Nortec Minerals announces the Start-up of Diamond Core Drilling, Tom 1 North Target, Guinea, West Africa
TSX VENTURE: NVT
Vancouver, BC / TheNewswire / February 26, 2018 - NORTEC MINERALS CORP. (the "Company" or "Nortec") (TSXV: NVT) - Nortec is pleased to announce that diamond core drilling commenced on the Southeast extension of Priority 1 - Tom 1 North Target (Priority 1).
Previous drilling on the Priority 1 target from the northwest (holes TBDD0003, 0004, 0005 and 0006) showed gold values increasing and open to the Southeast. The last hole TBD0007 returned 19 metres at 2.64 g/t Gold from 31 metres including 7 metres at 3.57 g/t and 1 metre at 17.1 g/t. The planned drill holes are shown in Figures 1 and 2. Diamond core drilling consisting of 1000 metres will test the target for a strike length of over 400 metres and to a depth of 100 metres.
Drill pads are being constructed for the Rotary Air Blast (RAB) drilling on priority 2 and 3 - and Tom 1 north targets. RAB drilling will also test the high priority termite mound anomalies and geochemical soil anomalies, as well as artisanal workings on the Tom 2 and Tom 3 targets (Figure 3).
The Tom 1, Tom 2 and Tom 3 targets are located in the Tomboko Permit, northeastern Guinea, West Africa. Nortec is earning an 80% interest in The Golden Rule Limited's holdings in Tomboko Permit and other holdings in northeastern Guinea.
The Tomboko Permit totals more than 75 square kilometres and is located immediately west of, and is surrounded by Anglo-Ashanti's SAG multi-million ounce gold mine and related land holdings. Extensive bedrock (rock geochemical sampling), soil, termite mound and pit sampling (over 10,000 samples) plus detailed geological mapping have delineated these target areas for immediate follow up drilling; Tom-1, Tom-2 and Tom-3.
The gold mineralization on the Tom-1 and Tom-2 targets appears to be hosted in highly altered, sheared, brecciated sandstone and volcanic rocks of the early Paleoproterozoic age Siguiri Basin. The SAG Mine is also hosted in the same age rocks. The TOM 3 Prospect is hosted in quartz porphyry intrusive rocks. The mode of occurrence of the gold mineralization is similar to the Koulekoun deposit owned by Avocet Mining, located 120 kilometres to the south; a resource of indicated 31.5m tonnes at 1.38g/t Au (1.4 million ounces) and inferred 22.8m tonnes of 1.22g/t Au (892,200 ounces), (re: http://www.avocetmining.com/guinea).
Further to the Company's press release dated February 8, 2018, announcing the closing of the Private Placement, Nortec announces an additional subscription agreement of 90,909 shares for proceeds of $10,000. Private placement funds raised totals $986,529.95 consisting of 8,968,454 units at a subscription price of $0.11. Each Unit consists of one common share of the Company and one transferable common share purchase warrant ("Warrant") to acquire one additional common share for a period of two years at an exercise price of $0.24 per share.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec is earning an 80% interest in The Golden Rule Limited's holdings in Tomboko Permit and other holdings in Northeastern Guinea, West Africa. The Tom 1, Tom 2 and Tom 3 targets are located in the Tomboko Permit.
The Company also has a 49% interest in the Tammela Lithium and Gold Project in South-West Finland. Sunstone Metals (formerly Avalon Minerals), a public Australian mining company has earned the 51% interest and is carrying out the 29% Stage 2 earn-in interest on the Tammela Project. Sunstone has completed more than 3,000 meters diamond drilling on the Kietyonmaki Lithium prospect and the Satulinmaki and Riukka gold prospects that comprise the Tammela Project. Drilling on the Kietyonmaki returned values of 42.1m at 1.05% Li2O from 17.9m downhole, including 24.2m at 1.44% Li2O from 17.9m and 9m at 2.00% Li2O from 29m downhole. Detailed information on the Company's projects have been posted on the Company's website www.nortecminerals.com.
|On behalf of the Board of Directors,
Nortec Minerals Corp.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, CEO and Chairman
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
Figure 1 - Tom 1 North Target
Figure 2 - Tom 1 North Target
Figure 3: Tom 1, Tom2 and Tom 3 Targets - Termite mound geochemical anomalies