Nortec Receives Further Drilling Results at Haukiaho, LK PGE-Au-Cu-Ni Project, Finland
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/12/12 -- Nortec Minerals Corp. (TSX VENTURE: NVT)(PINKSHEETS: NMNZF)(FRANKFURT: WMQ) (the 'Company' or 'Nortec'), announces further significant results from the on-going Phase V drilling program on the Lantinen Koillismaa ('LK') 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. The reader is referred to the Company's press release dated January 31, 2012.
Highlights include:-
-- 25.0 metres @ 0.72g/t PGE+Au; 0.23% Cu; 0.18% Ni from 66m (Hole HAU11-
010)
-- 28.0 metres @ 0.66g/t PGE+Au; 0.23% Cu; 0.18% Ni from 56m (Hole HAU11-
008) including 5.0 metres @ 1.03g/t PGE+Au; 0.28% Cu; 0.30% Ni from 57m
These drill results continue to confirm the 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. A significant portion of the current drill program at LK is designed to target the 3,700 metre strike and down-dip extension of mineralization at Haukiaho.
Drill results were received for palladium, platinum, gold, copper and nickel for holes Hau11-005 ('Hole 5'), Hau11-006 ('Hole 6'), Hau11-007 ('Hole 7'), Hau11-008 ('Hole 8'), Hau11-009 ('Hole 9'), Hau11-010 ('Hole 10'), and Hau11-011 ('Hole 11'). Drill 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
----------------------------------------------------------------------------
From To Interval Pd Pt Au PGE Copper Nickel
Hole_ID (m) (m) (m) g/t g/t g/t + Au % %
----------------------------------------------------------------------------
Hau11-001(i) hole Abandoned
----------------------------------------------------------------------------
Hau11-002(i) 58.0 102.0 44.0 0.48 0.18 0.15 0.80 0.28 0.19
----------------------------------------------------------------------------
Including(i) 84.0 97.0 13.0 0.71 0.27 0.17 1.15 0.38 0.27
----------------------------------------------------------------------------
Hau11-003(i) NSI NSI NSI NSI NSI NSI NSI NSI NSI
----------------------------------------------------------------------------
Hau11-004(i) 114.0 126.0 12.0 0.38 0.14 0.12 0.64 0.20 0.14
----------------------------------------------------------------------------
Including(i) 114.0 119.0 5.0 0.63 0.23 0.19 1.05 0.33 0.24
----------------------------------------------------------------------------
Hau11-005 157.95 165.00 7.05 0.52 0.18 0.18 0.88 0.37 0.25
----------------------------------------------------------------------------
Including 159.00 163.00 4.00 0.69 0.25 0.25 1.19 0.52 0.33
----------------------------------------------------------------------------
Hau11-006 57.00 71.00 14.00 0.24 0.09 0.09 0.43 0.22 0.12
----------------------------------------------------------------------------
Including 58.00 60.00 2.00 0.62 0.23 0.24 1.10 0.28 0.30
----------------------------------------------------------------------------
Hau11-007 162.00 164.00 2.00 0.24 0.09 0.06 0.38 0.13 0.12
----------------------------------------------------------------------------
Hau11-008 56.00 84.00 28.00 0.40 0.15 0.10 0.66 0.23 0.18
----------------------------------------------------------------------------
Including 57.00 62.00 5.00 0.66 0.23 0.13 1.03 0.28 0.30
----------------------------------------------------------------------------
Hau11-008 89.00 99.00 10.00 0.46 0.19 0.15 0.79 0.33 0.24
----------------------------------------------------------------------------
Hau11-009 109.00 121.00 12.00 0.34 0.12 0.14 0.60 0.22 0.16
----------------------------------------------------------------------------
Hau11-009 132.00 149.00 17.00 0.38 0.15 0.04 0.56 0.13 0.15
----------------------------------------------------------------------------
Hau11-010 38.00 41.00 3.00 0.59 0.29 0.18 1.05 0.26 0.23
----------------------------------------------------------------------------
Hau11-010 43.00 62.95 19.95 0.37 0.15 0.13 0.65 0.23 0.17
----------------------------------------------------------------------------
Hau11-010 66.00 91.00 25.00 0.41 0.16 0.15 0.72 0.23 0.18
----------------------------------------------------------------------------
Hau11-011 NSI NSI NSI NSI NSI NSI NSI NSI NSI
----------------------------------------------------------------------------
NOTES: Pd - palladium; Pt- platinum; Au - gold; Cu - copper; Ni - nickel;
g/t - grams/tonne; ppm - part per million
