Vancouver, BC / March 30, 2021 – NORTEC MINERALS CORP. (the “Company” or “Nortec”) (TSXV: NVT) is pleased to announce significant values of 1% Vanadium and 0.69% Uranium from reconnaissance rock sampling on its Cottonwood Uranium-Vanadium Project (“Cottonwood” or “Property”) located in Garfield County, Southeast Utah, USA.
James Rasmussen, Senior Consultant at North American Mining Services said, ”These elevated uranium and vanadium values are very promising since they are contained within orientation samples collected during early work on the property. Follow up work to delineate potential higher grade uranium drilling targets at depth will include analysis of other trace element anomalies found in the samples. ”
A reconnaissance geologic program was conducted on the Cottonwood Project to help assess the vanadium and uranium potential of the property between October 25, 2020 to October 31, 2020. Twenty rock chip samples were collected on the property during this program. The samples were collected as chips of rock from approximately one square meter (nine square feet) of outcrop.
Nortec has received the final analytical results for these samples from ALS USA Inc., an accredited laboratory based in Reno, Nevada, on March 15, 2021. The assay results were delayed because of the Covid-19 restrictions.
Cottonwood is located approximately 372 kilometres (230 miles) by road southeast of Salt Lake City, Utah (Figure 1) and is situated in the Cottonwood Wash-Trachyte vanadium-uranium district, Henry Mountains Basin.
The samples were analyzed for 61 elements using an ICP Atomic Emission Spectroscopy and ICP Mass Spectrometry techniques. A total sample digestion method was chosen for these analyses because many vanadium minerals are clays that are not digestible by more commonly used partial digestion techniques. The analysis of results for trace elements associated with vanadium and uranium deposits will be evaluated for use in future exploration of the Property. The Uranium and Vanadium results are shown in the following table and in Figure 4:
|22784||1 sq. metre||White||45.30||47.00|
The chip samples were collected from altered and unaltered sandstone within the Jurassic Salt Wash Member of the Morrison Formation, a known uranium and vanadium producing unit. The alteration was identified during this early-stage field investigation of the claim block. The target mineralization at the Project is sandstone hosted vanadium and uranium deposits similar to the Shootaring Canyon Deposit, about 50 kilometres (30 miles) south of the Cottonwood Project. These drilled deposits contain over twenty-five million pounds of uranium and associated vanadium, in several separate deposits. These deposits are some of the largest known within the Salt Wash Member (Figures 2, 3 & 4).
A widespread, visual alteration enveloping uranium-vanadium mineralization at Shootaring Canyon and other sandstone-hosted deposits in the Salt Wash Member also occurs on the Cottonwood property. The alteration is seen as a change of the medium brown unaltered sandstone to a white to light pink sandstone due to the depletion of iron oxide and the enrichment of calcite and clays. The known uranium-vanadium mineralization within the Cottonwood claim block is contained within this envelope of alteration. The alteration is also observed in one or more of the massive sandstone beds within the Salt Wash Member. The altered beds are distinguishable at a distance from unaltered beds in outcrop.
These sampling results will help in the use of trace element geochemistry to design future exploratory drilling for vanadium and uranium mineralization within the altered envelope.
The Company is planning to continue the Phase 1 program to further define drilling targets based on the sampling results and geological mapping to date. This will consist of detailed geological interpretation, Alpha Track and radiometric surveys. Any potential targets defined in the Phase 1 exploration program would be followed up with drilling in the Phase 2 program.
Details with respect to the mining and exploration companies active in Garfield County area and the history of Uranium and Vanadium mining can be referred to in the Company’s press releases dated September 15, 19, and October 13, 2020.
Nortec holds 100% interest in the Property, subject to a 1% Net Smelter Royalty (NSR). The 1% NSR may be reduced to 0.5% by paying US$500,000 at anytime on before March 20, 2024.
James Rasmussen, BS., CPG and O. Jay Gatten, B.S., CPG, of North American Mining Services guided and carried out the work program. James and Jay are Qualified Persons as defined by NI 43-101 guidelines and approved scientific and technical information in respect of the Cottonwood Property contained in this press release.
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 and Tammela Lithium projects 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,|
“Michael M Malana” CFO, Director
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.