Nortec Minerals provides Update - Avalon Minerals proceeding with Stage 2 Exploration, Tammela Gold and Lithium Project
Vancouver, March 15, 2017 - Nortec Minerals Corp. (the "Company" or "Nortec") (TSXV: NVT) is pleased to announce that the Company's Joint Venture earn-in partner, Avalon Minerals ("Avalon") of Milton, QLD, Australia, is proceeding with the one million Euro (EUR1,000,000) Stage 2 exploration program to earn an additional 29% interest in the Satulinmaki and Riukka gold prospects and the Kietyonmaki lithium prospect, collectively known as the Tammela Project, Southern Finland. Avalon is making a cash payment of EUR200,000 to Nortec as part of the requirement of proceeding with Stage 2 program. Avalon completed Stage 1 program and holds a 51% interest in the project. Avalon and Nortec will form an 80:20 Joint Venture on completion of Stage 2 program. The results from Avalon's drilling, together with the historical drilling results of the Finnish Geological Survey, exhibit a large gold system and a significant lithium prospect (Re: Nortec's press releases dated 20 February 2017). Avalon's press releases can be referred to on:
http://www.asx.com.au/asx/share-price-research/company/AVI, http://avalonminerals.com.au/
Title transfers from Tammela Minerals Oy (TamOy), the wholly-owned subsidiary of Nortec, to two Joint Venture (JV) holding companies, Kultatie Oy for the Somero 1 to 12 claims (Riukka and Satulinmaki gold zones) and Litiumloydos Oy for Tammela 1 to 3 claims (Kietyonmaki lithium prospect) is being completed. TamOy will own a 49% interest in the JV companies. TamOy also staked the 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.
The Stage 2 work program will comprise of an IP survey, ongoing geological mapping and preparation for an approximately 2000 metre drilling program at Satulinmaki gold prospect and compilation of data at the Kietyonmaki lithium prospect.
Satulinmaki and Riukka Gold Prospect Summary
The results from Avalon's drilling together with the historical drilling results of the Geological Survey of Finland show a large gold system of broad mineral zones and sub-parallel narrow veins. 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 See Nortec news release of February 20, 2017 for details
A detailed Induced Polarization (IP) program covering the immediate Satulinmaki area is in progress with a second phase of drilling expected once the IP data has been interpreted and compiled with previous drilling and survey results. Detailed structural studies are being carried out at the Satulinmaki and Riukka prospects to assist with ongoing drill planning.
Kietyonmaki Lithium Prospect Summary
As previously reported, the Kietyonmaki lithium prospect was discovered by the Finnish Geological Survey (GTK) in the mid - 1980's. Lithium mineralization at Kietyonmaki is hosted in a spodumene-bearing pegmatite dyke swarm. GTK drilled seventeen shallow diamond drill holes to test down to 70m below surface across three traverses, including one traverse of very shallow holes to identify bedrock. Six diamond drill holes have been drilled by Avalon confirming a high grade spodumene-bearing pegmatite dyke swarm.
Pursuant to the Company's press release, dated February 1, 2017, regarding the grant of 3,000,000 incentive share purchase stock options to employees, consultants, advisors and directors, the exercise price is revised to a new exercise price of $0.10.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia.
Nortec entered into a Joint Venture with The Golden Rule Limited to acquire an 80% interest in the Tomboko and Diugafara Gold Properties located in Guinea, West Africa. Nortec will also earn an 80% interest in TGR's minority financial interests in other exploration licenses located in Guinea. Details can be referred to in the Company's February 21, 2017 news release.
The Company moved its offices to Suite 915, 700 West Pender Street, Vancouver BC, V6C 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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