Nortec Minerals Exploration Update, Cottonwood Uranium-Vanadium Project, Southeast Utah
Vancouver, October 13, 2020 - Nortec Minerals Corp. (the "Company" or "Nortec") (TSXV:NVT): Further to the Company's press releases dated September 15 and 24, 2020, Nortec provides additional information for the exploration program on its Cottonwood Uranium-Vanadium Project (the "Cottonwood Property") in Garfield County, Southeast Utah, USA. The 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 exploration program is being supervised by Mr. James Rasmussen, BS., CPG., a qualified geologist with several years of experience in this area exploring and developing uranium deposits. He worked as Exploration Manager for Uranium One Americas (Uranium One Inc.) and as Senior Geologist for US Energy Corporation. He also worked as a Research/Development Geologist with Energy Fuels Nuclear Inc. He oversaw their exploration programs for hydrothermal, sediment-hosted and breccia pipe-hosted uranium projects in Utah, Arizona and Colorado. He managed an exploration team that located and developed resources exceeding 20 million pounds of U3O8.
Management is very pleased to have Mr. Rasmussen guiding the exploration program to delineate potential drilling targets on the property.
The initial Phase 1 exploration program consists of:
- Compilation of published (and unpublished) data on the area. Conduct additional research if warranted.
- Surface geologic mapping of the mineralized sandstone channels to project the channels into the subsurface. This work would be combined with radioactivity measurements.
- Surface rock chip sampling with emphasis on prospective sandstone channels. Samples would be analyzed at ALS Laboratory in Reno, Nevada.
- Recommend work for a Phase II field program, including a Track Etch survey to identify exploration targets in the shallow subsurface.
In May 2018, the US Government added uranium to the critical metals list. Since the beginning of 2020 the price of Uranium has increased by 18.5% and is now above US$30 per pound. The US currently has 60 commercial nuclear power plants, 98 nuclear reactors and 8 more are in the planning stage. There are 440 plants worldwide, 55 more are in construction and 109 are planned. Not only is the metal considered critical to the electrical supply systems but is now increasingly important to heating systems everywhere owing to climate change and the increased pressure for green energy. Our property is in an area of Utah that has been a major supplier of uranium and there are indications that both the demand and the price of this metal is expected to increase.
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.
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.
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