(TheNewswire)
Vancouver, BC - TheNewswire - October 13, 2020 - NORTEC MINERALS CORP . (the "Company" or "Nortec") ( TSXV : NVT ):
Further to the Company's press releases dated September15 and 24, 2020, Nortec provides additional information for theexploration program on its CottonwoodUranium-Vanadium Project (the "Cottonwood Property") inGarfield County, Southeast Utah, USA. The Property is locatedapproximately 372 kilometres (230 miles) by road southeast of SaltLake City, Utah and is situated in the Cottonwood Wash-Trachyteuranium-vanadium district, Henry Mountains Basin.
The exploration program is being supervised by Mr.James Rasmussen, BS., CPG., a qualified geologist with several yearsof experience in this area exploring and developing uranium deposits. He worked as Exploration Manager for Uranium One Americas (Uranium OneInc.) and as Senior Geologist for US Energy Corporation. He also worked as a Research/Development Geologist withEnergy Fuels Nuclear Inc. He oversaw their exploration programs for hydrothermal, sediment-hosted and brecciapipe-hosted uranium projects in Utah, Arizona and Colorado. Hemanaged an exploration team that located and developed resourcesexceeding 20 million pounds of U 3 O 8 .
Management is very pleased to have Mr. Rasmussenguiding the exploration program to delineate potential drillingtargets on the property.
The initial Phase 1 exploration program consistsof:
- Compilation of published (and unpublished) data onthe area. Conduct additional research if warranted.
- Surface geologic mapping of the mineralized sandstonechannels to project the channels into the subsurface. This work wouldbe combined with radioactivity measurements.
- Surface rock chip sampling with emphasis onprospective sandstone channels. Samples would be analyzed at ALSLaboratory in Reno, Nevada.
- Recommend work for a Phase II field program,including a Track Etch survey to identify exploration targets in theshallow subsurface.
In May 2018, the US Government added uranium to thecritical metals list. Since the beginning of 2020 the price ofUranium has increased by 18.5% and is now above US$30 per pound. TheUS currently has 60 commercial nuclear power plants, 98 nuclearreactors and 8 more are in the planning stage. There are 440 plantsworldwide, 55 more are in construction and 109 are planned. Not onlyis the metal considered critical to the electrical supply systems butis now increasingly important to heating systems everywhere owing toclimate change and the increased pressure for green energy. Ourproperty is in an area of Utah that has been a major supplier ofuranium and there are indications that both the demand and the priceof this metal is expected to increase.
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.
About Nortec Minerals Corp.
Nortec is a mineral exploration anddevelopment company based in Vancouver, British Columbia. Nortec has a17% interest in the Tammela Gold & Lithium Project in SouthwestFinland. The Company has incurred over CDN$2.9 million in exploration,diamond drilling and support costs to earn a 51% interest in theTomboko Gold Project, Northeast Guinea, West Africa. The Company isalso evaluating advanced properties in Ecuador. Detailed informationon these projects are posted on the Company'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 its Regulation Service Provider(as that term is defined in policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release. This pressrelease contains certain forward-looking information which involveknown and unknown risks, delays and uncertainties not under theCompany's control which may cause actual results, performances orachievements of the Company to be materially different from theresults, performances or expectations implied by the forward-lookinginformation. This news release does not constitute an offer to sell or asolicitation of an offer to buy any of the securities in the UnitedStates .
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