(TSX-V: NVT)
VANCOUVER, Oct. 4 /CNW/ - Nortec Ventures Corp. (TSX-V:NVT), ("Nortec" or
the "Company"), is pleased to announce that the Company's subsidiary Minera
Nortec Ecuador SA ("Nortec Ecuador") commenced diamond core drilling on the
Ganarin epithermal gold-silver project, Southern Ecuador. The drilling was
delayed due to import restrictions of the drill equipment into Ecuador. Three
target areas will be tested for continuity, the extent and structural control
of the gold-silver mineralization.
Initially systematic drilling will be carried out on the Chamana target
where four distinct gold anomalous areas were delineated by geochemical soil
sampling and trenching. Trenching and channel sampling of a northeast-trending
road cut within the large west geochemical soil anomaly in the Chamana Oeste
area returned values of 0.628 gram per tonne gold over 104 metres, including
0.931 gram per tonne over 32 metres. The detailed grid soil anomaly (line
spacing of 25 metres) with values greater than 100 parts per billion gold and
as high as two grams per tonne gold was traced over an area 200 metres by
300 metres by sampling. The area is underlain by zones of intense
silicification, argillic alteration, quartz-chalcedony breccias and
vuggy-druzy quartz stockwork zones, including silica sinter deposits.
In 1993, Newmont drilled six 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 per tonne gold over 1.5 metres at the bottom of the
hole. Detailed geological mapping and geochemical soil anomalies suggest the
mineralization is controlled by north-northeast and east-northeast structures.
The lengths of the drill holes are expected to be 75 metres to 200 metres.
Holes will also be drilled to intersect three parallel converging
quartz-chalcedony structures in the Rio Minas. Artisan miners are presently
working on narrow 30 to 40 cm high-grade veinlets on one structure to depths
of up to 40 metres below surface. Very significant gold values (greater than
1,500 grams gold and 2,500 grams silver per tonne over 30 centimetres) were
obtained from smectite-clay fracture fillings with rounded chalcedony
fragments. These fracture fillings are hosted in very tight rhyolite welded
tuffs. The rounded chalcedony fragments in the structures suggest that
silicification and chalcedony breccia zones are present in the lower portions
of the epithermal system. Drill holes are also designed to intersect these
structures in favourable host rocks below the welded tuffs.
Geochemical soil surveys at 25-metre line spacing suggest several
favourable subparallel structures for precious metal mineralization. These
trends will also be investigated by drilling. The Rio Minas zone occurs at an
elevation of 1,340 metres above sea level, approximately 330 metres below
Chamana, 220 metres below Loma La Cruz.
Preliminary drilling will also be carried out on the Loma la Cruz target
area where geochemical soil values up to 8 grams were obtained.
The Company holds an option to earn a 51% interest in the Ganarin
epithermal gold-silver project and 70% interest in the Condorcocha Project,
Southern Ecuador, from joint-venture partner Doubloon Exploration Corp. The
Ganarin property is situated in the prolific Ganarin Mineral Belt. Iamgold
Corporation's Quimsacocha gold deposit occurs in the same belt approximately
30 kilometres northeast of the Ganarin Property. Indicated resources within a
one-kilometre long defined area of the Quimsacocha deposit are estimated to
contain 2.8 million ounces of gold and 18.2 million ounces of silver.
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 responsible for the on-site
management of the exploration programs 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 and review the Company's press
releases. Nortec is a mineral exploration and development company based in
Vancouver, British Columbia.
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
>>
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.
