Nortec Aims to drill Ecuador Gold PropertiesNortec delineates three areas at Ganarin
2005-09-12 14:46 ET - News Release
Mr. Mohan Vulimiri reports
VERY ENCOURAGING RESULTS FROM GANARIN GOLD PROJECT, SOUTHERN ECUADOR
Further to Nortec Ventures Corp.'s news in Stockwatch dated Aug. 11, 2005, detailed evaluation of the geochemical and geological program on the Ganarin project has now been completed. Geochemical soil sampling on grids at 25-metre line spacing and geological mapping at a scale of 1:1,000 were completed on the project. Three potential areas, Loma La Cruz, Chamana and Red 3, have been delineated.
Soil sampling results from the Loma La Cruz area show extensive parallel geochemical soil anomalies with several values in the range of one gram to eight grams per tonne gold. One of the anomalies, with values greater than 0.5 gram per ton gold, trends for a distance of 200 metres. These anomalies coincide with several subparallel outcrops of quartz-chalcedony breccia veins and veinlets.
On the Red 3 area, mineralization consisting of stockwork chalcedony veins and veinlets was observed over an area of 200 metres by 50 metres. Several values in the range of 2.5 grams to 28.4 grams per ton gold were obtained from stockwork veins and veinlets.
Results in the Chamana area located 800 metres north of Loma La Cruz also suggest extensive geochemical soil anomalies.
A program consisting of 3,000 metres of diamond core drilling on the Chamana, Red 3 and Loma la Cruz areas is being planned. The company is contemplating financing of $500,000 to initiate this drill program.
The Ganarin property is subject to option and joint venture agreements with Doubloon Exploration, whereby Nortec has the option to acquire up to a 51-per-cent interest in the Ganarin project located in Azuay province, Ecuador. The Ganarin project is situated in the prolific Ganarin mineral belt. Iamgold'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, MSc, PGeo, president and director of Nortec, is the person responsible for initiating and guiding the work programs on the Ganarin project. Mr. Vulimiri is a qualified person in accordance with National Instrument 43-101 guidelines.
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