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Vancouver, B.C., March 13, 2012 - Nortec Minerals Corp (the "Company" or "Nortec"), announces the latest results from the on-going Phase V drilling program on the Lantinen Koillismaa ("LK") Palladium-Platinum-Gold-Copper-Nickel ("PGE+Au-Cu-Ni") project (the "LK Project") in north central Finland. As per the Company's recent press releases, the LK project was optioned to Finore Mining Corp. 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. Nortec received the first two option payments from Finore. Finore is carrying out the Phase V work program. The reader is referred to the Company's press releases dated January 31, and March 13, 2012.
Highlights include:
30.3 metres @ 1.00g/t PGE+Au; 0.30% Cu; 0.20% Ni from 59.7m (Hole HAU12-016)
including 16.3 metres @ 1.45g/t PGE+Au; 0.42% Cu; 0.28% Ni from 59.7m
Hole HAU12-016 ("Hole 16") has returned the highest palladium-platinum-gold-copper-nickel ("PGE+Au-Cu-Ni") grades on the Haukiaho Target ("Haukiaho") to date. All assay results from 17 drill holes in the Torkoaho Zone ("Torkoaho") have now been received. Torkoaho is located in the central-western zone of Haukiaho. A significant portion of the current 10,000 m drill programme at LK has been designed to target the 3,700m strike and associated down-dip extension of mineralization at Haukiaho to upgrade the Inferred Mineral Resource estimated by WGM as part of the NI43-101 technical report submitted to Finore (see Finore news release dated January 16, 2012).
New drill results have been received for palladium, platinum, gold, copper and nickel for holes Hau12-012 through Hau12-017. All drill results are shown below in Table 1. Nickel results are reported as total nickel contained in both sulphides and silicates. Analytical studies have been commissioned to determine the weighted average nickel content in sulphides. Drill hole collar locations are shown below in Table 2.
TABLE 1: Best Intercepts of PGE + Au-Cu and Ni - Phase V drilling, Haukiaho - Torkoaho
--------------------------------------------------------------------- |Hole_ID |From |To (m)|Interval |Pd |Pt |Au |PGE+Au|Cu % |Ni %| | |(m) | |(m) |g/t |g/t |g/t |g/t | | | |-------------------------------------------------------------------| |Hau11-001^| |hole |Abandoned| | | | | | | |-------------------------------------------------------------------| |Hau11-002^|58.0 |102.0 |44.0 |0.48|0.18|0.15|0.80 |0.28 |0.19| |-------------------------------------------------------------------| |Including^|84.0 |97.0 |13.0 |0.71|0.27|0.17|1.15 |0.38 |0.27| |-------------------------------------------------------------------| |Hau11-003^|NSI |NSI |NSI |NSI |NSI |NSI |NSI |NSI |NSI | |-------------------------------------------------------------------| |Hau11-004^|114.0 |126.0 |12.0 |0.38|0.14|0.12|0.64 |0.20 |0.14| |-------------------------------------------------------------------| |Including^|114.0 |119.0 |5.0 |0.63|0.23|0.19|1.05 |0.33 |0.24| |-------------------------------------------------------------------| |Hau11-005^|157.95|165.00|7.05 |0.52|0.18|0.18|0.88 |0.37 |0.25| |-------------------------------------------------------------------| |Including^|159.00|163.00|4.00 |0.69|0.25|0.25|1.19 |0.52 |0.33| |-------------------------------------------------------------------| |Hau11-006^|57.00 |71.00 |14.00 |0.24|0.09|0.09|0.43 |0.22 |0.12| |-------------------------------------------------------------------| |Including^|58.00 |60.00 |2.00 |0.62|0.23|0.24|1.10 |0.28 |0.30| |-------------------------------------------------------------------| |Hau11-007^|162.00|164.00|2.00 |0.24|0.09|0.06|0.38 |0.13 |0.12| |-------------------------------------------------------------------| |Hau11-008^|56.00 |84.00 |28.00 |0.40|0.15|0.10|0.66 |0.23 |0.18| |-------------------------------------------------------------------| |Including^|57.00 |62.00 |5.00 |0.66|0.23|0.13|1.03 |\0.28|0.30| |-------------------------------------------------------------------| |Hau11-008^|89.00 |99.00 |10.00 |0.46|0.19|0.15|0.79 |0.33 |0.24| |-------------------------------------------------------------------| |Hau11-009^|109.00|121.00|12.00 |0.34|0.12|0.14|0.60 |0.22 |0.16| |-------------------------------------------------------------------| |Hau11-009^|132.00|149.00|17.00 |0.38|0.15|0.04|0.56 |0.13 |0.15| |-------------------------------------------------------------------| |Hau11-010^|38.00 |41.00 |3.00 |0.59|0.29|0.18|1.05 |0.26 |0.23| |-------------------------------------------------------------------| |Hau11-010^|43.00 |62.95 |19.95 |0.37|0.15|0.13|0.65 |0.23 |0.17| |-------------------------------------------------------------------| |Hau11-010^|66.00 |91.00 |25.00 |0.41|0.16|0.15|0.72 |0.23 |0.18| |-------------------------------------------------------------------| |Hau11-011^|NSI |NSI |NSI |NSI |NSI |NSI |NSI |NSI |NSI | |-------------------------------------------------------------------| |Hau12-012 |398.00|403.00|5.00 |0.32|0.12|0.12|0.56 |0.23 |0.15| |-------------------------------------------------------------------| |Hau12-013 |229.00|232.00|3.00 |0.30|0.12|0.01|0.43 |0.03 |0.04| |-------------------------------------------------------------------| |Hau12-013 |234.00|235.00|1.00 |0.31|0.12|0.02|0.45 |0.03 |0.07| |-------------------------------------------------------------------| |Hau12-014 |74.20 |74.45 |0.25 |0.06|0.01|1.17|1.24 |0.57 |0.01| |-------------------------------------------------------------------| |Hau12-015 |106.80|108.00|1.20 |0.70|0.27|0.15|1.18 |0.36 |0.29| |-------------------------------------------------------------------| |Hau12-015 |115.00|116.00|1.00 |0.41|0.18|0.12|0.71 |0.25 |0.15| |-------------------------------------------------------------------| |Hau12-015 |119.00|120.00|1.00 |0.32|0.13|0.08|0.53 |0.12 |0.15| |-------------------------------------------------------------------| |Hau12-016 |59.70 |90.00 |30.30 |0.55|0.24|0.21|1.00 |0.30 |0.20| |-------------------------------------------------------------------| |Including |59.70 |76.00 |16.30 |0.79|0.36|0.30|1.45 |0.42 |0.28| |-------------------------------------------------------------------| |Hau12-017 |87.35 |98.00 |10.65 |0.30|0.11|0.11|0.52 |0.18 |0.13| |-------------------------------------------------------------------| |Hau12-017 |127.00|161.00|34.00 |0.28|0.11|0.07|0.46 |0.11 |0.10| ---------------------------------------------------------------------
NOTES: Pd - palladium; Pt- platinum; Au - gold; Cu - copper; Ni - nickel; g/t - grams/tonne; ppm - part per million;
lower cut-off grade = 0.3g/t PGE+Au; Internal waste = 2m; NSI = No Significant Intercept; (m) = metres;
Hole Hau11-001 was NOT sampled; Based on current geological interpretation results are true widths. ^ = included for completeness.
