Nortec Ventures Corp.
TSX VENTURE : NVT

Nortec Ventures Corp.

March 09, 2009 09:00 ET

Nortec Ventures Announces Definition Drill Program on the Kaukua PGE+Au Discovery in Finland, and Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2009) - Nortec Ventures Corp. (TSX VENTURE:NVT), ("Nortec" or the "Company"), is pleased to announce the first results from the Phase IV diamond drilling program on the Kaukua Palladium-Platinum-Gold ("PGE+Au")-Copper ("Cu")-Nickel ("Ni") Project located in central Northeastern Finland.

Highlights include:-

52m @ 1.06g/t PGE+Au ; 0.15% Cu and 0.11% Ni from 123.0m (Hole Kau09-039)

The Company has a 70% interest with an option to increase to 80% interest in the Kaukua Project from Akkerman Exploration B.V. ("AEbv"), a private company based in the Netherlands.

The remaining 2,000m from the 5,000m drill contract with Nivalan Drilling began in February (as part of a Phase IV drill program) in order to make use of the winter conditions and access areas across bog and peat zones. This 2,000m drill program will continue to target the near-surface strike extent to the west.

Assay results for drill hole Kau09-039 ("Hole 39") from the Phase IV drill program were received and are shown below in Table 1 for PGE+Au, and Table 2 for base metals (Cu and Ni).



TABLE 1: Best Intercepts of PGE + Au from Phase IV drilling at Kaukua
----------------------------------------------------------------------------
Hole_ID From To Interval Gold Palladium Platinum PGE + Gold
(m) (m) (m) g/t g/t g/t g/t
----------------------------------------------------------------------------
Kau09-039 123.00 175.00 52.00 0.07 0.73 0.26 1.06
----------------------------------------------------------------------------
Including 140.10 147.35 7.25 0.08 0.90 0.32 1.30
----------------------------------------------------------------------------
Including 150.70 158.10 7.40 0.14 1.40 0.48 2.02
----------------------------------------------------------------------------
Including 162.00 169.00 7.00 0.11 0.96 0.35 1.42
----------------------------------------------------------------------------

TABLE 2: Best Intercepts of base metals (Cu and Ni) from Phase IV drilling
at Kaukua
----------------------------------------------------------------------------
Hole_ID From To Interval Copper Copper Nickel Nickel
(m) (m) (m) % Total lbs % Total lbs
----------------------------------------------------------------------------
Kau09-039 123.00 175.00 52.00 0.15 3.31 0.11 2.42
----------------------------------------------------------------------------
Including 140.10 147.35 7.25 0.14 3.11 0.11 2.42
----------------------------------------------------------------------------
Including 150.70 158.10 7.40 0.27 6.02 0.16 3.48
----------------------------------------------------------------------------
Including 162.00 169.00 7.00 0.23 5.03 0.19 4.10
----------------------------------------------------------------------------
NOTES: g/t - grams/tonne; ppm - part per million; 0.1% equals 2lbs/ton;
lower cut-off grade equals 0.5g/t PGE+Au;
Nickel results are total Nickel contained in both sulphides and
silicates;
Based on current geological interpretation results are true widths


Over 85% of all holes drilled by Nortec on the Kaukua Project have intersected an average 25m thick mineralized zone with a drill intercept weighted average grade of 1.08g/t PGE+Au, 0.15% Cu and 0.11%Ni. The Kaukua mineralized zone has been delineated along a strike of 800m and open to the west. There is down-dip continuity to a nominal 350m from near-surface and is open to the south-southwest. Specific gravity calculations have yet to be determined but based on the mafic-ultramafic host rocks, values are expected to range between 2.9 to 3.5.

Nortec has designed a 15,000m resource definition drill program that will be required before commissioning an independent report and qualified resource estimation. This proposed drill program will extend the known strike and down-dip extents of the known mineralised zone and will also include infill drilling, twin holes for QAQC, preliminary metallurgical and engineering studies.

