Nortec acquires gold properties near IAMGOLDNortec's Press Release (03/22/05) outlines the Company's huge acquisition of epithermal gold projects in Southern Ecuador.These projects are of particularly prospective given the recent high-grade gold/silver discovery by IAMGOLD in the area.Here is a brief excerpt from IAMGOLD's recent news release which outlines the discovery: A more detailed report may be found at:
https://www.iamgold.com/public-relations/press-releases/releases/Quimsacocha_Drill_Results_January_26_2005.pdfIAMGOLD REPORTS CONTINUED HIGH-GRADE INTERSECTIONS AND DISCOVERY OF NEW MINERALIZED ZONE AT QUIMSACOCHA: On August 10, 2004 IAMGOLD announced initial high grade intersections from its 100%-owned, 13,000 hectare Quimsacocha property in southern Ecuador, located 40 kilometres southwest of the city of Cuenca. One drill hole in particular, hole 122, returned a 101 metre intersection grading 9.5 grams/tonne (g/t) gold and 46.7 g/t silver on the property (core length, not true width). High grade results from a further twelve drill holes were released on November 8, 2004. The Quimsacocha property has the potential for a large epithermal gold deposit with silver and copper mineralization. The targets being drill-tested lie in an intensely altered volcanic sequence which has been cut by a four kilometre diameter intrusive pipe complex. Since the previous press release an additional 4,500 metres of diamond drilling has been carried out in 19 holes. The highlights of the recent phase of the diamond drill program include:
D1 Zone: • Hole 139 intersecting: o 55.2 metres averaging 4.7 g/t gold, 34.5 g/t silver and 0.1% copper including o 11.7 metres averaging 12.8 g/t gold, 100.6 g/t silver and 0.3% copper • Hole 142 intersecting: o 24.6 metres averaging 12.9 g/t gold, 55.8 g/t silver and 0.6% copper including o 9.4 metres averaging 22.9 g/t gold, 73.8 g/t silver and 1.0% copper • Hole 143 intersecting: o 7.3 metres averaging 19.5 g/t gold, 110.8 g/t silver and 1.1% copper • Hole 144 intersecting: o 14.8 metres averaging 7.2 g/t gold, 32.4 g/t silver and 0.3% copper including o 3.2 metres averaging 16.0 g/t gold, 46.6 g/t silver and 0.2% copper • Hole 146 intersecting: o 48.8 metres averaging 4.2 g/t gold, 29.9 g/t silver and 0.0% copper including o 2.6 metres averaging 14.0 g/t gold, 52.3 g/t silver and 0.7% copper o 3.8 metres averaging 8.5 g/t gold, 65.8 g/t silver and 1.0% copper
Loma Larga Zone: • Hole 149 intersecting: o 79 metres averaging 4.7 g/t gold, 16.1 g/t silver and 0.2% copper including o 23.5 metres averaging 10.3 g/t gold, 26.9 g/t silver and 0.5% copper and o 9.1 metres averaging 20.8 g/t gold, 65.9 g/t silver and 1.1% copper including o 2.1 metres averaging 77.6 g/t gold, 216.7 g/t silver and 3.1% copper