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Nord Precious Metals Signs LOI for Two Gold Properties in Sweden with High-Grade Assays

Nord Precious Metals

Nord Precious Metals

Nord Precious Metals Mining Inc., (TSXV: NTH) (OTCQB: CCWOF) (Frankfurt: 4T9B), has announced it signed a non-binding Letter of Intent (LOI) to purchase 80% of two exploration permits in Sweden. The company has the option to purchase the remaining 20% after successfully completing the option terms.

Finnsbo Property Highlights

– A recent grab sample at Finnsbo, containing 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.
– Future controlled sampling will be required.

Norrby Property Highlights

– An average assay result from 17 grab samples was 3.55 gpt Gold in a range of 12.1 gpt 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.
– Future controlled sampling will be required.

“We are excited to get boots on the ground to evaluate this prospect, an area that has seen artisanal mining for iron and could have a new life with this discovery,” said Matthew Halliday, P.Geo, President of Nord Precious Metals.

Geology of Finnsbo and Norrby Properties

The geology of Finnsbo and Norrby consists of a deformed sequence of felsic to intermediate pyroclastic units with zones of arenite and locally intercalated dolomitic to limestone horizons. This sequence is moderately metamorphosed, silicified, and intruded by mafic dykes. Mineralization patterns suggest that the overall control is polyphase structural zones.

Option Agreement Details

The non-binding letter of intent sets forth the terms and conditions for the option agreement. This agreement allows Nord Precious Metals Mining Inc. the right to acquire up to an 80% interest in the mining claims located in Uppsala County, Sweden. Upon meeting the option agreement requirements, Nord can acquire the additional 20% for a cash payment.

The terms include:

– Cash payment of USD $100,000 to the Optionor upon TSX Venture Exchange approval.
– Exploration expenditures on the Property amounting to USD $170,000 before the one-year anniversary of the Definitive Agreement.
– Funding studies for bulk sampling permits.
– Upon exercising the Option, the Company grants the Optionor a 1.5% NSR. The Company retains a $500,000 buyback on 1% of the NSR.
– An additional 20% interest can be purchased for USD $300,000.

About Nord Precious Metals Mining Inc.

Nord Precious Metals Mining Inc. recently discovered a major high-grade silver vein system at Castle East located near Gowganda, Ontario. The Company has completed a 60,000 m drill program aimed at expanding the deposit size with an update to the resource estimate underway.

The Company also has 14 battery metals properties in Northern Quebec and the St. Denis-Sangster lithium project near Cochrane, Ontario. The flagship Castle Mine and property feature strong exploration potential for silver, cobalt, nickel, gold, and copper.

Frank J. Basa, Chief Executive Officer

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