Nortec Ventures Corp.
TSX VENTURE : NVT

Nortec Ventures Corp.

April 24, 2009 14:35 ET

Nortec Ventures Announces Further Drill Results From the Kaukua PGE+Au Discovery in Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2009) - Nortec Ventures Corp. (TSX VENTURE:NVT), ("Nortec" or the "Company"), is pleased to announce further 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:-

37.6m @ 1.25g/t PGE+Au; 0.18% Cu and 0.12% Ni from 166.5m (Hole Kau09-043)

5.7m @ 1.35g/t PGE+Au; 0.11% Cu and 0.12% Ni from 48.4m (Hole Kau09-041)

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 of the 5,000m drill contract with Nivalan Drilling ("Phase IV drill program") is near completion. Since the start the Phase IV program in February 2009, a total of 9 holes (Kau09-039 to Kau09-047) have been drilled (Figure 1), with 8 holes drilled within bog and peat zones in order to make use of the winter conditions and access. The Phase IV drill program is also targeting the near-surface strike extent west of the main zone.

Assay results for drill holes Kau09-040 ("Hole 40"); Kau09-041 ("Hole 41"); Kau09-042 ("Hole 42"); Kau09-043 ("Hole 43"); and, Kau09-044 ("Hole 44") were received and are shown below in Table 1 for PGE+Au, and Table 2 for base metals (Cu and Ni). Results for drill holes Kau09-045 ("Hole 45"); Kau09-046 ("Hole 46"); and, Kau09-047 ("Hole 47") are being awaited.



TABLE 1: Best Intercepts of PGE + Au from Phase IV drilling at Kaukua
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Hole_ID From To Interval Gold Palladium Platinum PGE+Gold
(m) (m) (m) g/t g/t g/t g/t
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Kau09-039(1) 123.00 175.00 52.00 0.07 0.73 0.26 1.06
----------------------------------------------------------------------------
Including(1) 140.10 147.35 7.25 0.08 0.90 0.32 1.30
----------------------------------------------------------------------------
Including(1) 150.70 158.10 7.40 0.14 1.40 0.48 2.02
----------------------------------------------------------------------------
Including(1) 162.00 169.00 7.00 0.11 0.96 0.35 1.42
----------------------------------------------------------------------------
KAU09-040 93.75 130.95 37.20 0.03 0.35 0.14 0.52
----------------------------------------------------------------------------
KAU09-041 37.50 54.00 16.50 0.04 0.59 0.22 0.86
----------------------------------------------------------------------------
Including 48.35 54.00 5.65 0.05 0.95 0.35 1.35
----------------------------------------------------------------------------
KAU09-042 127.00 136.70 9.70 0.07 0.83 0.38 1.28
----------------------------------------------------------------------------
KAU09-043 166.50 204.10 37.60 0.08 0.86 0.31 1.25
----------------------------------------------------------------------------
Including 179.50 191.00 11.50 0.13 1.43 0.50 2.06
----------------------------------------------------------------------------
KAU09-044 74.80 96.85 22.05 0.05 0.37 0.14 0.56
----------------------------------------------------------------------------
Including 90.00 94.00 4.00 0.08 0.71 0.26 1.04
----------------------------------------------------------------------------
KAU09-045 results awaited
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KAU09-046 results awaited
----------------------------------------------------------------------------
KAU09-047 results awaited
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TABLE 2: Best Intercepts of base metals (Cu and Ni) from Phase IV drilling
at Kaukua
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Hole_ID From To Interval Copper Copper Nickel Nickel
(m) (m) (m) % Total lbs % Total lbs
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Kau09-039(1) 123.00 175.00 52.00 0.15 3.31 0.11 2.42
----------------------------------------------------------------------------
Including(1) 140.10 147.35 7.25 0.14 3.11 0.11 2.42
----------------------------------------------------------------------------
Including(1) 150.70 158.10 7.40 0.27 6.02 0.16 3.48
----------------------------------------------------------------------------
Including(1) 162.00 169.00 7.00 0.23 5.03 0.19 4.10
----------------------------------------------------------------------------
KAU09-040 93.75 130.95 37.20 0.06 1.20 0.07 1.54
----------------------------------------------------------------------------
KAU09-041 37.50 54.00 16.50 0.18 4.00 0.18 3.87
----------------------------------------------------------------------------
Including 48.35 54.00 5.65 0.11 2.49 0.12 2.55
----------------------------------------------------------------------------
KAU09-042 127.00 136.70 9.70 0.14 3.20 0.15 3.29
----------------------------------------------------------------------------
KAU09-043 166.50 204.10 37.60 0.18 4.02 0.12 2.65
----------------------------------------------------------------------------
Including 179.50 191.00 11.50 0.26 5.66 0.18 4.04
----------------------------------------------------------------------------
KAU09-044 74.80 96.85 22.05 0.08 1.82 0.09 1.98
----------------------------------------------------------------------------
Including 90.00 94.00 4.00 0.07 1.58 0.11 2.41
----------------------------------------------------------------------------
KAU09-045 results awaited
----------------------------------------------------------------------------
KAU09-046 results awaited
----------------------------------------------------------------------------
KAU09-047 results awaited
----------------------------------------------------------------------------
NOTES: g/t - grams/tonne; ppm - part per million; 0.1% = 2lbs/ton; lower
cut-off grade = 0.5g/t PGE+Au;
Nickel results are total Nickel contained in both sulphides and
silicates;
(1) results previously announced and included for completeness
Based on current geological interpretation results are true widths


