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Nortec Minerals announces Option to acquire 100% interest in the Cottonwood Vanadium-Uranium Project, Utah
(via TheNewswire) Vancouver, BC / TheNewswire / March 8, 2019 - NORTEC MINERALS CORP ...
About this update from Nortec Minerals Corp
[{"type":"text","content":"Nortec Minerals announces Option to acquire 100% interest in the Cottonwood Vanadium-Uranium Project, Utah(via TheNewswire)\n \n \nVancouver, BC / TheNewswire / March 8, 2019 - NORTEC MINERALS CORP. (the \"Company\" or \"Nortec\") (TSXV: NVT): Nortec announces the signing of a Letter of Agreement with Utah Mineral Resources LLC. (\"UMR\") a private Utah Company, to acquire a 100% interest in their Cottonwood Vanadium-Uranium Project (\"Cottonwood\" or \"Property\") located in Garfield County, Utah, USA (Figure 1). UMR located at Kaysville, Utah has sole exclusive right, title, interest and ownership of Cottonwood. \n\n \n \nTerms of Agreement\n\n \n \n\n\n1.A total cost of US $200,000 consisting and composed solely and exclusively of four (4) million fully paid ordinary shares of the capital of Nortec, at a deemed price of $0.05 per share; \n\n\n\n \n \n\n\n2.The shares to be issued on receipt of acceptance and approval by the TSX Venture Exchange and regulatory authorities; and, \n\n\n\n \n \n\n\n3.With the purchase, UMR is also entitled to receive a 1% NSR on any production from Cottonwood. The 1% NSR may be reduced to 0.5% by Nortec at any time by paying UMR US $500,000 on or before the 5-year anniversary of the Property Purchase Closing Date. \n\n\n\n \n \nCottonwood Vanadium-Uranium Property \n\n \n \nThe Cottonwood Property is located In Garfield County, Utah that is approximately 372 kilometres (230 miles) by road southeast of Salt Lake City, Utah. UMR holds contiguous mining lode claims, comprising 736 hectares (1,818 acres) within Township 32 South, Ranges 11 and 12 East. The claims are located on federal land and administered by the US Bureau of Land Management (Figures 1 & 2).\n\n \n \nThe Property is situated in the Cottonwood Wash-Trachyte vanadium-uranium district, Henry Mountains Basin. It is underlain by sub-horizontal Mesozoic sedimentary rocks (Figure 3). The Henry Mountains to the west are formed by mid-Tertiary intrusions of intermediate to mafic rocks and basalts. Vanadium -Uranium deposits in the Project area occur within the Salt Wash Member fluvial sandstones of the Late Jurassic Morrison Formation and the Shinarump conglomerates of the older Triassic Chinle Formation. The Salt Wash sandstones are overlain by the conglomeratic sandstones and shales of the Brushy Basin Shale Member and overlies sedimen...