VANCOUVER, Sept. 6 /CNW/ - Further to the press release dated May 8,
2006, Nortec Ventures Corp., ("Nortec" or the "Company"), is pleased to
announce the commencement of helicopter-borne, deep penetrating Time-Domain
Electromagnetic and Magnetic surveys on the Koillismaa - Naranka
Nickel-Copper-PGE project ("Koillismaa - Naranka") located in Northeastern
Finland.
The geophysical contract was signed with SkyTEM Aps, a Danish
airborne-geophysical survey company based in Aarhus, Denmark. SkyTEM's Time
Domain Electromagnetic system with a central loop configuration is designed to
provide high resolution to delineate conductivity contrasts, and a large
penetration depth. A total of 1223 kilometres is being flown on the Joint
Venture reservation and claims area with a line spacing of 100 metres and the
control lines at 1000 metres. The survey is expected to take around 8 to 10
days with receipt of the preliminary results and interpretation towards the
end of September 2006.
Condor Consulting of Lakewood, Colorado, USA, will assist in the
interpretation and recommendations for further work. This survey will assist
in locating massive sulphide targets directly from potential airborne
anomalies. If successful, the survey will be followed by scout diamond core
drilling of approximately 4,000 metres. The initial program expenditures for
the geophysical surveys are expected to be around (euro)150,000. In June 2006,
the Company entered into an option agreement with Akkerman Exploration B.V.
("AEbv"), of the Netherlands to form a 70:30 joint venture on the Koillismaa -
Naranka project.
The Koillismaa-Naranka complex is one of the largest mafic igneous
systems in the Scandinavian shield, comprising the Narankavaara ultramafic
funnel-shaped dike in the east, and the Koillismaa layered intrusion in the
west. AEbv controls three claim reservations and has applied for 23
exploration licences (2 of which have already been granted), together covering
a surface area of approximately 36 square kilometres over the most prospective
central part of the Naranka dike and part of the Koillismaa layered intrusion
(Portivaara block).
Past exploration on the Portivaara block was limited to 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
nickel-copper-PGE mineralization along the shallow-dipping basal contact of
the layered sequence. Numerous previous drill holes through these basal series
returned values as high as 51.5 metres of 0.36% copper, 0.23% nickel and 0.78
gram platinum plus palladium plus gold. Information on previous diamond
drilling, as well as the geophysical survey areas can be referred to on the
Company's website, www.nortecventures.com. The potential for deeper
nickel-sulphide mineralization in feeder dikes into the layered series was not
tested.
Examples of such feeder dike hosted mineralization occur in the
Monchegorsk layered intrusive complex of the same age and similar setting in
the Russian part of the craton. Massive nickel sulphide veins with grades as
high as 2% to 6% nickel, 1 to 12% copper and significant PGE were mined by
Severonikel between 1930-1970 from this complex. 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 Monchegorsk intrusion.
Principal Target Areas
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 at Naranka 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.
Favourable environment and support for mining, Finland
The company is looking forward to working in Finland because of the
favourable environment and support for the development of exploration and
mining projects. Commenting on the establishment of the Koillismaa - Naranka
joint venture, Mr. Taneli Saari, Leader of "Invest in Finland" 's mining
industry team, said "This is further indication of Finland's attractiveness as
a location for mining operations. In addition to the high-quality information
available from the Geological Survey of Finland (GTK), we have a
well-developed infrastructure, skilled people, and a positive attitude to new
mining projects."
About Nortec
Nortec is a mineral exploration and development company based in
Vancouver, British Columbia. Nortec has initiated a 2000 metre diamond
drilling program on the Ganarin epithermal gold-silver project, situated in
the prolific Ganarin Belt, Southern Ecuador. The Company holds an option to
earn a 51% interest in the Ganarin, and a 70% interest in the Condorcocha
Project, also located in 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 www.nortecventures.com.
<<
On behalf of the Board of Directors,
Nortec Ventures Corp.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, President & CEO
>>
The statements made in this News Release may contain certain forward-
looking statements. Actual events or results may differ from the
Company's expectations. Certain risk factors may also affect the actual
results achieved by the Company. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy
of this release
