Nortec Minerals Corp. (TSX-V: NVT and OTC Other: NMNZF) released a corporate update on the Company’s activities today. As per the Company’s recent press releases, the LK palladium-platinum-gold-copper-nickel project, located in North-central Finland was optioned to Finore Mining Corp. (formerly Otterburn Ventures Inc.) to earn an 80% interest by making option payments and work expenditures totalling $20.5 million. Nortec will now concentrate on continuing exploration and, if warranted, developing the Tammela and the Seinajoki projects. Both Tammela and Seinajoki have excellent potential to host large tonnage higher grade gold deposits and pegmatite-hosted Lithium-Tin-Tantalum-Rare Earth zones based on the results obtained to date.
As we look through the names that should rebound well over the next few quarters, Nortec Minerals looks to be in a very good position at this time. With scheduled payments from the vend-in transaction with Finore complete, Nortec looks set up with a healthy balance sheet going forward to further extend gold discoveries at their Tammela and Seinajoki claims (Finland) which they plan to continue drilling this fall for the eventual buildup of NI 43-101 resource estimates. Add to that the extensive drilling campaign at the LK property being financed by Finore and we expect to see plenty of news from the field for this junior gold explorer.