VANCOUVER, May 8 /CNW/ - Nortec Ventures Corp. ("Nortec" or the
"Company") is pleased to announce that on May the 5th, 2006, a Memorandum of
Understanding ("MOU") was entered into by the Company and Akkerman Exploration
B.V. ("AEbv"), of the Netherlands, to acquire an option to form a 60:40 joint
venture on the Koillismaa-Naranka Nickel-Copper-PGE project located in
Northeastern Finland.
Nortec will have the right to an undivided 60% interest by funding and
incurring initial exploration expenditures of (euro) 750,000 over an Earn-in
period of 2 to 3 years from the date of the signed Option Agreement. In
addition, Nortec will pay (euro) 50,000 or 400,000 shares of Nortec within
15 days from the date of the signed MOU, and
First year anniversary (euro) 100,000 or equivalent shares of Nortec
Second year
anniversary(x) (euro) 150,000 or equivalent shares of Nortec
(x) in the event of extension of the Earn-in Period to 3 years.
Koillismaa-Naranka:
The Paleoproterozoic Koillismaa-Naranka complex (2.44 Ga) constitutes one
of the largest mafic igneous systems in Scandinavia. The complex comprises the
Koillismaa layered intrusion in the west and the Narankavaara ultramafic
funnel shaped dike in the east. Akkerman Exploration BV controls a series of
claim reservations and exploration licenses totaling 65.5 square kilometers,
covering the central part of the Naranka dike and part of the Koillismaa
intrusion referred to as the Portivaara block.
The Koillismaa-Naranka complex was extensively studied by various Finnish
universities and the Finnish Geological Survey due to its favourable setting
in an intra-cratonic rift zone as well as the primitiveness of the magma,
magmatic differentiation, wallrock assimilation and sulphur saturation. Past
exploration on the Koillismaa block was limited to a few short diamond
drilling programs by Outokumpu, the Geological Survey and North Atlantic
Nickel during the period 1960-2003. These programs were mainly focused on the
shallower nickel-copper-PGE mineralization. The potential for deeper
nickel-sulphide mineralization was not tested. Numerous previous drill holes
in the shallower basal part of the Koillismaa layered intrusion (Portivaara
Block) returned values as high as 51.5 metres of 0.36% copper, 0.23% nickel
and 0.78 grams platinum + palladium + gold. The Portivaara block also hosts
the Mustavaara vanadium-rich iron-titanium mine with a historic mining reserve
of 38 million tonnes at a grade of 0.2% vanadium. The mine is under option to
another party.
Exploration in the area and in the immediate vicinity is very active with
the discovery of the 14 million ounce Portimo Platinum-Palladium deposit by
Outokumpu/Goldfields in the neighbouring Penikat layered ultramafic complex to
the west. Anglo American Platinum Corporation acquired exploration licenses in
the area between Koillismaa and Naranka to explore for potential nickel
sulphide deposits in the possible feeders of the Koillismaa-Naranka complex.
Other companies active in the area are Inco, North American Palladium, Barrick
Gold (Russia) and Vulcan Resources of Australia. The rich Monchegorsk
nickel-copper-PGE mine is located in the Russian part of the same craton and
is hosted in a layered intrusion of the same age and similar setting. Massive
nickel sulphide veins with grades as high as 2-6% nickel, 1-12% copper and
significant PGE were mined by Severonikel from 1930-1970. Basal disseminated
nickel mineralization similar to that of the Koillismaa complex, with grades
of 0.29% nickel, 0.14% copper over 40 to 50 metres, occurs near the basal
contact of the intrusion.
Three priority areas, Naranka, Pyhitys and Musta, have been identified on
the Koillismaa-Naranka mafic complex by structural geology studies,
geochemical and geophysical surveys.
Naranka Target Area:
The eastern Naranka dike exhibits similar geological characteristics and
setting to the Jinchuan deposit in China with reserves of 515 million tonnes
grading 1.06% nickel. Geochemical and petrological work suggests depletion of
nickel in the magma with potential for magmatic segregation and settling of
Nickel sulphide in the deeper portions of the system. The Naranka dike extends
over a length of 25km and continues several kilometers across the border into
Russia.
Pyhitys Target Area:
The Pyhitys Target Area covers the eastern end of the Portivaara Block,
where it overlies the end of a major gravity anomaly, interpreted to represent
a staging magma chamber. Mineralization along the basal contact at Pyhitys has
the highest nickel to copper ratios in the entire Koillismaa complex
suggesting proximity to possible feeder channels.
Musta Target Area:
The Musta Target Area is located about 5 kilometres west of the the
Pyhitys Target Area and covers a large gabbro intrusion below the basal
contact of the Koillismaa complex. This could be due to a cross-cutting feeder
structure of the layered Koillismaa intrusion. The area also includes a
cluster of unexplained EM anomalies.
Work Programs:
A systematic airborne, deep penetrating VTEM (time-domain electromagnetic
system) survey over the landholdings controlled by AEbv is being planned for
this summer. This survey will assist in locating massive sulphide targets
directly from airborne anomalies followed by, if successful, scout diamond
core drilling of approximately 4000 metres. The initial program expenditures
for the summer campaign are expected to be in the range of (euro) 150,000 to
(euro) 200,000.
Mohan R. Vulimiri, M.Sc.P.Geo., President and Director of Nortec, is the
person responsible for initiating and guiding the work programs on the
Property. Mr. Vulimiri is a qualified person in accordance with National
Instrument 43-101 guidelines.
Stock Option Grants
-------------------
The Company is announcing the grant of 700,000 stock options to directors
and employees of the Company at an exercise price of $0.20 per share for a
period of 5 years from the date of the grant.
About Nortec
------------
Nortec is a mineral exploration and development company based in
Vancouver, British Columbia. The Company holds an option to earn a 51%
interest in the Ganarin epithermal gold-silver project, 70% interest in the
Condorcocha Project, Southern Ecuador, from joint-venture partner Doubloon
Exploration Corp. Nortec is also earning a 51% interest in TL nickel property,
Voisey's Bay area, northern Labrador.
For further details and locations of the various zones on the
Koillismaa-Naranka Project and information on Nortec Ventures Corp., please
visit the Company's website at http://www.nortecventures.com.
On behalf of the Board of Directors,
Nortec Ventures Corp.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, President & CEO
This press release contains forward-looking statements that involve risks
and uncertainties. The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of the contents herein.
