Vancouver, November 13, 2018 -
Nortec Minerals Corp.. (the "Company" or "Nortec") (TSXV: NVT) is arranging a non-brokered private placement ("Placement") of up to 15,000,000 shares ("Shares") of the Company at a price of $0.05 per Share for gross proceeds of up to $750,000.
The Shares will be distributed to purchasers in accordance with the rules and regulations of the Securities Act and TSX Venture Exchange policies. All Shares issued will be subject to a 4 (four) month hold period from the date of issuance in accordance with applicable rules and regulation of the Securities Act and TSX Venture Exchange policies. A finder's fee may be payable on portions of the Placement. Completion of this Placement is subject to the approval of the TSX Venture Exchange.
The proceeds of the Placement will be used to commence the Phase 1 drilling program on the TOM-1 North Zone, as recommended in the NI43-101 compliant report authored by Dr. Serigne Dieng, Ph.D., AuSIMM, and for working capital. The "Conclusions and Recommendations" chapter was reported in the Company's November 1, 2018 news release and the Technical Report was subsequently filed on SEDAR.
The Tomboko Gold Project consists of an exploration license covering a surface area of 75.45 km2 in the Siguiri Basin, North-eastern Guinea, West Africa.
The Phase I RC Drilling Program is budgeted for US$ 555,000. This is based on the detailed structural and geological logging and structural interpretation and modelling on the diamond drill-tested TOM-1 North deposit undertaken by Nortec in June 2018. This resulted in a coherent and comprehensible new geological and structural model that gives a better understanding of the structural setting and the style of the gold mineralization and re-orient further drilling programs. The Phase I RC drilling program objectives are therefore, to:
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- Test the proposed geological and structural model of the gold deposit;
- Test a strike length of 600 meters over the interpreted mineralized structure;
- Define and delineate laterally and down dip the gold deposit within the interpreted structure;
- 12 fences spacing 50 meters apart; and
- 2 RC holes for each fence totalizing 3,600 meters. Holes are oriented north-east, inclined 50o and depth varying between 175 to 80 meters.
As a result of the positive results from the historical and Nortec's work programs, several parties have expressed interest in the Tomboko Project. Nortec is determined to complete the work programs that will bring the Tomboko project to the next level. These programs were recommended and planned to develop the potential of the Tom-1 North, South, Tom-2 and Tom-3 targets.
Mohan R. Vulimiri, M.Sc., P.Geo, Director 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.
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. Avalon 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, Nortec Minerals Corp. "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.