TABLE 2: Drill Hole Collar Locations - Phase V drilling at Haukiaho - Torkoaho
------------------------------------------------------------------- |Hole_ID |Easting (m)|Northing (m)|Elevation|Total |Dip |Azimuth| | | | |(m) |Depth | | | | | | | |(m) | | | |-----------------------------------------------------------------| |Hau11-001^|3546304 |7307507 |240 |45.60 |-55°|195° | |-----------------------------------------------------------------| |Hau11-002^|3546304 |7307497 |240 |110.60|-55°|195° | |-----------------------------------------------------------------| |Hau11-003^|3546387 |7307433 |240 |122.00|-55°|195° | |-----------------------------------------------------------------| |Hau11-004^|3546506 |7307453 |240 |144.40|-55°|195° | |-----------------------------------------------------------------| |Hau11-005^|3546607 |7307455 |240 |188.60|-55°|195° | |-----------------------------------------------------------------| |Hau11-006^|3546673 |7307344 |240 |107.20|-55°|195° | |-----------------------------------------------------------------| |Hau11-007^|3546708 |7307439 |240 |278.80|-55°|195° | |-----------------------------------------------------------------| |Hau11-008^|3546773 |7307325 |240 |113.50|-55°|195° | |-----------------------------------------------------------------| |Hau11-009^|3546798 |7307395 |240 |206.70|-55°|195° | |-----------------------------------------------------------------| |Hau11-010^|3546972 |7307279 |240 |135.90|-55°|195° | |-----------------------------------------------------------------| |Hau11-011^|3547003 |7307372 |240 |295.30|-55°|195° | |-----------------------------------------------------------------| |Hau12-012 |3546918 |7307431 |240 |437.80|-55°|195° | |-----------------------------------------------------------------| |Hau12-013 |3546822 |7307460 |240 |320.60|-55°|195° | |-----------------------------------------------------------------| |Hau12-014 |3546421 |7307527 |240 |248.50|-55°|195° | |-----------------------------------------------------------------| |Hau12-015 |3546320 |7307542 |240 |168.70|-55°|195° | |-----------------------------------------------------------------| |Hau12-016 |3546206 |7307495 |240 |107.50|-55°|195° | |-----------------------------------------------------------------| |Hau12-017 |3546215 |7307545 |240 |181.70|-55°|195° | -------------------------------------------------------------------
NOTES: Projection - Finnish Coordinate Systems: KKJ zone 3; ^ = included for completeness.
Results Explained
Hole 16 was drilled 100m to the west of Hole 2, which returned excellent results (see Finore news release dated January 31, 2012). Results from Hole 16 returned a higher average PGE+Au-Cu-Ni grade than in Hole 2 and the mineralization remains open along strike to the west. Hole 17 was collared 50m behind Hole 16 and intersected a wide zone of intercalated quartz-albite rock and Marginal Series mineralized gabbro.
Holes 12, 13, 14, and 15 were collared 100m north of historical hole NAN-002, and drill holes 9, 3, and 2 respectively and were designed to target the mineralization 200 metres down dip. All holes intersected a steep south-dipping diabase dyke that appears to displace the mineralization along its northern contact.
Holes 5, 6, 8, 9, and 10 were each drilled on section lines 100 metres apart testing the near surface PGE+Au-Cu-Ni mineralization hosted within a cumulate gabbro host rock, commonly known as the Marginal Series. The mineralized zone ranges between 10 metres and 28 metres in thickness and continuity can be traced for 1,000 metres along strike at Torkoaho. Holes 7 and 11 were drilled 60 metres north of Holes 6 and 10 respectively to target the mineralization down dip.
Drilling was completed on the Melarame zone, located along strike to the east of Torkoaho. Results will released upon receipt. The drill rig has now moved to the Kaukua Target, situated in the northern part of the LK Project."
PGE and gold mineralization at Haukiaho appears to be associated with significant copper and nickel values. Mineralization is predominantly hosted in a gabbroic phase-rich Marginal Series of the Kuusijarvi block, which makes up the Koillismaa layered ultramafic complex, near the footwall contacts of the Precambrian basement.
