Nortec Minerals commences Phase Two Bedrock and Lithogeochemical Sample Drilling Program, Saarikoski Zone, Seinajoki Gold Project, Southwestern Finland
(via Thenewswire.ca)
Vancouver, B.C., August 16, 2012: Further to the press release dated July 12, 2012, Nortec Minerals Corp. (TSX-V: NVT; FSE: WMQ; OTC-PK: NMNZF) ("Nortec" or the "Company"), is pleased to announce the commencement of the second phase of the bedrock and lithogeochemical program, Saarikoski Zone, Seinajoki Gold Project, Southwestern Finland. The Saarikoski Zone is located 3.5 kilometres to the southeast of Tulisilma target and 3 kilometres south-southwest of Martallanniemi zone.
The Phase Two program consists of parallel sampling lines on strike as well as the area in between the anomalous samples identified in the Phase One program completed in June 2012. Sampling will be carried out with percussion drilling every 50 metres on several cross lines with one bedrock sample and one till sample in each hole. This will be followed up with diamond core drilling depending on the results.
Sampling in the Phase One program returned gold values in the range of 11 parts per billion (ppb) to 436 ppb. The sampling on one cross line ends with four anomalous values (13 ppb, 11 ppb, 76 ppb, 436 ppb), each 50 metres apart. Another line approximately 600 metres east of this line commences with an anomalous sample analyzing 55 ppb gold, suggesting the area in between the two lines could potentially host a gold mineralized zone. The Phase Two program covers this area.
Previous diamond core drilling carried out by Nortec in 2010 on the Martallanniemi zone returned significant results (shown below):
-87.4 metres @ 0.90 g/t Gold from 0.6 metres (Hole MTL10-007), including 4 metres @ 13.52 g/t Gold from 52 metres
-99.0 metres @ 0.50 g/t Gold from 12.0 metres (Hole MTL10-001)
-68.5 metres @ 0.58 g/t Gold from 1.5 metres (Hole MTL10-004)
The high grade intersection in Hole MTL10-007 will also be followed up with more drilling along strike and down-dip.
The Seinajoki project area also consists of the Katiaala prospect located 15 kilometres east of the Seinajoki gold prospects. The Paleo-Proterozoic pegmatites in the Kaatiala and Seinajoki area host tin, tantalum, berylium, niobium, tungsten, caesium and lithium mineralization. The Kaatiala reservation covers a quarry which produced 18 tonnes of beryl, 5 tonnes of columbite and 190,000 tonnes of rare mineral calcium feldspar, according to the information obtained from GTK. GTK considers Kaatiala pegmatites to be one of richest in tantalum, niobium and lithium. Beryl is the source for beryllium and columbite is the source for tantalum and niobium.
Mohan R. Vulimiri, M.Sc., P.Geo. Executive Chairman and CEO and Director of Nortec and Mr. Jan H. Akkerman, Managing Director of Akkerman Exploration B.V. are the persons responsible for initiating and guiding the work programs on the Seinajoki Project and Mohan Vulimiri is the Qualified Person responsible for the contents of this press release.
Other News
Further to the press releases dated June 13, 2012 and July 12, 2012, the Company received approval from the TSX Venture Exchange ("TSXV") to amend the expiry date of 6,916,500 warrants issued pursuant to the private placement that closed on July 7, 2010 from July 7, 2012 to July 7, 2013, and the 635,000 warrants issued pursuant to the private placement that closed on August 4, 2010 from August 4, 2012 to August 4, 2013. All other terms of the warrants, including the exercise prices, remain unchanged.
The Company has been requested to and is providing technical expertise to The Golden Rule Limited ("TGR") with gold projects in the West African republic of Guinea. In addition to providing technical expertise the Company has invested US$200,000 in TGR.
About Nortec Minerals
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 LK project was optioned to Finore Mining Corp. ("Finore") 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 Company signed an Option Agreement with Akkerman to earn an 80% interest in the Karhujupukka Iron-Titanium-Vanadium-PGE-Au-Cu-Ni project in Northern Finland. Nortec is commencing an air-borne time-domain Electro-magnetic geophysical survey on the Karhujupukka project.
Information on the Company's projects can be referred to on www.nortecminerals.com
Nortec has at present working capital of $2 million dollars in cash and 3,227,208 shares of Finore and an investment of US$200,000 in TGR.
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|On behalf of the Board of Directors, |
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|NORTEC MINERALS CORP. |
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|“Mohan R. Vulimiri” |
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|Mohan R. Vulimiri, Executive Chairman & CEO|
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