Nortec Ventures Corp.

Nortec Ventures Corp.

March 06, 2008 09:05 ET

Nortec Ventures (NVT) Announces the Start of Phase II Diamond Core Drilling, Kaukua Platinum-Palladium-Gold-Nickel-Copper Property, Northeastern Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 6, 2008) - Further to the press release dated February 12, 2008, Nortec Ventures Corp. (TSX VENTURE:NVT), ("Nortec" or the "Company"), announces that Phase II diamond drilling has commenced on the Kaukua Platinum - Palladium - Gold (PGE + Au) - Nickel - Copper project located in Northeastern Finland.

The Company is earning 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 Phase II drilling program will consist of 1250 metres and will include 7 holes ranging in depth from 150 to 200 metres. The drilling program is designed to cover the downdip and strike extensions of the higher grade mineralization intersected in previously reported drill holes Kau07-04, Kau07-07, Kau07-02, Kau07-03 and GTK405. This drilling will cover an area of another 300 metres by 100 metres. The attached figure shows the location of proposed holes and completed holes. The drilling program is also designed to determine the potential source of the high grade stringers intersected in the lower portions of the mineralized zones in holes Kau07-02 and GTK405 as well as the in the upper portion of hole Kau07-07. The Nickel values in the stringers are much higher than the Copper values, as compared to the values in rest of the mineralized zone where the Copper values are higher than Nickel. This suggests the mineralization in the stringers is not remobilized but is part of another phase of the original magmatic mineralization and could be present in the vicinity of the drilling. PGE mineralization at Kaukua is intimately associated with significant Nickel and Copper values and is predominantly hosted in pyroxenite and gabbronorite phases of the Kaukua block of the Koillismaa intrusive complex.

Significant and detailed results to date with drill hole locations can be referred to in the Company's previous press releases and website Some of the significant results include:

From To Width Gold Palladium Platinum PGE +
Metres gms/ gms/ gms/ gms/ Nickel Copper
tonne tonne tonne tonne % %
38.25 70 31.75 0.12 0.84 0.28 1.23 0.10 0.18
119.12 119.20 0.08 0.25 12.00 5.22 17.47 3.90 0.40
72 107 35 0.23 1.03 0.37 1.62 0.10 0.17
103 144 41 0.10 0.89 0.30 1.29 0.08 0.14
Including 104 135 31 0.12 1.10 0.37 1.59 0.13 0.15
111.18 111.27 0.09 0.48 15.40 2.84 18.72 2.34 1.23

A third phase of core drilling consisting of deeper down-dip holes is being planned. The Company is at present in discussions with a company with a drill capable of drilling 300 to 400 metres. Nortec will inform the shareholders once the Phase III drilling contract is signed.

Nortec is also in discussions with SJ Geophysics of Vancouver, to carry out a 3-D (three dimension array) Induced Polarization (IP) survey in areas to the south and west of the mineralized zone intersected by drilling to date. This will assist in further targeting the higher grade mineralization.

Upon completion of the Phase II drilling program, Nortec will initiate a National Instrument 43-101 report to calculate any potential resources under a drill indicated/inferred resource category. Polished-section and Metallurgical studies of representative mineralized core samples will also be carried to determine the nature of mineralization and PGE, Nickel and Copper recoveries.

The analyses will be performed by Labtium Oy, a Finnish Government company based in Espoo and Rovaniemi, Finland.

Mohan R. Vulimiri, M.Sc, P.Geo., President, CEO and Director of Nortec, and Mr. Jan Akkerman, Managing Director of AEbv, 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.

About Nortec

Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec is earning a 60% interest, with an option to earn 70% interest, in the Koillismaa - Naranka project. The Company holds an option to earn a 51% interest in the Ganarin Gold-Silver Project, and a 70% interest in the Condorcocha Gold-Silver Project, both located in Southern Ecuador. Nortec is also earning a 51% interest with an option to earn 90% interest in the TL Nickel property in Northern Labrador. The Company is continuing to evaluate other potential acquisitions.

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) 717-6427 (FAX)