Results Explained

Hole 39 was collared along section 3400E and drilled to a depth of 208m. The aim of Hole 39 was to test the mineralization 80m down-dip from GTK hole R387 and was also designed to test strike continuity 50m to the west of the mineralization intersected in drillholes KAU08-012 and KAU08-037. Hole 39 intersected 52m @ 1.06g/t PGE+Au, 0.15%Cu and 0.11% Ni from 123.00m. Within this intercept, there are 3 higher grade zones, where sulphide content is slightly higher and disseminated throughout the pyroxenite host rock. A 20cm niche sample was taken from a quartz-sulphide vein at 172.25m that returned 8 g/t PGE+Au, 0.7%Cu and greater than 1%Ni. The results from Hole 39 continue to display the consistent average thickness and grade of the mineralization already discovered along the main east-west strike of the Kaukua Project.

PGE and Gold mineralization at Kaukua is intimately associated with significant Nickel and Copper values and is predominantly hosted in the lower pyroxenite, peridotite and gabbronorite phases of the Kaukua block of the Koillismaa Layered Intrusive Complex near the footwall contacts with the Precambrian basement K-feldspar rich and siliceous granites.

Laboratory and Analyses

The Company has chosen ALS Chemex based in Outokumpu, Finland for the preparation and analytical work of its drill core during its Phase IV drill program. Towards the end of 2008, a rigorous QAQC program was carried out on select Kaukua samples using both ALS Chemex and Labtium. Results were comparable or fell well within the accepted relative percentage error. ALS Chemex provided the company a more competitive rate and lower turnaround time and was thus selected as the laboratory of choice. The Company will continue to use Labtium Oy, (Finnish company based in Rovaniemi, Finland) for check sampling and QAQC purposes along with select analyses of Nickel rich zones to determine the sulphide nickel values with respect to the total Nickel values.

Previous Drill Results from Kaukua

Since Nortec began exploration drilling in 2007, the Company has completed 3 phases for over 8,000m. Previously announced drill hole best intercepts have been collated and are shown below in Table 3 for PGE+Au, and Table 4 for the base metals (Cu and Ni). For further information regarding all drill results to date from the Kaukua project, including collar information, maps and cross-sections, please refer to the Project report and previous news releases available on Nortec's website at www.nortecventures.com.