Results Explained

Hole 40, Hole 42 and Hole 43 were collared along section 3350E (Figure 1), 50m west of the mineralised zone encountered in Hole 39 (52m @ 1.06g/t PGE+Au, 0.15%Cu and 0.11% Ni from 123.00m) that was announced in the Nortec news release dated March 9, 2009. Hole 40 was collared furthest to the north, targeting the near surface, up-dip potential of the pyroxenite host rock. Although Hole 40 intersected over 37m of mineralised pyroxenite, the unit was often intercalated with barren peridotite diluting to average grade of 0.52g/t PGE+Au. Hole 42 was collared 50m behind Hole 40 with the aim to intersect the mineralised pyroxenite, 50m down-dip. Unfortunately Hole 42 was abandoned within the mineralised zone (9.7m @ 1.28g/t PGE+Au, 0.14%Cu and 0.15% Ni from 127.00m) as the hole continued to collapse due to a large fault. As a result of the promising geology and mineralisation in abandoned Hole 42, Hole 43 was collared a further 50m to the south and drilled at a steeper angle to target the mineralisation a further 70m down-dip from Hole 42. Hole 43 yielded similar high grade results to Hole 39 (37.6m @ 1.25g/t PGE+Au; 0.18% Cu and 0.12% Ni from 166.5m). This result has confirmed mineralisation a further 50m to the west and is open down-dip to the south and down-plunge to the west-southwest.

Hole 41 and Hole 44 were drilled along section 3300E (Figure 2), 50m west of the mineralised zone encountered in Hole 43. Like Hole 40, Hole 41 was drilled to target the near-surface up-dip potential mineralisation in the pyroxenite host rock. Although some minor barren peridotite was intersected within the pyroxenite host rock, Hole 40 intersected a slightly narrower zone but with higher PGE+Au grades and significant base metal values (0.18% Cu and 0.18% Ni). Hole 44 was collared south of Hole 41 in order to test the potential down-dip mineralisation upto 60m.

Results from Hole 39 and 43 continue to demonstrate consistent average thickness and grade of the mineralization. PGE and Gold mineralization at Kaukua is intimately associated with significant Nickel and Copper values and predominantly hosted in pyroxenite 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.

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 results of the Phase IV drill programme, to date, confirm the continuity of the Kaukua mineralized zone beyond 800m in strike and remains open to the west. Down-dip continuity exists 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.

The Company previously announced that it has designed a 15,000m resource definition drill program, 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.

In other news, Barrick Gold recently announced its plans to commence PGE production at the Fedorova Tundra deposit, located near Murmansk in Russia across the border from Finland, in 2012 with an estimated investment of US$770 million. The deposit, consisting of two zones Fedorova East and Fedorova West, hosted in layered ultramafic rocks contains resources of 100 million tonnes grading 0.35 g/t Pt, 1.4 g/t Pd, 0.09 g/t Au, 0.078% Ni and 0.126% Cu. It is interesting to note that mineralization and grades at Fedorova are very similar to those at Kaukua. Kaukua is one of four potential target areas (Kaukua East, Kaukua West, Kaukua North and Lipeavaara) in the Nortec's concession blocks. Nortec will initiate prospecting, geological mapping, sampling and geophysical surveys to delineate any presence of PGE+Au mineralization in these target areas.

Laboratory and Analyses

ALS Chemex based in Outokumpu, Finland is conducting the preparation and analytical work of drill core samples from the Phase IV 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. The Company continues 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.

Metallurgical Testwork

As previously announced, the Company has commissioned SGS Vancouver to carry out preliminary metallurgical testwork on the Kaukua mineralization. Testwork will comprise of a) Mineralogical benchmarking; b) Baseline flotation and c) 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.

Samples have been received and the first step of the testwork (mineralogical benchmarking) has begun. 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 C) 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.

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 also holds an option to earn a 51% interest in the Ganarin Gold - Silver Project, located in Southern Ecuador and has 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

This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding: the completion of the Acquisition; completion of the Private Placement; TSX Venture Exchange acceptance of the Acquisition and the Private Placement; the proposed use of funds and the anticipated business and financing plans of the Company. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at www.sedar.com.

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.

Neither 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.

Contact Information

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