Nortec Minerals enters into Option Agreement to acquire 80% interest in Karhujupukka Project, Northern Finland
(via Thenewswire.ca)
Vancouver, B.C., April 11, 2012: Nortec Minerals Corp. (TSX-V: NVT;
FSE: WMQ; OTC PINK: NMNZF) ("Nortec" or the
"Company"), is pleased to announce that further to the news
release dated January 30, 2012, an Option Agreement dated March 27,
2012, has been signed for an acquisition of 80% interest in the
Karhujupukka Iron-Titanium-Vanadium ("Fe-Ti-V")
Palladium-Platinum-Gold ("PGE-Au") Project between Akkerman
Exploration B.V. ("AEbv") and the Company. Approval from
the TSX Venture Exchange was received on March 2, 2012.
Nortec will fund and incur Exploration Expenditures of EUR1,500,000
over an Earn-In-Period of four (4) years from the date of signature of
the Option Agreement. In addition, Nortec will issue to AEbv the
following common shares of the Company:
-The date of signature of the Option Agreement: 250,000 common shares
(paid);
-The first year anniversary of the Option Agreement: 1,000,000 common
shares;
-The second year anniversary of the Option Agreement: 1,500,000
common shares;
-The third year anniversary of the Option Agreement: 2,000,000 common
shares.
The Minimum Exploration Expenditures for the first twelve (12) months
after signature of the Option Agreement amounts to EUR200,000.
The Karhujupukka project is located in northwestern Finland, about 20
kilometers southeast of Kolari and 150 kilometers northwest of
Rovaniemi, the capital of Finnish Lapland. Karhujupukka is one of the
few known magnetite-ilmenite deposits in Finland. The Swedish border
passes 10km West of the area, together with a railroad connection to
port and the industrial center of Kemi. The project is located at
200km from the Swedish Kiruna iron ore district (Malmberget mine).
Mineralization at Karhujupukka was discovered by the Geological Survey
of Finland (GTK) in 1988 while drill testing a series of prominent
magnetic anomalies in till covered areas. Subsequently, GTK outlined
three centers of magnetite-ilmentite mineralization at Karhujupukka,
Korthonletho and Karhuvuoma during three successive drilling campaigns
from 1988 to 1996. In total 36 holes were drilled only into the
magnetite-gabbro layers. GTK also calculated mineral resources, but
Nortec is not taking this into account as it is non-compliant
according to the NI 43-101 standards. The reader is referred to
several published articles on the GTK and other websites.
Mineralization and Potential
The Kahujupukka Fe-Ti-V mineralization occurs as a plate-like body,
hosted by the gabbroic units of the layered ultramafic intrusions, in
between leuco gabbro-anorthosites in the hanging wall and pyroxenite
to peridotite in the footwall. Drilling to date has outlined three
centers of mineralization at Karhujupukka Central, Korthonletho to the
east and Karhuvuoma to the west, over a combined strike length of some
5km. These three areas coincide with the magnetically anomalous zone
which is visible in the low-altitude airborne magnetic data. The
central Karhujupukka prospect dips at an angle of 50-60 degrees to the
south, with a thickness of 50m in the center, 10m in the west and
progressively thinning to 3m in the east.
According to published data (Karvinen, GTK Special Paper 10, 1988),
the mineralization contains on average:
40% Fe, 5.5% Ti 0.3% V, 0.4% Cr, 0.04% Ni and 0.03% Cu
and 0.02% Co, 100ppb Pt, 100ppb Pd and 20ppb Au.
Potential exists for the occurrence of significant magmatic
copper-nickel mineralization with palladium-platinum-gold values in
the lower ultramafic layers near the contact of the basement Archean
migmatites, pelitic and quartzitic metasediments. GTK has not carried
out any exploration into the deeper ultramafic layers and the
basement. Core logs from several holes describe sulphide veins and
concentrations, mostly pyrrhotite and chalcopyrite. Assay information
from the GTK database includes a small number of samples with
anomalous nickel and copper values.
hole 327 98.3- 99.3m3.6%S, 0.66%Cu
328120.1m-120.6m2.4%S, 0.17%Cu
329 83m - 85m0.1%S, 0.08%Ni
329121.5m-123.5m0.07%Ni 0.8%Cr
330118m- 119m1.53%S0.12%Ni
Work Program
Nortec and AEbv are currently preparing detailed work programs to
confirm the dimensions of the mineralized Fe-Ti-V zone and testing the
various magnetic anomalies for additional Fe-Ti-V mineralization.
Air-borne and ground Time-domain Electromagnetic Surveys will be
undertaken to determine any potential hidden magmatic massive sulphide
Ni-Cu-PGE-Au deposits at depth. If the results warrant, this will be
followed up with detailed target drilling.
Mohan R. Vulimiri, M.Sc., P.Geo., 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 Karhujupukka
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. 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. 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 1,660,408 shares of Finore. The Company is well-financed for
exploring the Seinajoki, Tammela and Kahujupukka projects. All three
projects have excellent potential with good infrastructure and access.
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|? |On behalf of the Board of Directors, |? |
| |? | |
| |NORTEC MINERALS CORP. | |
| |? | |
| |“Mohan R Vulimiri” | |
| |? | |
| |Mohan R. Vulimiri, Executive Chairman & CEO | |
| |? | |
| |? | |
| |? | |
|--------------------------------------------------------------|
|NORTEC MINERALS |NORTEC MINERALS |NORTEC ECUADOR |
|CORP. |Oy |S.A. |
|TSX-V: NVT ? |c/o Simo Salonen|Av. Florencia |
|? ? ? ? ? |Oy |Astudillo y |
|? ? ?FSE: |Teknologiantie 2|Alfonso Cordero |
|WMQ |90590 Oulu |Edif. C?mara de |
|Suite 875, Box |Finland |Industrias |
|208, 555 |Phone: +358 |5to piso - |
|Burrard Street |40-169-5599 |oficina #503 |
|Vancouver BC |? |Cuenca, Ecuador |
|V7X 1M8, Canada | |Phone : ?+593 |
|Phone: +1 | |7-288-1514 |
|604-717-6426 | |? |
|Fax: +1 | | |
|604-683-9649 | | |
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