TABLE 3: Best Intercepts of PGE + Au from Nortec drilling at Kaukua
----------------------------------------------------------------------------
Hole_ID From To Interval Gold Palladium Platinum PGE + Gold
(m) (m) (m) g/t g/t g/t g/t
----------------------------------------------------------------------------
Kau07-001(i) 54.00 92.00 38.00 0.09 0.62 0.22 0.93
----------------------------------------------------------------------------
Kau07-002(i) 38.25 70.00 31.75 0.12 0.84 0.28 1.23
----------------------------------------------------------------------------
Kau07-003(i) 72.00 102.00 30.00 0.08 0.76 0.26 1.11
----------------------------------------------------------------------------
Kau07-004(i) 72.00 107.00 35.00 0.23 1.03 0.37 1.62
----------------------------------------------------------------------------
Kau07-005(i) 55.00 72.00 17.00 0.05 0.39 0.17 0.61
----------------------------------------------------------------------------
Kau07-006(i) NSI
----------------------------------------------------------------------------
Kau07-007(i) 103.00 144.00 41.00 0.1 0.89 0.3 1.29
----------------------------------------------------------------------------
Kau08-008(i) 106.26 137.33 31.07 0.11 0.88 0.31 1.29
----------------------------------------------------------------------------
Kau08-009(i) 83.75 112.95 29.20 0.16 1.39 0.46 2.00
----------------------------------------------------------------------------
Kau08-010(i) 102.23 129.00 26.77 0.08 0.83 0.28 1.18
----------------------------------------------------------------------------
Kau08-011(i) 73.37 77.33 3.96 0.04 0.86 0.29 1.19
----------------------------------------------------------------------------
AND 81.5 91.25 9.75 0.08 1.12 0.35 1.55
----------------------------------------------------------------------------
Kau08-012(i) 86.7 133.88 47.18 0.08 0.67 0.25 1.00
----------------------------------------------------------------------------
Kau08-013(i) 141.48 172.5 31.02 0.16 1.59 0.55 2.30
----------------------------------------------------------------------------
Kau08-014(i) 133.65 166.40 32.75 0.11 0.74 0.23 1.08
----------------------------------------------------------------------------
Kau08-015(i) 79.00 99.00 20.00 0.11 0.82 0.30 1.23
----------------------------------------------------------------------------
Kau08-016(i) 50.00 101.00 51.00 0.37 0.37 0.13 0.87
----------------------------------------------------------------------------
Kau08-017(i) 90.30 121.00 30.70 0.54 0.72 0.24 1.50
----------------------------------------------------------------------------
AND 166.00 167.00 1.00 0.13 1.36 0.36 1.84
----------------------------------------------------------------------------
Kau08-018(i) 153.00 218.00 65.00 0.18 1.04 0.35 1.57
----------------------------------------------------------------------------
Kau08-019(i) 155.10 158.80 3.70 0.01 0.89 0.29 1.19
----------------------------------------------------------------------------
Kau08-019(i) 167.80 177.20 9.40 0.09 1.12 0.34 1.55
----------------------------------------------------------------------------
Kau08-019(i) 182.75 193.65 10.90 0.04 0.59 0.17 0.80
----------------------------------------------------------------------------
Kau08-020(i) 140.90 198.90 58.00 0.09 0.91 0.29 1.28
----------------------------------------------------------------------------
Kau08-020(i) 215.00 218.00 3.00 0.15 1.20 0.36 1.72
----------------------------------------------------------------------------
Kau08-021(i)
(ii) NSI
----------------------------------------------------------------------------
Kau08-022(i) 56.80 60.10 3.30 0.14 0.34 0.13 0.61
----------------------------------------------------------------------------
Kau08-023(i) 97.90 100.35 2.45 0.11 0.63 0.19 0.93
----------------------------------------------------------------------------
Kau08-023(i) 150.20 221.00 70.80 0.06 0.73 0.21 1.00
----------------------------------------------------------------------------
Kau08-024(i) 163.00 207.70 44.70 0.32 0.56 0.18 1.06
----------------------------------------------------------------------------
Kau08-024(i) 224.00 225.00 1.00 0.01 0.99 0.33 1.33
----------------------------------------------------------------------------
Kau08-025(i) 138.95 139.85 0.90 0.02 1.09 0.37 1.48
----------------------------------------------------------------------------
Kau08-025(i) 149.50 171.90 22.40 0.08 0.61 0.21 0.90
----------------------------------------------------------------------------
Kau08-025(i) 206.10 212.45 6.35 0.04 0.79 0.26 1.09
----------------------------------------------------------------------------
Kau08-026(i) 169.10 229.50 60.40 0.06 0.71 0.25 1.02
----------------------------------------------------------------------------
Kau08-027(i) 116.20 169.50 53.30 0.03 0.17 0.06 0.26
----------------------------------------------------------------------------
AND 180.00 238.75 58.75 0.05 0.30 0.10 0.45
----------------------------------------------------------------------------
Kau08-028(i) 152.20 187.15 34.95 0.07 0.52 0.18 0.77
----------------------------------------------------------------------------
Kau08-029(i) 158.55 165.00 6.45 0.08 0.99 0.38 1.45
----------------------------------------------------------------------------
Kau08-030(i) 139.40 217.00 77.60 0.03 0.35 0.12 0.50
----------------------------------------------------------------------------
Kau08-031(i) 169.00 174.10 5.10 0.03 0.35 0.09 0.48
----------------------------------------------------------------------------
Kau08-032(i) 139.90 145.50 5.60 0.07 0.28 0.10 0.45
----------------------------------------------------------------------------
Kau08-033(i) 127.00 133.90 6.90 0.08 0.32 0.12 0.52
----------------------------------------------------------------------------
Kau08-034(i) 104.00 116.00 12.00 0.06 0.30 0.10 0.46
----------------------------------------------------------------------------
Kau08-035(i)
(iii) 314.05 347.00 32.95 0.07 0.74 0.24 1.05
----------------------------------------------------------------------------
Kau08-036(i)
(iii) 60.30 66.00 5.70 0.42 0.38 0.07 0.87
----------------------------------------------------------------------------
AND 250.00 269.20 19.20 0.06 0.34 0.13 0.53
----------------------------------------------------------------------------
AND 281.90 300.00 18.10 0.07 0.45 0.17 0.69
----------------------------------------------------------------------------
Kau08-037(i) 118.65 187.60 68.95 0.04 0.57 0.19 0.79
----------------------------------------------------------------------------
Kau08-038(i)
(iii) 267.00 279.00 12.00 0.08 0.59 0.19 0.85
----------------------------------------------------------------------------
AND 360.80 377.00 16.20 0.09 0.64 0.24 0.97
----------------------------------------------------------------------------
AND 399.00 403.95# 4.95 0.10 0.76 0.26 1.12
----------------------------------------------------------------------------

