Business
Fennor, a wholly-owned Subsidiary of Nortec, signs Two Memoranda of Understanding on the 100% Acquisition of Golden Zone Project, East-central Alaska
(via Thenewswire.ca) Vancouver, B.C. / TNW-ACCESSWIRE / July 31, 2014 / Nortec Miner...
About this update from Nortec Minerals Corp
[{"type":"text","content":"Fennor, a wholly-owned Subsidiary of Nortec, signs Two Memoranda of Understanding on the 100% Acquisition of Golden Zone Project, East-central Alaska(via Thenewswire.ca)\n\n \nVancouver, B.C. / TNW-ACCESSWIRE / July 31, 2014 / Nortec Minerals Corp. (TSX-V: NVT), (\"Nortec\" or the \"Company\") is pleased to announce that Fennor Minerals Corp.(\"Fennor\"), a wholly-owned subsidiary of Nortec has signed two Memoranda of Understanding (\"MOU\") to acquire 100% interest in the Golden Zone Property in South- central Alaska. \n\n \n \nThe Golden Zone Property is located 320 kilometres (200 miles) north of Anchorage. Located 16 kilometres west of the Parks Highway and the Alaska Railroad it has excellent infrastructure and is accessible with a pioneer road. Both the highway and the railroad connect the cities of Fairbanks and Anchorage. The property is also accessible by air with a 1200-foot airstrip near the camp on the property. Another 3000-foot airstrip on the north end of the property will be available with repair from storm damage. The property is entirely on State of Alaska-owned land and is composed of 227 State of Alaska mining claims totalling 7,894 hectares or 19,598 acres and two leases, with one upland mining lease covering the historic Golden Zone mine site and totaling 1,181 hectares or 2,920 acres and a second mill site lease for a staging area, covering 16 hectares or 40 acres. \n\n\n \nThe staging area lease is located thirteen kilometers (eight miles) southeast of the property at Colorado Station on the Alaska Railroad. \n\n \n \nOne MOU, with Chulitna Mining Company LLC (\"Chulitna\"), provides for Fennor to acquire Chulitna's interest in the property. The second, with Mines Trust Co. (\"Mines Trust\") and Hidefield Gold, Limited & Hidefield Gold (Alaska), Inc. (collectively \"Hidefield\"), addresses the interests of the underlying landowners of the property. Together the MOUs provide for Fennor's acquisition of 100% interest in the Golden Zone Property, subject to cash option payments, shares and net smelter payments.\n\n \n \nDeposits and prospects at Golden Zone include a well-documented pipe-like body of stockwork controlled breccia mineralization in the late Cretaceous quartz monzonitic intrusive rocks, skarn zones near the intrusive - Permian carbonate and calcareous argillite contacts, and vein and shear-...