NVT to begin drilling TL in Voisey's BayNortec Ventures to begin TL drilling in July
2005-06-07 13:53 ET - News Release
Mr. Mohan Vulimiri reports
NORTEC PROVIDES UPDATE ON THE TL NICKEL-COPPER PROPERTY, LABRADOR, AND ON THE GANARIN AND CONDORCOCHA EPITHERMAL PROJECTS, SOUTHERN ECUADOR
Further to the news published in Stockwatch on Dec. 15, 2004, Nortec Ventures Corp. has released the results from gravity, UTEM and magnetic surveys, as well as geological mapping, carried out on the TL property, Labrador, compiled and interpreted by Dr. W.J. Scott of Geoscott Exploration Consultants, St. John's, Nfld. The property was acquired through a joint venture with Vulcan Minerals Inc., a TSX Venture Exchange resource company, based in St. John's, Nfld.
Several potential drill targets with coincident strong gravity, UTEM and magnetic anomalies were identified on the property. These targets could represent nickel-copper mineralization occurrences at depth. Drilling carried out by the previous operator intersected nickel-bearing ultramafic dikes (up to 2.1 per cent nickel), which could be small intrusions from a larger nickel-bearing ultramafic body. Of these, two are very strong with distinct coincident UTEM and gravity anomalies. The "B" anomaly is located on the western portion of the claims and the data for the anomaly suggest that it dips 30 degrees to the east. Several ultramafic pyroxenite bodies outcrop to the west in places where the anomaly is projected to surface. Drill holes to the east of the anomaly by the previous operator appear to be related to the downdip extension of the anomaly. The anomaly strikes 345 degrees on surface and can be traced for a distance of 1,600 metres. The gravity anomaly values reach up to 0.31 milligal and, from modelling, the UTEM conductance values are greater-than-2,000 Siemens at depths from 75 metres to 130 metres.
Gravity and UTEM data for the "A" anomaly, located in the northeast part of the property, also suggest that the source for the anomaly is from a large ultramafic intrusive body. One of the previous operator's drill holes intersected and bottomed in 80 metres of gabbro in the area of this anomaly. The anomaly trends north to south, with a steep dip, and was delineated for a distance of 1,800 metres. Gravity anomaly values reach up to 0.28 milligal, and the UTEM model conductance values are around 2,000 Siemens from depths of 50 metres to 65 metres.
Camp and drill permits were granted and received from the Department of Natural Resources for the government of Newfoundland and Labrador. Diamond core drilling, up to 4,000 metres, is expected to commence in the first week of July, 2005. The drill holes are designed to test the two strongest anomalies and the downdip extensions of previous mineralized drill intersections. Geophysical gravity and UTEM surveys are also planned to further define several more targets on the property.
Further to news in Stockwatch on March 22, 2005, the company has initiated work programs consisting of geochemical soil sampling both on contour lines and on grids, at a spacing of 25 metres, on the Ganarin and Condorcocha epithermal gold projects, located in southern Ecuador. Geological mapping on a scale of 1:1,000 is also being carried out on the projects. These surveys will assist in the delineation of potential drill targets and interpretation of structural controls of precious metal mineralization on these projects.
Shareholders will be updated on a timely basis as the results are received.
Mohan Vulimiri, MSc, PGeo, president and director of Nortec, recently made several visits to the project areas, examined the mineral occurrences and evaluated the available previous exploration reports. Mr. Vulimiri is a qualified person in accordance with National Instrument 43-101 guidelines.
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