(TSX-V: NVT)
VANCOUVER, Aug. 11 /CNW/ - Nortec Ventures Corp., (TSX-V: NVT) ("Nortec"
or the "Company"), a junior mineral exploration company with common shares
listed on the TSX Venture Exchange is pleased to provide progress reports on
its TL nickel-copper project in Labrador, Canada and the Ganarin and
Condorcocha gold-silver projects in southern Ecuador.
TL Nickel-Copper Project
------------------------
Diamond drilling is continuing on the TL nickel-copper property, located
50 kilometers northwest of Inco's large Voisey's Bay nickel-copper deposit in
Northern Labrador. A total of 9 drill holes totaling 1456 meters have been
completed to date. A minimum of 2500 meters of drilling is expected to be
completed in this phase. The core is being cut with a diamond saw and the
splits sent for assay to be analyzed for nickel, copper, cobalt, sulphur and
the platinum group elements. Results will be announced in a timely fashion as
the assays are received.
The TL Property is the subject of a joint venture agreement with Vulcan
Minerals Inc. (TSX-V: VUL) whereby Nortec may earn a 51% interest in the
property.
Ganarin and Condorcocha Projects
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Further to the news release dated June 7, 2005, the Company completed
detailed geochemical soil sampling on contour lines and on grids at 25 meter
spacing on the Ganarin and Condorcocha projects in southern Ecuador.
Geological mapping at a scale of 1:1000 was also completed. Initial grid soil
sampling results from the Lomas La Cruz area on the Ganarin project show
extensive parallel geochemical soil anomalies with several values in the range
of 1000 to 8000 parts per billion ("ppb") gold. One of the anomalies with
values greater than 500 ppb gold trends for a distance of 200 meters. These
anomalies coincide with several parallel quartz-chalcedony breccia veins and
veinlets.
Initial results in the Chamana area located 800 meters north of Loma La
Cruz also suggest extensive geochemical soil anomalies. Detailed geological
mapping and rock sampling results of the veins along with the geochemical soil
survey results are being compiled for both the Ganarin and Condorcocha
projects, and results will be disseminated on a timely basis.
Diamond core drilling of targets identified by the above surveys will be
carried out later this year. The amount of proposed drilling will be dependent
on the targets identified.
The Ganarin Project consists of the Ganarin and Ganarin II mineral
concessions, located near the town of Santa Isabel. Ganarin is a gold-silver
epithermal prospect with gold and silver values occurring in multi-stage
banded chalcedony-quartz veins, veinlets and breccia zones. The mineralization
is emplaced in Eocene volcanic rocks of andesitic to dacitic composition
belonging to the Ganarin Belt. Precious metal values as reported by previous
companies including Newmont and Grantham Resources approach "bonanza" grades
in places.
Mineralization with associated hydrothermal alteration at Ganarin is
exposed over an area of at least 1.5 kilometers (north-south) by 800 meters
(east-west) and up to 300 meters vertically. Extensive artisan surface and
underground workings occur on the property. Recent sampling of veins and
breccia zones in the workings by geologists employed by Doubloon returned
several values including 12 grams gold, 18.85 grams gold, and 27 grams gold
over narrow widths ranging from 10 cm to 50 cm and grab samples up to
56.6 grams gold. These values suggest an epithermal "bonanza" deposit model
but the economic potential of Ganarin has not yet been adequately tested.
Confirmation rock sampling results are being compiled at present and will be
disseminated upon completion.
The Ganarin and Condorcocha properties are both subject to option and
joint venture agreements with Doubloon Exploration Corp. ("Doubloon").
Pursuant to the first agreement with Doubloon, Nortec has the option to
acquire up to a 51% interest in the Ganarin project, and pursuant to the
second agreement Nortec has the option to acquire up to a 70% interest in the
Condorcocha project, both located in Azuay province, Ecuador.
Mr. 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
TL Property, the Ganarin and Condorcocha projects. Mr. Vulimiri is a qualified
person in accordance with National Instrument 43-101 guidelines.
For further details 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"
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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.
