Nortec Minerals provides Update - Tammela Gold and Lithium Project, Finland
Vancouver, February 21, 2016 - Nortec Minerals Corp. (the "Company" or "Nortec") (TSXV: NVT) is pleased to provide an update from the Company's Joint Venture earn-in partner Avalon Minerals ("Avalon") of Milton, QLD, Australia. Avalon provided a summary of exploration activities and an expenditure report on the Tammela Project, Southern Finland. The Tammela Project hosts the Satulinmaki and Riukka gold prospects and the Kietyonmaki lithium prospect, (Figure 1). The results from Avalon's drilling, together with the historical drilling results of the Geological Survey of Finland ("GTK"), exhibit a large gold system and a significant lithium prospect (Re: Nortec's press releases dated 15 Sept., 23 Sept. and 17 Oct. 2016). Highlights:
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-Avalon completes Stage 1 exploration program to earn 51% interest
-Completed core drilling of 1,172 metres ("m") at Kietyonmaki Lithium prospect
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-24.2m at 1.4% Li2O, including 9m at 2.0% Li2O in hole KMDD001
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-Drilling at gold prospects; 1,402m on Satulinmaki and 547m on Riukka.
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-147.0m at 0.8 g/t gold from 73m in SMDD007, including 23.5m at 3.3g/t from 143m, including 9.0m at 7.3 g/t from 147m.
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-An induced polarization survey is on-going at the Satulinmaki prospect with a proposed drill program of at least 2,000m as part of the Stage 2 work program
Avalon's press releases and the detailed exploration and expenditure report on the Tammela project can be referred to on:
http://www.asx.com.au/asx/share-price-research/company/AVI, http://avalonminerals.com.au/
Tammela Minerals Oy, the wholly-owned subsidiary of Nortec, controls 100% interest in the Somero 1 to 12 and Tammela 1 to 3 claims comprising the Tammela Project. The property hosts the Kietyonmaki lithium prospect and the Riukka and Satulinmaki gold zones. Avalon also staked Rehumaki exploration reservation over an area of 117 km2 around the Somero and Tammela claims. This reservation forms part of the Joint Venture with Avalon.
Avalon and Nortec signed an Earn-in Definitive Agreement on February 8, 2017 pursuant to the Heads of Agreement signed on May 18, 2016. Details with regards to the formation of the Joint Venture Agreement between Nortec and Avalon can be referred to in the Company's press release dated May 19, 2016.
A 3,120 metre diamond core drilling program was completed on the Tammela project with 1,171.9 metres at Kietyonmaki prospect, 1,401.6 metres on Satulinmaki prospect and 546.6 metres on Riukka prospect.
Satulinmaki and Riukka Gold Prospect Summary
Recent drill results:
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-7.0m at 1.2g/t gold from 9m in SMDD001
-10.0m at 1.1 g/t gold from 33m in SMDD001
-1.0m at 15.2g/t gold from 57m in SMDD001
-42.0m at 0.9 g/t gold from 112m in SMDD002
-2.0m at 2.1 g/t gold from 237m in SMDD003
-13.4m at 2.0 g/t gold from 15.6m in SMDD004
-2.0m at 10.5 g/t gold from 7m in SMDD005
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-147.0m at 0.8 g/t gold from 73m in SMDD007, including 23.5m at 3.3g/t from 143m, including 9.0m at 7.3 g/t from 147m.
The results from Avalon's drilling together with the historical drilling results of the GTK define a large gold system of broad mineral zones and sub-parallel narrow veins. Within the main system, gold mineralization has been identified as narrow high grade zones within quartz veins and breccias, and as wide low grade intervals within veined and altered rock. The system is open in all directions and has a length of at least 400m, a vertical extent of at least 150m and ranges up to approximately 50m thick (Figure 2).