TABLE 4: Best Intercepts of base metals (Cu and Ni) from Nortec drilling at
Kaukua
----------------------------------------------------------------------------
Hole_ID From To Interval Copper Copper Nickel Nickel
(m) (m) (m) % Total lbs % Total lbs
----------------------------------------------------------------------------
Kau07-001(i) 54.00 92.00 38.00 0.10 2.20 0.07 1.54
----------------------------------------------------------------------------
Kau07-002(i) 38.25 70.00 31.75 0.10 2.20 0.18 3.97
----------------------------------------------------------------------------
Kau07-003(i) 72.00 102.00 30.00 0.12 2.65 0.09 1.98
----------------------------------------------------------------------------
Kau07-004(i) 72.00 107.00 35.00 0.10 2.20 0.17 3.75
----------------------------------------------------------------------------
Kau07-005(i) 55.00 72.00 17.00 0.09 1.98 0.09 1.98
----------------------------------------------------------------------------
Kau07-006(i) NSI
----------------------------------------------------------------------------
Kau07-007(i) 103.00 144.00 41.00 0.14 3.09 0.08 1.76
----------------------------------------------------------------------------
Kau08-008(i) 106.26 137.33 31.07 0.16 3.53 0.11 2.42
----------------------------------------------------------------------------
Kau08-009(i) 83.75 112.95 29.20 0.24 5.29 0.12 2.65
----------------------------------------------------------------------------
Kau08-010(i) 102.23 126.00 23.77 0.13 2.87 0.08 1.76
----------------------------------------------------------------------------
Kau08-011(i) 73.37 77.33 3.96 0.15 3.36 0.08 1.83
----------------------------------------------------------------------------
Kau08-012(i) 86.70 133.88 47.18 0.18 4.05 0.12 2.59
----------------------------------------------------------------------------
Kau08-013(i) 141.48 172.50 31.02 0.21 4.63 0.12 2.65
----------------------------------------------------------------------------
Kau08-014(i) 133.65 166.40 32.75 0.15 3.31 0.09 1.98
----------------------------------------------------------------------------
Kau08-015(i) 79.00 99.00 20.00 0.17 3.79 0.11 2.37
----------------------------------------------------------------------------
Kau08-016(i) 50.00 101.00 51.00 0.11 2.33 0.09 2.02
----------------------------------------------------------------------------
Kau08-017(i) 90.30 121.00 30.70 0.16 3.45 0.11 2.43
----------------------------------------------------------------------------
AND 166.00 167.00 1.00 0.20 4.32 0.55 12.08
----------------------------------------------------------------------------
Kau08-018(i) 153.00 218.00 65.00 0.18 3.90 0.10 2.18
----------------------------------------------------------------------------
Kau08-019(i) 155.10 158.80 3.70 0.02 0.53 0.12 2.60
----------------------------------------------------------------------------
Kau08-019(i) 167.80 177.20 9.40 0.14 3.16 0.13 2.78
----------------------------------------------------------------------------
Kau08-019(i) 182.75 193.65 10.90 0.07 1.62 0.06 1.39
----------------------------------------------------------------------------
Kau08-020(i) 140.90 198.90 58.00 0.17 3.76 0.13 2.77
----------------------------------------------------------------------------
Kau08-020(i) 215.00 218.00 3.00 0.24 5.31 0.09 2.07
----------------------------------------------------------------------------
Kau08-021(i)
(ii) NSI
----------------------------------------------------------------------------
Kau08-022(i) 56.80 60.10 3.30 0.13 2.81 0.09 1.92
----------------------------------------------------------------------------