Laboratory and Analyses
ALS Chemex based in Outokumpu, Finland is conducting the preparation and analytical work of drill core samples from the Phase V drill program. The samples are analyzed for Pt, Pd and Au by lead fire assay (30g nominal charge) with an Inductively Coupled Plasma Atomic Emission Spectroscopy ("ICP-AES") finish. A multi-element suite of 35 elements including Cu and Ni are analyzed by aqua regia digestion with also an ICP-AES finish. Ore Grade analyses are carried out on any results for Cu and Ni that are over the upper detection limit. Samples are also submitted to Labtium Oy, (Finnish laboratory based in Rovaniemi, Finland) for check sampling and QAQC purposes along with select analyses of Nickel rich zones to determine the sulphide nickel values with respect to the total Nickel values.
The LK Project is located in north central Finland, 660 km north of the capital Helsinki, 65 km south of the Arctic Circle. The project is well serviced by power, roads and water allowing all season access. The LK Project consists of the Kaukua, Lipeavaara, Murtolampi and Haukiaho Targets. Nortec carried out over 10,000 metres of diamond core drilling on the Kaukua Target between 2007 and 2009. The Haukiaho Target has over 7,000 metres of historical diamond drilling conducted over since the 1960`s to 2004. Nortec did not carry out any drilling on the Haukiaho Target.
The Mineral Resource estimate of the Kaukua and Haukiaho deposits that form part of the LK Project was prepared by Watts, Griffis and McOuat ("WGM") in November and December 2011.
Inferred Mineral Resource :
19.6 Million Tonnes @ 0.26g/t Pd; 0.09g/t Pt; 0.10g/t Au; 0.24% Cu; 0.15% Ni (Haukiaho)
8.5 Million Tonnes @ 0.76g/t Pd; 0.27g/t Pt ; 0..08g/t Au; 0.16% Cu ; 0.11% Ni (Kaukua)
A combined total of 28.1 Million Tonnes for 586,080 ounces PGE+Gold; 60,567 tonnes of Cu and 38,703 tonnes of Ni.
Indicated Mineral Resource (Kaukua) :
2.6 Million Tonnes @ 0.67g/t Pd; 0.22g/t Pt; 0.07g/t Au; 0.17% Cu; 0.12% Ni
for 80,399 ounces PGE+Gold, 4,429 tonnes of Cu and 3,126 tonnes of Ni.
WGM have recommended ongoing exploration to upgrade the quality of the Mineral Resources delineated on the LK Project.
Mr Turkka Rekola, M.Sc, Project Geologist - Finland and, Mr Ian F. Laurent MSc.(EconGeol) MAIG RPGeo, CEO of Finore, are the persons responsible for guiding the Phase V work program on the LK Project. Mr Mohan R. Vulimiri, M.S. P.Geo. is the Qualified Person as defined by NI 43-101, prepared this news 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. The Company signed a Memorandum of Understanding with Akkerman to earn an 80% interest in the Karhujupukka Iron-Titanium-Vanadium-PGE-Au-Cu-Ni project in Northern Finland. 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. Nortec is well-financed for exploring the Seinajoki, Tammela and Karhujupukka projects. All 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| ---------------------------------------------
-------------------------------------------------------------------- |NORTEC MINERALS |NORTEC MINERALS Oy |NORTEC ECUADOR S.A. | |CORP. |Nykäsenkankaantie 3B 8, |Av. Florencia | |TSX-V: NVT OTCBB: |90650 Oulu, Finland |Astudillo y | |NMNZF |Phone: +358 40-169-5600 |Alfonso | | FSE: WMQ | |Cordero | |Suite 875, Box 208, | |Edif. Cámara de | |555 | |Industrias | |Burrard | |5to piso - oficina | |Street | |#503 | |Vancouver BC V7X | |Cuenca, Ecuador | |1M8, | |Phone : +593 | |Canada | |7-288-1514 | |Phone: +1 | | | |604-717-6426 | | | |Fax: +1 604-683-9649| | | --------------------------------------------------------------------
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