(TheNewswire)
Vancouver, BC - TheNewswire - September 24, 2020 - NORTEC MINERALS CORP . (the "Company" or "Nortec") ( TSXV : NVT ) (OTC:NMNZF) - Further to theCompany's press release dated September 15, 2020, Nortec is pleased toannounce that it has commenced an exploration program on its Cottonwood Uranium-Vanadium Project (the "CottonwoodProperty") located in Garfield County, Southeast Utah, USA. TheCottonwood Property is located approximately 372 kilometres (230miles) by road southeast of Salt Lake City, Utah and is situated inthe Cottonwood Wash-Trachyte uranium-vanadium district, HenryMountains Basin.
The Phase 1 exploration budget will be approximatelyUS$100,000 and includes but not limited to:
-
- Compiling available historical and publishedscientific data on the documented mineral occurrences and theunderground workings;
- Detailed geological mapping with emphasis onstratigraphy;
- Radiometric survey including channel sampling ofmineral occurrences and anomalous areas;
- Stratigraphic analysis and interpretation todetermine trends of mineralized channels;
- Track Etch orientation survey to locate any hiddenzones;
- Project management;
- Permitting for shallow diamond drilling of potentialtargets; and
- Completing a National Instrument 43-101 ("NI43-101") compliant Technical Report in respect of the CottonwoodProperty.
The Company's management and its board of directorsbelieve that this cost-efficient Phase 1 program will facilitate thedelineation of targets for diamond drilling.
Please refer to the Company's September 15, 2020 pressrelease in respect of the detailed geology, historical and publishedtechnical data and on-going exploration being carried out by othercompanies in Southeast Utah.
Mohan R. Vulimiri, M.Sc., P.Geo., Director of NortecMinerals, and O. Jay Gatten, B.S., CPG, are Qualified Persons asdefined by NI 43-101. Mr. Vulimiri and Mr. Gatten have approved thescientific and technical information in respect of the CottonwoodProperty contained in this press release.
Update in respect of the Tomboko GoldProperty, Guinea
Alamako Corporation International ("Alamako")has recently advised the Company that it no longer recognizes theCompany's ownership interest in the Tomboko Gold Property in Guinea. The Company had originally entered into an option agreement on January10, 2017 (the "Original Option Agreement") with predecessorsin title to the property to earn up to an 80% interest in theproperty, and the Company had subsequently incurred explorationexpenses on the property to earn a 51% interest in the property. Aspreviously disclosed, the Company and Alamako, the current holder ofpermits that encompass the Tomboko Gold Property, had reached animpasse, as the Company sought to enter into an option agreement withAlamako to solidify the Company's claim of a 51% beneficial ownershipinterest in the Tomboko Gold Property, and Alamako had refused toexecute a new option agreement until Nortec first reimbursed it formonthly standby expenditures that Alamako claimed it hadincurred.
The Company disputes Alamako's assertions and theCompany intends to take steps with a view to protecting its interestin the Tomboko Gold Property.
About Nortec Minerals Corp.
Nortec is a mineralexploration and development company based in Vancouver, BritishColumbia. Nortec has a 17% interest in the Tammela Gold & LithiumProject in Southwest Finland. The Company has incurred over CDN$2.9million in exploration, diamond drilling and support costs to earn a51% interest in the Tomboko Gold Project, Northeast Guinea, WestAfrica. The Company is also evaluating advanced properties inEcuador. Detailed information on these projects are posted on theCompany's website www.nortecminerals.com .
-------------------------------------- |On behalf of the Board of Directors,| | | |“Mohan R. Vulimiri” | |Mohan R. Vulimiri, Director | | | --------------------------------------
Neither the TSX Venture Exchange nor itsRegulation Service Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release. This press releasecontains certain forward-looking information which involve known andunknown risks, delays and uncertainties not under the Company'scontrol which may cause actual results, performances or achievementsof the Company to be materially different from the results,performances or expectations implied by the forward-lookinginformation. This news release does not constitute anoffer to sell or a solicitation of an offer to buy any of thesecurities in the United States .
Copyright (c) 2020 TheNewswire - All rights reserved.