Kau08-023(i) 97.90 100.35 2.45 0.18 3.93 0.15 3.22
----------------------------------------------------------------------------
Kau08-023(i) 150.20 221.00 70.80 0.14 2.98 0.10 2.21
----------------------------------------------------------------------------
Kau08-024(i) 163.00 207.70 44.70 0.22 4.88 0.16 3.44
----------------------------------------------------------------------------
Kau08-025(i) 138.95 139.85 0.90 0.09 2.00 0.20 4.30
----------------------------------------------------------------------------
Kau08-025(i) 149.50 171.90 22.40 0.15 3.42 0.09 2.08
----------------------------------------------------------------------------
Kau08-025(i) 206.10 212.45 6.35 0.12 2.58 0.11 2.47
----------------------------------------------------------------------------
Kau08-026(i) 169.10 229.50 60.40 0.17 3.71 0.12 2.67
----------------------------------------------------------------------------
Kau08-027(i) 116.20 169.50 53.30 0.14 3.08 0.10 2.12
----------------------------------------------------------------------------
AND 180.00 238.75 58.75 0.15 3.26 0.11 2.47
----------------------------------------------------------------------------
Kau08-028(i) 152.20 187.15 34.95 0.16 3.47 0.11 2.39
----------------------------------------------------------------------------
Kau08-029(i) 158.55 165.00 6.45 0.17 3.76 0.11 2.36
----------------------------------------------------------------------------
Kau08-030(i) 139.40 217.00 77.60 0.06 1.33 0.05 1.01
----------------------------------------------------------------------------
Kau08-031(i) 169.00 174.10 5.10 0.09 1.86 0.10 2.15
----------------------------------------------------------------------------
Kau08-032(i) 139.90 145.50 5.60 0.25 5.57 0.11 2.39
----------------------------------------------------------------------------
Kau08-033(i) 127.00 133.90 6.90 0.15 3.32 0.09 2.07
----------------------------------------------------------------------------
Kau08-034(i) 104.00 116.00 12.00 0.18 3.96 0.09 2.02
----------------------------------------------------------------------------
Kau08-035(i)
(iii) 314.05 347.00 32.95 0.17 3.75 0.13 2.92
----------------------------------------------------------------------------
Kau08-036(i)
(iii) 60.30 66.00 5.70 0.27 6.04 0.16 3.56
----------------------------------------------------------------------------
AND 250.00 269.20 19.20 0.12 2.72 0.12 2.65
----------------------------------------------------------------------------
AND 281.90 300.00 18.10 0.15 3.26 0.10 2.26
----------------------------------------------------------------------------
Kau08-037(i) 118.65 187.60 68.95 0.08 1.81 0.12 2.65
----------------------------------------------------------------------------
Kau08-038(i)
(iii) 267.00 279.00 12.00 0.18 4.02 0.16 3.42
----------------------------------------------------------------------------
AND 360.80 377.00 16.20 0.19 4.19 0.13 2.81
----------------------------------------------------------------------------
AND 399.00 403.95# 4.95 0.18 3.85 0.13 2.90
----------------------------------------------------------------------------
NOTES: (i) equals results of drillholes previously announced and included
in this news release for completeness.
(#) equals bottom of hole mineralization; (ii) equals drillhole
abandoned; (iii) equals exploration holes drilled 500m south of
main Kaukua zone g/t - grams/tonne; ppm - part per million; 0.1%
equals 2lbs/ton; lower cut-off grade equals 0.5g/t PGE+Au;
Nickel results are total Nickel contained in both sulphides and
silicates;
Based on current geological interpretation results are true widths


