October 4, 2011 10:00 am
October 4, 2011 10:00 am
Vancouver, B.C., October 4, 2011: Nortec Minerals Corp. (TSX-V: NVT; FSE: WMQ; OTC-PK: NMNZF) (“Nortec” or the “Company”), is pleased to provide a corporate update on the Company’s activities. As per the Company’s recent press releases, the LK palladium-platinum-gold-copper-nickel project, located in North-central Finland was optioned to Finore Mining Corp. to earn an 80% interest by making option payments and work expenditures totalling $20.5 million. Nortec will now concentrate on continuing exploration and, if warranted, developing the Tammela and the Seinajoki projects. Both Tammela and Seinajoki have excellent potential to host large tonnage higher grade gold deposits and pegmatite-hosted Lithium-Tin-Tantalum-Rare Earth zones based on the results obtained to date.
The following summarizes the two projects:
Tammela project, comprising of 30 contiguous claims (1,511 hectares), is located in the Somera-Tammela region of Southwest Finland, approximately 100 kilometres northwest of Helsinki. The project consists of two gold prospects (Riukka and Satulinmäki) and two Lithium-Tin-Tantalum-Rare Earths prospects (Kietyönmäki and Hirvikallio). In September 2010, Nortec converted the 2,500 hectare claim reservation that covers the Tammela Lithium Project into 30.
The Riukka and Satulinmäki gold prospects are situated in the Paleo-protererozoic Häme Schist Belt in southern Finland, dominated by mafic and felsic to intermediate metavolcanic rocks. Gold mineralization at Riukka is hosted within the arsenopyrite-pyrrhotite bearing quartz veins and biotite-altered and silicified wall rock that is over 100 metres wide and can be traced for over 1 kilometre along an east-west strike. Gold mineralization at Satulinmäki is hosted within sulphide-tourmaline rich quartz veins within a 400 metre wide biotite-altered and silicified wallrock along a 700 metre northeast-southwest strike.
During the 1990’s, the Geological Survey of Finland (GTK) drilled 39 short holes at the Riukka prospect and 57 short holes in the Satulinmäki prospect targeting geochemical anomalies with elevated gold. In 2010, Nortec carried out a relogging and select re-sampling programme of available drill core stored at the GTK’s core storage facility in the town of Loppi, north-west of Helsinki.
Significant results are:
The significant drillhole intersections have been projected onto the Satulinmäki and Riukka GTK-generated surface geology map confirming that the mineralization is hosted in several discrete sub-parallel steeply plunging significant mineralized quartz-vein hosted shoots. This suggests these shoots have the potential to form bulk- tonnage gold deposits.
Nortec is planning to carry out a significant core drilling program dedicated to down-plunge extensions of the high grade shoots intersected in the GTK drilling. This drilling program will be initiated upon the receipt of the claim registration from the Ministry of Employment and Economy, Government of Finland.
Kietyönmäki and Hirvikallio prospects are located southwest of the gold prospects and have been identified as areas that contain swarms of lithium-bearing pegmatite dykes. Mineralization is hosted within the Kietyönmäki Main Dyke (“KMD”), a large spodumene-rich (LiAlSi2O6) pegmatite dyke that can be traced for over 400 metres (open to the south-east) with an average width of 12 metres. The GTK drilled 17 holes (for 734 metres across 3 section lines) to test the lithium potential of the KMD along 120 metres of strike. The average drill intersection was 18 metres wide down to 75 metres below natural surface and continues to be open at depth.
The GTK calculated a drill weighted-average intercept lithium grade of 1% for an inferred resource of 400,000 tonnes. The readers and potential investors are warned that these estimates are not compliant with the industry standard National Instrument 43-101 guidelines.
A re-logging and re-sampling programme carried out by Nortec on the drill core stored at the Geological Survey of Finland (“GTK”) core storage facility in Loppi, southern Finland returned significant lithium, elevated tin, tantalum, niobium, beryllium, caesium and rubidium. The best intercept results are tabled below:
|Hole_ID||From (m)||To (m)||Interval (m)||Lithium %||Sn g/t||Ta g/t||Nb g/t||Be g/t||Cs g/t||Rb g/t|
Sn = Tin; Ta = Tantalum; Nb = Niobium; Be = Beryllium; Cs = Caesium; Rb = Rubidium
The Company will also plan a drilling program upon receipt of the claim registration.
The Seinäjoki Gold Project is located in western Finland and is made up of over 5,500 hectares of contiguous claims covering three prospect areas, Marttalanniemi prospect (TKM Shear Zone); the Sikakangas-Tulisilma district and the Ylijöki prospect. The gold mineralization is also associated with the Paleo-protererozoic Häme Schist Belt
In 2010, Nortec drilled 9 holes, for 750 metres, on the Marttalanniemi prospect to test the mineralized drill intercepts from archive drill core from holes drilled by the Geological Survey of Finland (“GTK”) during the 1970’s and 1980’s. The follow-up sampling programme of both the Nortec drill core and the available GTK drill core was designed to sample, where possible, across the Tervasmäki-Kalliosalo-Marttalanniemi (“TKM”) Shear Zone. The drill holes returned significant results (Nortec press release dated March 30, 2011) with the highlights shown below:
Results from the follow-up sampling programme have confirmed that the northwest-southeast trending TKM Shear Zone is a near-surface, mineralized system, 60 to 100 metre in thickness. Drilling through the TKM Shear Zone, to date, has only tested the top 30 metres below natural surface. Gold mineralization is hosted in sheared and metamorphosed quartz veins. Mineralization is open at depth and to the south-west and open along strike to the northwest and southeast. Based on identified structural and lithological controls, alteration and silicification, higher grade gold mineralization may be present within mica schist or mica gneiss down-dip and down-plunge from the mineralization intersected near surface.
Detailed follow-up drilling has been designed to target these zones down-dip, down-plunge and along strike.
The other major targets, Sikakangas and Ylijöki, will be evaluated with further surface sampling and geological mapping along with re-logging and re-sampling of archive drill core stored at the Geological Survey of Finland’s storage facility located Loppi, southern Finland.
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.
Ian Laurent has resigned as President and from the Board of Directors. Mr. Laurent has taken up the positions of Chief Executive Officer and Member of the Board of Directors of Finore Mining Corporation. Mr. Laurent will continue to focus on the LK project optioned by Finore from Nortec. The Board thanks Mr. Laurent for his services to Nortec and wishes him the best in his efforts to bring the LK project to fruition.
Mohan R. Vulimiri, M.Sc., P.Geo. Executive Chairman and CEO is the Qualified Person responsible for the contents of this press release.
About Nortec Minerals Corp.
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 Seinäjoki 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 $2.5 million dollars in cash and 1,660,408 shares of Finore. With the future option payments from Finore in the next two years, the Company is well-financed for exploring the Seinajoki and Tammela projects. Both projects have excellent potential with good infrastructure and access.
On behalf of the Board of Directors,
NORTEC MINERALS CORP.
“Mohan R. Vulimiri”
Mohan R. Vulimiri, Executive Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
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.