A detailed Induced Polarization ("IP") program commenced in January. Data is being collected on 50m spaced lines with 50m spaced stations on each line. The survey is covering the immediate Satulinmaki area and the surrounding cultivated areas that have not been previously explored. The IP survey is expected to take approximately 6 weeks to complete.
At Riukka, located 4km to the south-east, Avalon has completed 3 diamond drill holes. The holes intersected quartz veins at depth below quartz vein hosted gold mineralized intervals drilled by the GTK containing up to 2m at 16.6 g/t gold. GTK drilled 41 diamond drill holes for 3,404 meters during the period 2001-2005 in the broader Riukka area.
Assay results from Avalon's drilling at Riukka returned only weakly mineralized intervals. The drilling assumed a sub-vertical plunge to the gold mineralization. Further work at Riukka will be
dependent upon detailed structural studies.
Planned Program:
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-Completion of an IP survey at Satulinmaki over an area of approximately 1,000m x 600m on 50m spaced lines.
-Ongoing geological mapping at Satulinmaki.
-reparation for a Stage 2 drilling program at Satulinmaki of at least 2,000m.
Kietyonmaki Lithium Prospect Summary
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-Diamond drilling returned 24.2m at 1.4% Li2O, including 9m at 2.0% Li2O in hole
KMDD001, and 5.00m at 1.0% Li2O in hole KMDD006;
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-Channel sampling returned 16.25m at 1.72% Li2O
Six diamond drill holes totaling 1,171.9 m have been drilled by Avalon confirming a high grade spodumene-bearing pegmatite dyke swarm (Figure 3). Channel sampling has also been completed on 7 traverses - 3 over the main dyke and 4 over smaller dykes and has returned up to 16.25m at 1.72% Li2O. The results suggest continuation of a thickened pegmatite dyke to the southeast and this trend is expected to be tested with future drilling. There are several dykes with known lithium values that have not been explored to date and these will be targeted in future drilling programs.
Planned Program:
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-Compilation of data at Kietyonmaki and planning Stage 2 work program.
Expenditures to date:
Total expenditure to date on the earn-in JV area by Avalon and its Finnish subsidiaries is EUR931,394.37. This fulfilled the Stage I work commitments of the 80:20 Earn-in Joint Venture.
Avalon paid Nortec EUR20,000 and issued 1,000,000 Avalon shares upon the signing of the Heads of Agreement. Avalon, through its subsidiary Scandian Metals, will fund exploration on the Tammela Project in two stages to earn an 80% interest. Stage 1 comprises of an expenditure of EUR500,000 over a 24 month time period to earn a 51% Interest. If Scandian elects to undertake Stage 2, then it will pay Nortec EUR200,000 in either cash, shares or a combination of two, will commit to an additional expenditure of EUR 1,000,000 over two years to earn another 29% for a total 80%.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia.
Nortec recently entered into a Letter of Intent to acquire an 80% interest in the Tomboko Gold Property located in Guinea, West Africa held by TGR. Nortec will also earn an 80% interest in TGR's minority financial interests in other exploration licenses located in Guinea.
TGR's properties consist of a 100% interest in the Tomboko permit, a 100% interest in the Diguifara Permit and minority interests in the Badamako and the Kouroussa permits. These land holdings cover prospective ground on three separate mineralised trends. Details on the Tomboko, Badamako and Kouroussa permits are in the Company's January 11, 2017 news release. Nortec will update on the exploration work program to be commenced on the Tomboko permit.
The Company moved its offices to Suite 915, 700 West Pender Street, Vancouver BC, V6G 1G8.
Mohan R. Vulimiri, M.Sc., P.Geo, CEO, Nortec Minerals, is a Qualified Person as defined by NI 43-101. Mr. Vulimiri has approved the corporate and technical content contained in this press release
| 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.
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Figure 1 - Location Map
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Figure 2: Plan map of assay results from Avalon and GTK drilling at 15m to 55m below surface
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Figure 3: Kietyonmaki drilling and channel sampling locations and results
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