Vancouver, BC / TNW – Accesswire / February 8, 2018 – NORTEC MINERALS CORP. (the “Company” or “Nortec”) (TSXV: NVT) – Further to Nortec’s press releases dated January 8, 2018 and February 5, 2018, the Company announces that it has closed the Private Placement of 8,877,545 units for gross proceeds of $976,529.50. Each Unit will consist 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.
The shares are distributed to purchasers in accordance with the rules and regulations of the Securities Act and TSX Venture Exchange policies which includes a 4 (four) month hold period from the date of issuance. A finder’s fee of 7.5% in units will be paid on a portion of the Placement also in accordance with TSX Venture policies.
The proceeds of the placement will be used to test the southeast extension of the Priority 1 – Tom 1 North Target by diamond core drilling (Figures 1 & 2) and for working capital. RAB (Rotary Air Blast) drilling will also test the rest of the termite mound anomalies, geochemical soil and termite mound anomalies as well as artisanal workings on the Tom 1, Tom 2 and Tom 3 targets (Figure 3).
Drilling commencing from drill holes TBDD0003, 0004, 0005 and 0006 from the northwest on the priority 1 target shows the gold values increasing to the Southeast, with TBD0007 returning 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 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 delineated three targets 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 Koulékoun 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).
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company 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,
“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