Nortec Minerals Corp.
TSX VENTURE : NVT
PINKSHEETS : NMNZF
FRANKFURT : WMQ

Nortec Minerals Corp.

January 31, 2012 09:00 ET

Drilling Expands PGE & Gold Mineralization Along Strike at Haukiaho Target, LK Project, North Central Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2012) - Nortec Minerals Corp. (TSX VENTURE:NVT)(PINKSHEETS:NMNZF)(FRANKFURT:WMQ) (the "Company" or "Nortec"), is pleased to announce results from the first 3 drill holes from the Phase V drilling program on the Company's Läntinen Koillismaa palladium-platinum-gold-copper-nickel project (the "LK Project") in north central Finland. As per the Company's recent press releases, the LK palladium-platinum-gold-copper-nickel project was optioned to Finore Mining Corp. to earn an 80% interest by making payments of $10.5 million and work expenditures totaling $10 million over 3 years, as reported in Nortec's recent press releases. Finore is carrying out the Phase V work program.

Highlights include:

  • 44.0 metres @ 0.80g/t PGE+Au; 0.28% Cu; 0.19% Ni from 58m (Hole HAU11-002)
    including 13.0 metres @ 1.15g/t PGE+Au; 0.38% Cu; 0.27% Ni from 84m
  • 5.0 metres @ 1.05g/t PGE+Au; 0.33% Cu; 0.24% Ni from 114m (Hole HAU11-004)

These drill results extend the known palladium-platinum-gold-copper-nickel ("PGE+Au-Cu-Ni") mineralization on the Haukiaho Target ("Haukiaho"), situated in the southern part of the LK Project. Drilling began in November 2011 focusing on the central-western mineralization at Haukiaho, known as the Torkoaho Zone. To date, a total of 12 holes have been geologically and geotechnically logged with zones of potential mineralization selected for sampling and assaying. The Torkoaho Zone had a total of 7 historic drill holes that were scattered along a strike of 1 km. A significant portion of the current 10,000 metre ("m") Phase V drill programme at LK has been designed to target the 3,700m strike and down-dip extension of mineralization at Haukiaho to upgrade the Inferred Mineral Resource estimated by Watts, Griffis and McQuat ("WGM") as part of the NI 43-101 technical report submitted to Finore (see Finore news release dated January 16, 2012).

The LK Project is located, 660 km north of the capital Helsinki, 65 km south of the Arctic Circle. The project is well serviced by power, roads and water allowing all season access. The LK Project consists of the Kaukua, Lipeavaara, Murtolampi and Haukiaho Targets. Nortec carried out over 10,000 metres of diamond core drilling on the Kaukua Target between 2007 and 2009. The Haukiaho Target has over 7,000 metres of historical diamond drilling conducted over since the 1960s to 2004. Nortec did not carry out any drilling on the Haukiaho Target. The LK project has a combined surface area of over 3,750 hectares and covers PGE+Au-Cu-Ni mineralized horizons known as the "Marginal Series" that are hosted within a sequence of mafic and ultramafic layered intrusions belonging to the Koillismaa layered ultramafic complex. The geology and the modes of mineralization are similar to Goldfields' Suhanko Project (Arctic Platinum) situated 80 km to the West - Northwest. Goldfields reported total resources (measured, indicated and inferred categories) at Suhanko (Kontjaarvi and Ahmavaara Zones) to be 137Mt @ 1.21g/t Pd; 0.29g/t Pt ; 0.12g/t Au ; 0.08% Ni and 0.21% Cu (Re: Arctic Platinum Presentation).

The Mineral Resource estimate of the Kaukua and Haukiaho deposits was compiled by WGMas reported in the Company's and Finore's recent press releases.

Inferred Mineral Resource :
19.6 Million Tonnes @ 0.26g/t Pd; 0.09g/t Pt; 0.10g/t Au; 0.24% Cu; 0.15% Ni (Haukiaho)
8.5 Million Tonnes @ 0.76g/t Pd; 0.27g/t Pt ; 0..08g/t Au; 0.16% Cu ; 0.11% Ni (Kaukua)
A combined total of 28.1 Million Tonnes for 586,080 ounces PGE+Gold; 60,567 tonnes of Cu and 38,703 tonnes of Ni.
Indicated Mineral Resource (Kaukua):
2.6 Million Tonnes @ 0.67g/t Pd; 0.22g/t Pt; 0.07g/t Au; 0.17% Cu; 0.12% Ni
for 80,399 ounces PGE+Gold, 4,429 tonnes of Cu and 3,126 tonnes of Ni.

Palladium, Platinum, Gold, Copper and Nickel assays were received for drill holes Hau11-002 ("Hole 2"), Hau11-003 ("Hole 3"), and Hau11-004 ("Hole4"). The results are shown below in Table 1. Nickel results are total Nickel contained in both sulphides and silicates. Analytical studies have been commissioned to determine the weighted average nickel content in sulphides. Drill hole collar locations are shown below in Table 2.

