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Category: Investment, Gold, Mining
Nortec (TSX-V: NVT) acquires the Haukiaho Palladium-Platinum-Gold-Copper-Nickel Project, Finland
- Historical non-compliant Resource of 27 Mt @ 0.98g/t PGE+Au; 0.36%Cu and 0.24% Ni.
- Best drill intercept returned 58.1m @ 1.27g/t PGE+Au; 0.30% Cu and 0.20% Ni from 32.2m.
- Nortec now controls over 3,250 hectares of the Kaukua District containing zones of known PGE+Au-Cu-Ni mineralization comparable to Goldfield's Suhanko Project in Finland and Barrick's Fedorova-Tundra Project in Russia.
- 100% Acquisition of Haukiaho Project from Vulcan Resources Limited for 10 Million Common Shares in Nortec.
Vancouver, B.C. - October 15, 2009 - Nortec Ventures Corp. (TSX-V: NVT), ("Nortec" or the "Company"), is pleased to announce the acquisition of the Haukiaho Palladium-Platinum-Gold-Copper-Nickel ("PGE+Au-Cu-Ni") Project ("Haukiaho Project" or "Haukiaho") from Vulcan Resources Limited ("Vulcan"), an Australian company listed on the Australian Stock Exchange (ASX: VCN).
As part of the ongoing consolidation of the PGE+Au-Cu-Ni projects that makes up the Kaukua District in north central Finland, Nortec has signed a sale and purchase agreement with Vulcan that, subject to approval from the TSX Venture Exchange, will acquire 100% of the Haukiaho Project in exchange for ten million (10,000,000) common shares in Nortec Ventures. After issuance of the shares, Vulcan will become one of Nortec's major shareholders with 9.97% of common shares in Nortec.
The Haukiaho Project consists of 5 contiguous claims, for a total of 465 hectares and is located only 10 kilometres ("km") south of the Company's Kaukua PGE+Au-Cu-Ni Project ("Kaukua Project" or "Kaukua") in north central Finland (Figure 1). The Haukiaho claims cover the gabbro- to pyroxenite-hosted PGE+Au-Cu-Ni mineralisation, known as the "Marginal Series", initially mapped and drilled by Outokumpu in the 1960's and subsequently drilled by the Geological Survey of Finland ("GTK") in 1998 and 2004, and by North Atlantic Natural Resources between 2000 and 2002. A total of 46 holes (for over 7km of drilling) have been drilled on the Haukiaho Project, with over 60% of the holes intersecting significant PGE+Au-Cu-Ni mineralisation over 3km of strike.
Some of the best drill intercepts from the Outokumpu and GTK drill holes include:
- 58.10m @ 1.27g/t PGE+Au ; 0.30% Cu and 0.20% Ni from 32.20m (GTK Hole R386)
- 31.25m @ 1.47g/t PGE+Au ; 0.26% Cu and 0.21% Ni from 78.60m (GTK Hole R392)
- 26.00m @ 1.09g/t PGE+Au ; 0.23% Cu and 0.14% Ni from 60.00m (GTK Hole R395)
- 26.02m @ 0.73 g/t PGE+Au; 0.26% Cu and 0.16% Ni from 84.98m (Outokumpu Hole R613)
- 20.10m @ (PGE+Au not assayed); 0.35% Cu and 0.33% Ni from 17.90m (Outokumpu Hole R692)
From the GTK project report by Iljina et al., 2005 (Titled: The Haukiaho and Kaukua PGE-Cu-Ni-Au prospects in the Koillismaa Layered Igneous Complex, Finland), a non-compliant resource was estimated for Haukiaho based on the PGE+Au-Cu-Ni mineralisation intersected in the GTK drill holes. The resource was estimated at 27 Million tonnes @ 0.55g/t Palladium, 0.21g/t Platinum, and 0.22g/t Gold (for 0.98g/t PGE+Au); 0.36% Copper and 0.24% Nickel. The resource was based on an average thickness of 20m; a strike length of 3km and a down-dip depth of 150m. The cut-off grade used was 0.7g/t PGE+Au. This resource is NOT compliant to the NI43-101 standards of disclosure for mineral projects.
