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October 17, 2016 12:34 pm
Vancouver, BC / TNW - Accesswire / October 17, 2016 - 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, has announced results from drill holes, SMD002, 005 and 007 on the Satulinmäki gold prospect, Tammela Project, Southern Finland. The results from Avalon's drilling, together with the historical drilling results of the Finnish Geological Survey, exhibit a large gold system.
The Satulinmäki prospect is located approximately 5 and 4 kilometres north-west respectively of the Kietyönmäki lithium prospect and the Riukka gold prospect (Figure 1). Avalon's press release can be referred to on:
http://www.asx.com.au/asxpdf/20161017/pdf/43c0zr07rz53vq.pdf, 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 Kietyönmäki lithium prospect and the Riukka and Satulinmäki gold zones. Avalon has also submitted applications for two Exploration Reservations over an area of 117 km2 around the Somero and Tammela claims. These reservations form part of the Joint Venture with Avalon.
Highlights
Assay results received from holes SMDD002, 005 and 007 include:
83m at 1.2 g/t gold from 137m in SMDD007, including 9m at 7.3 g/t from 147m.
42m at 0.9 g/t gold from 112m in SMDD002
2m at 10.5 g/t gold from 7m in SMDD005
Results define a significant gold system with both narrow high grade intervals and wide lower grade intervals, all within 150m of surface
The gold system is open in all directions
Visible gold has been noted in several samples, and the highest individual assay was 45.6 g/t over a 1-metre sample in SMDD007 from 150-151m (Figure 2)
Interpretation of Induced Polarisation geophysical data demonstrates a much larger target area than that drilled. The IP anomaly measures 750m long and remains open to the northeast (Figure 3)
The gold system in Satulinmaki consists of broad mineralised zones and higher grade 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 50m thick.
Assay results reported here are from holes SMDD002, 005 and 007. The upper 100m and lower 80m, below 220m, of hole SMDD007 are still to be assayed and reported, and the mineralisation is open at depth below 220m. Individual 1m assay results from hole SMDD007 have returned up to 45.6 g/t gold. Results from hole SMDD001 were reported on 23rd September 2016.
Following the encouragement from hole SMDD007, where significant intervals of very altered rock containing abundant sulphides were identified, it was decided to re-position the drill rig over hole SMDD003 and extend its length. The assays from hole 003 are pending and are expected within the next few weeks. Assays from holes SMDD004 and 006 are also expected within the next few weeks.
The historical government drilling at Satulinmäki has helped identify the potential of this gold system, and Avalon has recently re-logged several holes and sampled a number of intervals that were previously not sampled. Those assays are also pending.
The combination of thick lower grades and narrow higher grades at Satulinmäki represents significant opportunities for follow-up drilling and consideration of development options.
A detailed geophysical IP program is currently being planned and is expected to commence in November. Follow-up drilling is expected to commence in December.
At Riukka, located 4km to the south-east, Avalon has completed 3 diamond drill holes and these are currently being logged and sampled. The holes have intersected quartz veins down-dip from quartz vein hosted gold mineralised intervals drilled by the Finnish Geological Survey and containing up to 2m at 16.6 g/t gold.
Avalon - Nortec Heads of Agreement:
Details of the Heads of Agreement 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.
Avalon recently announced high grade results of 42.1m at 1.05% Li2O from 17.9m downhole, including 24.2m at 1.44% Li2O from 17.9m downhole and 9m at 2.00% Li2O from 29m downhole from Kietyönmäki lithium prospect (Nortec press release dated September 15, 2016). Historical drilling by the Geological Survey of Finland (GTK) identified a high grade lithium pegmatite deposit including diamond drill intersections of up to 18m @ 1.8% Li2O. This work will deliver a mineral resource estimate and preliminary metallurgical studies by the end of 2016.
For more information, including diagrams and an Intersection table, please see the PDF version.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Information on the Company's projects can be referred to on www.nortecminerals.com.
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,
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.
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