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Nortec Announces Joint Venture Agreement For Tammela Lithium Project
(via Thenewswire.ca) Vancouver, BC / TheNewswire / May 19, 2016 - NORTEC MINERALS CORP...
About this update from Nortec Minerals Corp
[{"type":"text","content":"Nortec Announces Joint Venture Agreement For Tammela Lithium Project(via Thenewswire.ca)\n \n \nVancouver, BC / TheNewswire / May 19, 2016 - NORTEC MINERALS CORP. (the \"Company\" or \"Nortec\") (TSXV: NVT) is pleased to announce that it has entered into an earn-in joint venture agreement with Avalon Minerals (\"Avalon\") of Milton, QLD, Australia, for Nortec's Tammela Lithium Project, located in Southern Finland\n\n \n \nAvalon will pay Nortec EUR 20,000 and issue 1,000,000 Avalon shares upon the signing of the Heads of Agreement (\"HoA\"). Avalon, through its subsidiary Scandian Metals (\"Scandian\"), will fund exploration on the Tammela Project in two stages to earn an 80% interest. Stage 1 comprises of an expenditure of EUR 500,000 over a 24 month time period to earn a 51% Interest. If Scandian elects to undertake Stage 2, then it will pay Nortec EUR 200,000 in either cash, shares or a combination of two, will commit to an additional expenditure of EUR 1,000,000 over two years to earn another 29%. \n\n \n \nStandard dilution clauses will apply once the joint venture agreement is completed. The interest will convert to a 1.5% net smelter royalty if a party's interest falls below 10%. Finder's fees in compliance with the TSX Venture rules and regulations will be paid to an arm's length party for facilitating this transaction.\n\n \n \nFor information on Avalon please refer to: http://www.asx.com.au/asxpdf/20160519/pdf/437bvhzt2zbxyx.pdf, http://avalonminerals.com.au/\n\n \n \nTammela Minerals Oy (\"NMO\"), 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 Kietyonmaki Lithium prospect and the Riukka and Satulinmaki 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.\n\n \n \nThe Geological Survey of Finland (\"GTK\") carried out extensive work comprising of geological mapping, prospecting, and auger and diamond drilling in the 1970's and 1980's. GTK identified swarms of Lithium (Tin-Tantalum) bearing pegmatite dykes. Significant mineralisation is delineated within the Kietyonmaki Main Dyke (\"KMD\"), a large spodumene-rich (LiAlSi2O6) pegmatite dyke that can be...