As part of its due diligence, the Company has a) acquired the GTK dataset from Vulcan, b) carried out a site visit of the area, and c) conducted a relogging programme of the GTK core. Based on the interpretation of this information, Nortec has designed a follow-up 5,000m drill programme to further delineate the mineralised zone in order to define a resource that is NI43-101 compliant. The drill programme will also include twinning of select Outokumpu drill holes where PGE+Au were not analysed. Samples of core will also be selected to undergo similar preliminary metallurgical testwork to that being carried out on the core samples from the Kaukua Project.
The addition of the Haukiaho Project to the Company's existing Kaukua Project now gives Nortec a 100% interest in over 3,250 hectares, separated into three groups of claims covering the preferred mafic-ultramafic sequences that host PGE+Au-Cu-Ni mineralisation. Haukiaho is one of four main prospects in the Kaukua District (the other being the K-MZ, Murtolampi, and Lipeavaara) that have each intersected near surface PGE+Au-Cu-Ni mineralisation from drilling. Nortec has drilled over 10km on the K-MZ delineating a 23m wide mineralised zone over 800m of strike (open to the west), and 300m down-dip (open to the southwest). The drill intercept weighted average grade of the K-MZ is: 1.06g/t PGE+Au, 0.14% Cu and 0.10%Ni.
Dr Alistair Cowden, Managing Director for Vulcan Resources Limited commented saying: "Vulcan are supportive of Nortec consolidating the province and have not asked for a seat on the Nortec Board. Vulcan will continue to focus on its Kylylahti and Kuhmo Projects in Finland and welcome that the asset (Haukiaho) will now be advanced under Nortec."
Ian F. Laurent, Executive Vice President for Nortec Ventures stated, "We are very pleased to have reached an agreement with Vulcan on the acquisition of Haukiaho and welcome Vulcan as a major shareholder of Nortec. The addition of Haukiaho to the Company's existing Kaukua Project, gives Nortec the opportunity to develop a 100%-owned world-class project, defining a large resource from multiple zones of significant PGE+Au-Cu-Ni mineralisation, much in the same vein as Goldfield's Suhanko Project 80km to the west of Kaukua and Haukiaho."
About Nortec
Mohan R. Vulimiri, M.Sc, P.Geo., President, CEO and Director of Nortec and, Ian F. Laurent MSc.(EconGeol) MAIG RPGeo, Executive Vice President for Nortec, are the Qualified Persons responsible for the contents of this press release.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has a 100% interest in the Kaukua Palladium-Platinum-Gold-Copper-Nickel Project in north central Finland; a 100% interest in the Tammela Lithium-Tin-Tantalum Project in south west Finland; an option to earn 100% interest in the Seinajoki Gold-Antimony-REE Property in western Finland; and also, a minimum 51% interest with an option to earn 90% interest in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada. The Company is continuing to evaluate other potential acquisitions. Prospective shareholders and investors are invited to refer to information on the Company's website, www.nortecventures.com. For further information please call the Company at 1-866-658-1261 and/or Renmark Financial Communications.
On behalf of the Board of Directors,
NORTEC VENTURES CORP.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, President & CEO
Renmark Financial Communications Inc.
Henri Perron: hperron@renmarkfinancial.com
Barry Mire: bmire@renmarkfinancial.com
Media – Vanessa Napoli: vnapoli@renmarkfinancial.com
François Trépanier: ftrepanier@renmarkfinancial.com
Montreal - Tel.: 514 939-3989 / Fax: 514 939-3717
Toronto – Tel.: 416 644-2020 / Fax: 416 644-2021
www.renmarkfinancial.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The statements made in this Press Release may contain certain forward-looking statements. Actual events and/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.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital). The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Cautionary Note to U.S. Investors
The United States Securities and ExchangeCommission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as [“measured,” “indicated,” and “inferred,” “resources,”] that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, which may be secured from us, or from the SEC's website at: http://sec.gov/edgar.shtml.
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