TABLE 1: Best Intercepts of PGE + Au-Cu and Ni - Phase V drilling at Haukiaho - Torkoaho
Hole_ID From
(m)
To
(m)
Interval
(m)
Pd
g/t
Pt
g/t
Au
g/t
PGE + Au
g/t
Copper
%
Nickel
%
Hau11-001 hole abandoned
Hau11-002 58.0 102.0 44.0 0.48 0.18 0.15 0.80 0.28 0.19
Including 84.0 97.0 13.0 0.71 0.27 0.17 1.15 0.38 0.27
Hau11-003 84.2 85.0 0.8 0.03 0.01 0.07 0.11 0.10 0.11
Hau11-004 114.0 126.0 12.0 0.38 0.14 0.12 0.64 0.20 0.14
Including 114.0 119.0 5.0 0.63 0.23 0.19 1.05 0.33 0.24
NOTES: Pd - palladium; Pt - Platinum; Au - gold; Cu - copper; Ni - nickel
g/t - grams/tonne; ppm - part per million; lower cut-off grade = 0.1g/t PGE+Au;
Internal waste = 0m; NSI = No Significant Intercept; (m) = metres;
Hole Hau11-001 was NOT sampled;
Based on current geological interpretation results are true widths.
TABLE 2: Drill Hole Collar Locations - Phase V drilling at Haukiaho - Torkoaho
Hole_ID Easting
(m)
Northing
(m)
Elevation
(m)
Total
Depth (m)
Dip Azimuth
Hau11-001 3546304 7307507 240 45.60 -55° 195°
Hau11-002 3546304 7307497 240 110.60 -55° 195°
Hau11-003 3546387 7307433 240 122.00 -55° 195°
Hau11-004 3546506 7307453 240 144.40 -55° 195°
NOTES: Projection - Finnish Coordinate Systems: KKJ zone 3

Results Explained

Drill hole Hau11-001 ("Hole 1") was abandoned at 45m, after encountering difficult ground conditions. Hole 2 was collared 10m to the south of Hole 1 and intersected a 44m wide zone of PGE+Au-Cu-Ni mineralization, from 58m., including a 13m thick high-grade embayment zone with a 20 to 35% increase in grade for all 5 metals. Hole 2 is the most western drill hole at Haukiaho and confirms that mineralization is open along strike and down dip. A future hole is scheduled to test the mineralization down dip.

Hole 3 was drilled 100m east of Hole 2, but did not intersect the mineralized host rock (gabbro) before entering the quartz-albite basement rock. With the new information, a new hole will be collared 100 m to the north of Hole 3 and along strike of the mineralization intersected in Hole 2 and 4.

Hole 4 was drilled to target the mineralization down dip of GTK hole R392, 200m east of Hole 2 and 100m east of Hole 3. Although the Marginal Series is narrower, the grades of the precious and base metals are similar to the higher grade embayment zone encountered in Hole 2.

PGE and Gold mineralization at Haukiaho appears to be associated with significant Copper and Nickel values. Mineralization is predominantly hosted in a gabbroic phase-rich Marginal Series of the Kuusijärvi block, which makes up the Koillismaa Layered Intrusive Complex, near the footwall contacts of the metasomatised Precambrian quartz-albite basement rock.

Laboratory and Analyses

ALS Chemex based in Outokumpu, Finland is conducting the preparation and analytical work of drill core samples from the Phase V drill program. The samples are analysed for Pt, Pd and Au by lead fire assay (30g nominal charge) with an Inductively Coupled Plasma Atomic Emission Spectroscopy ("ICP-AES") finish. A multi-element suite of 35 elements including Cu and Ni are analysed by aqua regia digestion with also an ICP-AES finish. Ore Grade analyses are carried out on any results for Cu and Ni that are over the upper detection limit. Check sampling for QAQC purposes was carried at Labtium Oy, (Finnish laboratory based in Rovaniemi, Finland) along with select analyses of Nickel rich zones to determine the sulphide nickel values with respect to the total Nickel values.

About LK Project

Mr. Turkka Rekola, M.Sc, Project Geologist - Finland and, Mr. Ian F. Laurent MSc.(EconGeol) MAIG RPGeo, CEO of Finore, are the persons responsible for guiding the Phase V work program on the LK Project. Mr. Mohan R. Vulimiri, M.S. is the Qualified Person as defined by NI 43‐101, prepared this news release.

About Nortec

Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has a 100% interest in the Tammela Gold & Lithium Project in south-west Finland. Nortec has a 100% interest in the LK Palladium-Platinum-Gold-Copper-Nickel Project in north-central Finland; an option to earn from Akkerman Exploration B.V., a 100% interest in the Seinäjoki Gold Property and Kaatiala Beryllium-Rare Earth Property in western Finland; a minimum 51% interest with an option to earn 100% interest in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada; and, an option to acquire 51% interest in the Ganarin Gold-Silver Property, Ecuador. Information on the Company's projects can be referred to on www.nortecminerals.com.

Nortec has at present working capital of $2.4 million dollars in cash and 1,660,408 shares of Finore. The Company is well-financed for exploring the Seinajoki and Tammela projects. All projects have excellent potential with good infrastructure and access.

On behalf of the Board of Directors,

NORTEC MINERALS CORP.

Mohan R. Vulimiri, Executive Chairman & CEO

This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Nortec Minerals Corp.
    Mohan R. Vulimiri
    Executive Chairman & CEO
    +1 604-717-6426
    +1 604-683-9649 (FAX)
    www.nortecminerals.com