VANCOUVER, July 19 /CNW/ - Nortec Ventures Corp., ("Nortec" or the
"Company"), is pleased to announce commencement of the next phase of
exploration program on the Ganarin epithermal gold-silver project, Southern
Ecuador. The exploration program will consist of more trenching with sampling
followed up by systematic diamond drilling on the Chamana Area, Rio Minas and
Loma La Cruz zones. The diamond drilling will consist of 1000 to 1500 metres
and test the mineralization exposed on surface at depth. The Company's Joint
Venture partner, Doubloon Exploration Corp. is in receipt of the drill and
environmental permits from the Ministry of Mines and Energy, Government of
Ecuador. The Company is in discussion with several core drilling companies in
Ecuador with regards to the near-term availability of a drill.
In addition, Nortec announces that the Company is in the process of
incorporating an Ecuadorian subsidiary, Minera Nortec Ecuador S.A. based in
Cuenca, Southern Ecuador. Cuenca is Ecuador's third largest city and is the
commercial centre for southern Ecuador. This will facilitate and simplify the
process of acquiring permits and licenses and carrying out the exploration
work programs. The subsidiary company is expected to be operating in
approximately two weeks.
The following summarizes the results to date on the Ganarin Project.
Chamana:
Chamana covers four zones with a surface area of 600 metres by 500 metres
with intense silicification, quartz-chalcedony breccias and vuggy-druzy quartz
stockwork zones, including silica sinter deposits were delineated in the
Chamana area. These are Chamana Oeste, Chamana Este, Chamana Nor-oeste and
Chamana Nor-este. Detailed grid soil sampling on a line spacing of 25 metres
over the four breccia zones identified gold soil geochemical anomalies with
values as high as 2 grams/tonne gold. In 1993 Newmont drilled 6 random rotary
holes in the area. One of the holes was designed to intersect the Chamana
Oeste breccia zone at depth. The hole was terminated at the top of the breccia
zone due to drilling problems, but it returned 3.6 grams/tonne gold over 1.5
metres at the bottom of the hole. Trenching of the zones returned very
significant values as shown below.
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Chamana Oeste Trench Average Values
Metres Metres Length Gold Silver
from to metres g/t g/t
2.0 106.0 104.0 0.628 1.33
4.0 90.0 86.0 0.722 1.42
4.0 84.0 80.0 0.753 1.45
10.0 76.0 66.0 0.794 1.50
10.0 72.0 62.0 0.811 1.51
12.0 64.0 52.0 0.833 1.48
52.0 84.0 32.0 0.939 1.54
Chamana Este Trench Average Values
Metres Metres Length Gold Silver
from to metres g/t g/t
0 18 18 0.761 15.81
2 18 16 0.843 16.79
2 5 3 3.115 50.60
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Rio Minas:
Further to the news release dated September 14, 2005, detailed mapping
and systematic follow up sampling of the high grade zones is continuing on the
Rio Minas zone. Very significant gold values (greater than 1500 grams/tonne
gold over 30 centimetres) were obtained from smectite/clay fracture fillings
with rounded chalcedony fragments. These fractures fillings are hosted in very
tight rhyolite welded tuffs, suggesting tops of epithermal systems. Drilling
is being planned to intersect these structures in favorable host rocks below
the welded tuffs.
Geochemical soil surveys at 25 metre line spacing suggest several
favorable subparallel structures for precious metal mineralization.
The Rio Minas Zone occurs at an elevation of 1340 metres a.s.l.,
approximately 330 metres below Chamana, 220 metres below Loma La Cruz and at
the same elevation as the Chuscuyacu (Red 3). These results suggest that Loma
La Cruz and Chamana have significant potential at depth. Details can be
referred to in the Company's previous news releases. Sampling of the
pyritiferous siliceous material from artisan workings located in the lower
areas of the Chamana zones returned values as high 8.76 grams/tonne. Drilling
will also test these pyritiferous zones.
Mineralization with associated hydrothermal alteration at Ganarin is
exposed over an area of 1.5 kilometres (north-south) by 800 metres (east-west)
and up to 300 metres vertically. Samples of vein material extracted by artisan
miners assayed 8.5 to 145 grams/tonne gold and 9.8 to 49.7 grams/tonne silver.
These values are consistent with low to medium sulphidation epithermal
"bonanza" deposit model. The economic potential of Ganarin has not been
adequately tested. Several abandoned mine workings and arastra mills on
Ganarin concessions suggest that the veins were worked on during Spanish
colonial times.
The Company's Management is very pleased with the results to date which
suggest that the Ganarin gold-silver property could potentially host several
mineralized gold-silver shoots with bonanza grades. Bonanza grades such as the
above are very common in low to medium sulphidation epithermal deposits. The
modes of occurrence of mineralization appear to be very similar to the
Comstock and Midas camps in Nevada, USA and the epithermal camps, such as the
Kupol district, of eastern Siberia, Russia.
ALS Chemex Labs of North Vancouver, BC, Canada will perform sample
preparation and analyses. The samples will be analysed for gold by fire assay
with atomic absorption finish and for other elements by 34 element aqua regia
ICP method.
The Ganarin property is subject to option and joint venture agreements
with Doubloon Exploration Corp. whereby, Nortec has the option to acquire 51%
interest in the Ganarin property located in Azuay province, Ecuador. The
Ganarin property is situated in the prolific Ganarin Mineral Belt. IAMGOLD
Corporation's Quimsacocha gold deposit occurs in the same belt approximately
40 kilometres northeast of the Ganarin Property. Channel Resources' El Mojo
gold property also occurs in the same area.
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. Brian T. Malahoff, P.Geo, is the person carrying out detailed
geological mapping and systematic channel sampling on the Property. Mr.
Vulimiri and Mr. Malahoff are qualified persons in accordance with National
Instrument 43-101 guidelines.
For further details and locations of the various zones on the Ganarin
Property and information on Nortec Ventures Corp., please visit the Company's
website at http://www.nortecventures.com. 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 earning an undivided 70% interest in Kollismaa-Naranka
nickel-copper-PGE project, northern Finland and a 51% interest in TL nickel
property, Voisey's Bay area, northern Labrador.
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On behalf of the Board of Directors,
Nortec Ventures Corp.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, President & CEO
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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.
