Nortec Minerals commences Phase 1 drilling, TOM-1 Target, Tomboko Gold Property, Northeast Guinea, West Africa
Vancouver, October 23, 2017 - Nortec Minerals Corp.. (TSX-V: NVT; OTC-PK: NMNZF) (the "Company" or "Nortec") - Nortec is pleased to announce that Energold Drilling (EMEA) Limited, has commenced diamond core drilling on the TOM-1 Target, Tomboko Project, Northeastern Guinea, West Africa. The program will consist of 19 to 31 drill holes with total meterage ranging between 1700 to 2500 meters on the Tom-1 North, Tom-1 South and Tom-2 targets (figures 1, 2, 3 and 4). The Tomboko Project has been mapped and sampled extensively. The highlights of the work include (Figure 3):
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- Outcrop grab sampling, consisting of 65 samples, on the Tom-1 North prospect returned high grade gold values of 84.6 g/t, 35.8 g/t, 13.9 g/t, 5.8 g/t, 4.7 g/t, 2.5 g/t to trace.
- Geochemical soil anomalies were delineated over several kilometres on all three target areas defined by a >100 ppb gold contour.
- Termite mound sampling returned high gold values of 7.1 g/t, 3.5 g/t, 2.7 g/t 2.3 g/t, 2.2 g/t, 1.8 g/t, 1.7 g/t, 1.6 g/t, 1.5 g/t, 1.4 g/t, 1.2 g/t, 1.1 g/t to trace
Mohan Vulimiri, CEO and Chairman comments, "Nortec was an early investor in 'The Golden Rule Limited, (TGR) which staked the Tomboko project and was so pleased with initial results that the company pursued and secured a joint venture to drill and develop the project. The Project lies in the northern part of the Birimian Siguiri Basin, a well-known prolific gold producing area with extensive potential. AngloGold Ashanti operates the SAG multi-million ounce multiple open-pit oxide gold mine next door".
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Work carried out by TGR (2009 - 2012) consisting of termite mound and pit sampling (over 10,000 samples) plus detailed geological mapping delineated three target areas for initial drilling: Tom-1, Tom-2 and Tom-3. Termite mound sampling returned high gold values of 7.1 g/t, 3.5 g/t, 2.7 g/t 2.3 g/t, 2.2 g/t, 1.8 g/t, 1.7 g/t, 1.6 g/t, 1.5 g/t, 1.4 g/t, 1.2 g/t and 1.1 g/t (Figure 3). Geochemical soil anomalies were delineated over several kilometres on all three target areas defined by a >100 ppb gold contour. Outcrop grab sampling, consisting of 65 samples, on the Tom-1 Zone-North prospect returned high grade gold values of 84.6 g/t, 35.8 g/t, 13.9 g/t, 5.8 g/t, 4.7 g/t and 2.5 g/t. The objective of the rock geochemical sampling was to test various rock types that are associated with the NW-trending termite gold anomalies. Over 9779 termite mound samples and 212 bedrock samples were collected and analysed for gold.
Gold assay results rock, soil, pit and termite mound sampling returned values ranging from detection limit for the respective analyses type up to and including the maximum values listed above for each sampling type. Note that grab samples may not necessarily be representative of the rock unit or the mineralization style being sampled (Figure 2 and Re: news releases dated January 11, February 10, 2017).
The Technical Report compliant with NI 43-101 standards authored by Mr. Simon Meadows Smith, FIMMM, FGS, of SEMS Exploration is expected to be completed by the end of October, 2017.
Nortec signed a Definitive Agreement to acquire an 80% interest in pro-rata stages in the Tomboko Gold Property, held by TGR. An Amendment to the Definitive Agreement was signed extending the due dates for completion of the Phase 1, Phase 2 and Phase 3 exploration programs by 6 months to December 31, 2017, December 31, 2018 and December 31, 2019 respectively.
Nortec will also earn an 80% interest in all of TGR's interests in other exploration permits located in Guinea. The properties consist of the 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 prolific mineralized trends. Details on the geology, geochemical soil, termite and rock sampling surveys on the Tomboko, Diguifara, Badamako and Kouroussa permits can be referred to in the Company's January 11, February 10, April 12 and June 26, 2017 news releases.
Stock Options
The Company also announces the issuance of 1,000,000 incentive share purchase stock options to consultants, advisors and directors. Each option has an exercise price of $0.10 and is exercisable at any time prior to October 23, 2019, subject to the terms and conditions of the Company's Stock Option Plan.
Mohan R. Vulimiri, M.Sc., P.Geo, Director of Nortec and CEO of 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. All the bedrock and termite mound samples were analysed by SGS Labs, an accredited laboratory in Bamako, Mali with a blank inserted in every 20th sample for quality control.
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 Gold & Lithium 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 prospects that comprise the Tammela Project. 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.
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Figure 1: Location Map. Guinea, West Africa
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Figure 2: Outcrop Grab Sampling Results - Tom 1 North Target and Termite and Soil Geochemical Anomalies, Tom 1 North, Tom 1 South and Tom 3 targets - Tomboko Permit. Note that grab samples may not necessarily be representative of the rock unit or the mineralization style being sampled.
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Figure 3: Outcrop Grab Sampling Results and Termite and Soil Geochemical Anomalies and interpreted A-B cross-section with proposed drill holes - Tom 1 North Target, Tomboko Permit.
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