lower cut-off grade = 0.3g/t PGE+Au; Internal waste = 2m; NSI = No
Significant Intercept; (m) = metres;
Hole Hau11-001 was NOT sampled; Based on current geological interpretation
results are true widths. (i) = included for completeness
TABLE 2: Drill Hole Collar Locations - Phase V drilling at Haukiaho -
Torkoaho
---------------------------------------------------------------------------
Total
Easting Northing Elevation Depth
Hole_ID (m) (m) (m) (m) Dip Azimuth
---------------------------------------------------------------------------
Hau11-001 3546304 7307507 240 45.60 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-002 3546304 7307497 240 110.60 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-003 3546387 7307433 240 122.00 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-004 3546506 7307453 240 144.40 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-005 3546607 7307455 240 188.60 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-006 3546673 7307344 240 107.20 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-007 3546708 7307439 240 278.80 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-008 3546773 7307325 240 113.50 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-009 3546798 7307395 240 206.70 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-010 3546972 7307279 240 135.90 -55 195
degrees degrees
---------------------------------------------------------------------------
Hau11-011 3547003 7307372 240 295.30 -55 195
degrees degrees
---------------------------------------------------------------------------
NOTES: Projection - Finnish Coordinate Systems: KKJ zone 3;
(i) = included for completeness
Results Explained
Holes 5, 6, 8, 9, and 10 were each drilled on section lines 100 metres apart testing the near surface PGE+Au-Cu-Ni mineralization hosted within a cumulate gabbro host rock, commonly known as the Marginal Series. The mineralized zone ranges between 10 metres and 28 metres in thickness and continuity can be traced for 1,000 metres along strike at Torkoaho. Holes 7 and 11 were drilled 60 metres north of Holes 6 and 10 respectively to target the mineralization down dip. Both holes intersected a steep south-dipping diabase dyke that appears to displace the mineralization along its northern contact.
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 Kuusijarvi block, which makes up the Koillismaa layered ultramafic complex, near the footwall contacts of the Precambrian basement.
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 analyzed 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 analyzed 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. Samples are also submitted to Labtium Oy, (Finnish laboratory 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.
About LK Project
The LK Project is located in north central Finland, 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 1960's to 2004. Nortec did not carry out any drilling on the Haukiaho Target.
The Mineral Resource estimate of the Kaukua and Haukiaho deposits that form part of the LK Project was prepared by Watts, Griffis and McOuat ('WGM') in November and December 2011.
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.
WGM have recommended ongoing exploration to upgrade the quality of the Mineral Resources delineated on the 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. P.Geo. 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 Seinajoki 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. The Company signed a Memorandum of Understanding with Akkerman to earn a 80% interest in the Karhujupukka Iron-Titanium-Vanadian-PGE-Au-Cu-Ni project in Northern Finland. Information on the Company's projects can be referred to on www.nortecminerals.com.
Nortec has at present working capital of $3.3 million dollars in cash and 2,660,408 shares of Finore. Finore's shares trade on the Canadian National Stock Exchange under the symbol 'FIN'. The most recent trading range of Finore shares is around $0.42 per share. Nortec is well-financed for exploring the Seinajoki, Tammela and Karhujupukka 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.
Contacts:
Nortec Minerals Corp.
Mohan R. Vulimiri
Executive Chairman & CEO
+1 604-717-6426
+1 604-683-9649 (FAX)
www.nortecminerals.com
