Signed LOI to Option Two Gold Properties in Sweden

Published in 2024
July 09, 2024
5 min read
Signed LOI to Option Two Gold Properties in Sweden

The Company is pleased to announce it has signed a non-binding Letter of Intent (LOI) to purchase 80% of two exploration permits in Sweden with the option to purchase the remaining 20% after successfully completing the option terms.

Finnsbo Property Highlights:

  • A recent grab sample at Finnsbo, gadolinite mineralization with gold bearing chalcopyrite, had 27.1 grams per tonne (gpt) Gold, 1.44% Copper and 5.3% TREOY. Nd-Pr-Dy account for 25%.

  • The 586.8 hectare property is located in Uppsala County, Sweden with road access and near infrastructure.

Grab samples are selective samples and do not necessarily indicate the mineral composition of the property. Future controlled sampling will need to be conducted.

Norrby Property Highlights:

  • An average assay result from 17 grab samples was 3.55 gpt Gold in a range of 12.1gpt Gold to 1.1 gpt Gold with copper-cobalt assays.

  • The 365.4 hectare property is also located in Uppsala County, Sweden with road access and near infrastructure.

Grab samples are selective samples and do not necessarily indicate the mineral composition of the property. Future controlled sampling will need to be conducted.

“We are excited to get boots on the ground to evaluate this prospect, an area that has seen artisanal mining for centuries for iron and could have a new life with this discovery of 27.1 gpt gold, 5.3% TREOY and 1.44% Copper. We see a lot of demand to acquire new sources copper, and there is a need for western supply of REE; it is promising to see a deposit that could be paid by gold to open up new avenues for copper and REE,” said Matthew Halliday, P.Geo, President of Nord Precious Metals.

Finnsbo and Norrsby Properties:

The geology of Finnsbo and Norrsby are composed of a deformed sequence of felsic to intermediate pyroclastic units with zones of arenite and locally intercalated dolomitic to limestone horizons. This Palaeo-Proterozoic sequence of volcano-sedimentary rock is moderately metamorphosed, silicified and intruded by mafic dykes. Mineralization patterns suggest that the overall control is polyphase structural zones that have conducted fluids up and away from the mafic root. The mineralization is both spatially and temporarily zoned. Mineralizing fluids are highly exotic and can contain anomalous Au, Cu, REE, Be, Re, Co, Mn, In, Zn.

Option Agreement:

The non-binding letter of intent dated July 2, 2024 sets forth the terms and conditions which shall form the basis of the option agreement whereby Nord Precious Metals Mining Inc. (the “Company”) may acquire up to a 80% interest in certain mining claims located in Uppsala County, Sweden (the “Property”). After completion of the requirements of the option agreement Nord has the right to acquire the additional 20% for cash payment.

The Company and Optionor shall enter into the Option Agreement whereby the Optionor shall grant to the Company the right to acquire an undivided 80% interest in and to the Property as follows:

1) Cash payment of USD\$100,000 to be paid to the Optionor, upon TSX Venture Exchange (“Exchange”) approval to the Definitive Agreement;

2) The Company incurs exploration expenditures on the Property in the amount USD\$170,000 on or before the one-year anniversary of the Definitive Agreement, to earn an undivided 80% interest in the Property;

3) Commitment to fund studies for bulk sampling permit;

4) Upon exercise of the Option by the Company, the Company grants to the Optionor a1.5% NSR on the Property. The Company retains a \$500,000 buy back on 1% of the NSR.

5) Additional 20% interest in the property can be purchased by cash payment to the Optionor of USD\$300,000.

Qualified Person

The technical information in this news release was approved and prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President and COO of Nord Precious Metals Inc., a qualified person accordance with National Instrument 43-101.

About Nord Precious Metals Mining Inc.

Nord Precious Metals Mining Inc. (formerly Canada Silver Cobalt Works Inc.) recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000 m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.

In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves and do not have demonstrated economic viability. Please refer to the Nord Precious Metals (previously Canada Silver Cobalt Works) Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.

The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 16,000-metre drill program on the Graal property; and (2) St. Denis-Sangster lithium project – 260 square kilometers of greenfield exploration ground with numerous pegmatites focussed along a significant volcanic sedimentary rock – Archean granite contact near Cochrane, Ontario contiguous to Power Metals’ Case Lake Lithium properties.

Nord Precious Metal’s flagship silver-cobalt Castle mine and 78 sq. km Castle property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Nord Precious Metals is strategically positioned to become a Canadian leader in the silver-cobalt space. More information is available at www.nordpreciousmetals.com.

X(Twitter): https://twitter.com/nordmetals

LinkedIn: https://www.linkedin.com/company/nord-precious-metals/

Facebook: https://www.facebook.com/nordpreciousmetals/

“Frank J. Basa”

Frank J. Basa, P. Eng. Professional Engineer Ontario

Chief Executive Officer

For further information, contact:

Frank J. Basa

Chief Executive Officer

416-625-2342

or:

Wayne Cheveldayoff,

Corporate Communications

P: 416-710-2410

E: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.


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