Metallurgical Testwork

The Company will commission SGS Vancouver to carry out preliminary metallurgical testwork on the Kaukua mineralization. Testwork will comprise of mineralogical benchmarking, baseline flotation and the use of the PLATSOL™ process. The Company has consulted extensively on the various metallurgical methods available to them that will optimise recoveries of any contained metal in the Kaukua mineralised system.

The first step is the mineralogical benchmarking. The aim is to provide a mineralogical characterization (including PGM) of a representative composite sample from the Kaukua property. Mineralogical characterization of the main individual lithology types will also be carried out. PGM metallurgy is mainly driven by grain size and the degree of alteration in the host silicates. The methodology used to perform the characterization of the composite sample is an integrated approach including grinding, screening, pre-concentration and product mineralogy. The products are also metallurgically balanced which, with the mineralogical analysis, yields a full mineralogical balance. QEMSCAN studies will be carried out to evaluate the sulphide mineral content in the samples, and the speciation and alteration of the silicates.

The next step will be to carry out baseline flotation testwork to develop a bulk concentrate. The bulk concentrate will then undergo a high temperature (greater than 200 degrees Celsius) pressure oxidation process using a small amount of chloride. This is known as the PLATSOL™ process. The PLATSOL™ process was developed at SGS Lakefield Research by International PGM Technologies Ltd., in 1999 to treat NorthMet bulk copper-nickel-PGM concentrate. Several papers have been published describing the development and application of the PLATSOL™ to the bulk concentrate and various other feedstocks. The PLATSOL™ process allows one-step dissolution of base and precious metals.

Financing

Nortec is also announcing that it will conduct a non-brokered private placement of a minimum 7,500,000 units (the "Units") at a price of $0.10 per Unit, to raise total gross proceeds of $750,000 with an over-subscription clause of a further $250,000 funding comprising 2,500,000 units. Each Unit will consist of one common share of the Company (a "Share") and one half of one transferable common share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable to acquire one additional Share for a period of 18 months from the closing of the Private Placement at an exercise price of $0.15. In the event that the common shares of the Company trade at a closing price in excess of $0.15 per share for a period of 10 consecutive trading days at any time after four months past the closing date, the Company will accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the Company. The funds will be used for general working capital purposes and for the metallurgical testwork.

The Offering is subject to the completion and execution of appropriate documentation, acceptance for filing by the TSX Venture Exchange of the Offering on behalf of the Company and receipt of any required regulatory approvals.

About Nortec

Mohan R. Vulimiri, M.Sc, P.Geo., President, CEO and Director of Nortec; Mr. Jan H. Akkerman, Managing Director of AEbv and, Ian F. Laurent MSc.(EconGeol) MAIG RPGeo, Executive Vice President for Nortec, are the persons responsible for initiating and guiding the work programs on the Kaukua Project. Mohan Vulimiri is the Qualified Person responsible for the contents of this press release.

Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company holds an option to earn a 51% interest in the Ganarin Gold - Silver Project, located in Southern Ecuador. Nortec is also earning a 51% interest with an option to earn 90% interest in the TL Nickel - Copper - Cobalt property in Northern Labrador, Canada. The Company is continuing to evaluate other potential acquisitions. Information on Nortec's activities can be referred to on the Company's website, www.nortecventures.com.

On behalf of the Board of Directors,

NORTEC VENTURES CORP.

Mohan R. Vulimiri, President & CEO

The statements made in this Press Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

There can be no assurance that forward-looking information will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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

Contact Information

  • Nortec Ventures Corp.
    Mohan R. Vulimiri
    President & CEO
    (604) 717-6426
    (604) 683-9648 (FAX)
    Website: www.nortecventures.com