any forward-looking information in this newsrelease or other communications unless required by law.
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