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Memorandum of Understanding signed with Akkerman Exploration B.V. on the Koillismaa-Naranka Nickel-Copper-PGE Project, Northeastern Finland
Memorandum of Understanding signed with Akkerman Exploration B.V. on the Koillismaa-Naranka Nickel-Copper-PGE Project, Northeastern Finland.
About this update from Nortec Minerals Corp
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, May 8 /CNW/ - Nortec Ventures Corp. (\"Nortec\" or the\n\"Company\") is pleased to announce that on May the 5th, 2006, a Memorandum of\nUnderstanding (\"MOU\") was entered into by the Company and Akkerman Exploration\nB.V. (\"AEbv\"), of the Netherlands, to acquire an option to form a 60:40 joint\nventure on the Koillismaa-Naranka Nickel-Copper-PGE project located in\nNortheastern Finland.\nNortec will have the right to an undivided 60% interest by funding and\nincurring initial exploration expenditures of (euro) 750,000 over an Earn-in\nperiod of 2 to 3 years from the date of the signed Option Agreement. In\naddition, Nortec will pay (euro) 50,000 or 400,000 shares of Nortec within\n15 days from the date of the signed MOU, and\n\nFirst year anniversary (euro) 100,000 or equivalent shares of Nortec\nSecond year\n anniversary(x) (euro) 150,000 or equivalent shares of Nortec\n\n(x) in the event of extension of the Earn-in Period to 3 years.\n\nKoillismaa-Naranka:\n\nThe Paleoproterozoic Koillismaa-Naranka complex (2.44 Ga) constitutes one\nof the largest mafic igneous systems in Scandinavia. The complex comprises the\nKoillismaa layered intrusion in the west and the Narankavaara ultramafic\nfunnel shaped dike in the east. Akkerman Exploration BV controls a series of\nclaim reservations and exploration licenses totaling 65.5 square kilometers,\ncovering the central part of the Naranka dike and part of the Koillismaa\nintrusion referred to as the Portivaara block.\nThe Koillismaa-Naranka complex was extensively studied by various Finnish\nuniversities and the Finnish Geological Survey due to its favourable setting\nin an intra-cratonic rift zone as well as the primitiveness of the magma,\nmagmatic differentiation, wallrock assimilation and sulphur saturation. Past\nexploration on the Koillismaa block was limited to a few short diamond\ndrilling programs by Outokumpu, the Geological Survey and North Atlantic\nNickel during the period 1960-2003. These programs were mainly focused on the\nshallower nickel-copper-PGE mineralization. The potential for deeper \nnickel-sulphide mineralization was not tested. Numerous previous drill holes\nin the shallower basal part of the Koillismaa layered intrusion (Portivaara\nBlock) returned values as high as 51.5 metres of 0.36% copper, 0.23% nickel\nand 0.78 grams platinum + pal...