Vancouver, BC / September 24, 2020 – NORTEC MINERALS CORP. (the “Company” or “Nortec”) (TSXV: NVT): Further to the Company’s press release dated September 15, 2020, Nortec is pleased to announce that it has commenced an exploration program on its Cottonwood Uranium-Vanadium Project (the “Cottonwood Property”) located in Garfield County, Southeast Utah, USA. The Cottonwood Property is located approximately 372 kilometres (230 miles) by road southeast of Salt Lake City, Utah and is situated in the Cottonwood Wash-Trachyte uranium-vanadium district, Henry Mountains Basin.
The Phase 1 exploration budget will be approximately US$100,000 and includes but not limited to:
The Company’s management and its board of directors believe that this cost-efficient Phase 1 program will facilitate the delineation of targets for diamond drilling.
Please refer to the Company’s September 15, 2020 press release in respect of the detailed geology, historical and published technical data and on-going exploration being carried out by other companies in Southeast Utah.
Mohan R. Vulimiri, M.Sc., P.Geo., Director of Nortec Minerals, and O. Jay Gatten, B.S., CPG, are Qualified Persons as defined by NI 43-101. Mr. Vulimiri and Mr. Gatten have approved the scientific and technical information in respect of the Cottonwood Property contained in this press release.
Update in respect of the Tomboko Gold Property, Guinea
Alamako Corporation International (“Alamako”) has recently advised the Company that it no longer recognizes the Company’s ownership interest in the Tomboko Gold Property in Guinea. The Company had originally entered into an option agreement on January 10, 2017 (the “Original Option Agreement”) with predecessors in title to the property to earn up to an 80% interest in the property, and the Company had subsequently incurred exploration expenses on the property to earn a 51% interest in the property. As previously disclosed, the Company and Alamako, the current holder of permits that encompass the Tomboko Gold Property, had reached an impasse, as the Company sought to enter into an option agreement with Alamako to solidify the Company’s claim of a 51% beneficial ownership interest in the Tomboko Gold Property, and Alamako had refused to execute a new option agreement until Nortec first reimbursed it for monthly standby expenditures that Alamako claimed it had incurred.
The Company disputes Alamako’s assertions and the Company intends to take steps with a view to protecting its interest in the Tomboko Gold Property.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec has a 17% interest in the Tammela Gold & Lithium Project in Southwest Finland. The Company has incurred over CDN$2.9 million in exploration, diamond drilling and support costs to earn a 51% interest in the Tomboko Gold Project, Northeast Guinea, West Africa. The Company is also evaluating advanced properties in Ecuador. Detailed information on 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 press release contains certain forward-looking information 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 the forward-looking information. 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.