Nortec Minerals Corp (TSXV:NVT), formerly Nortec Ventures Corp, is focused on the exploration of a number of properties in Finland, Canada and Equador. This includes the LK Palladium-Platinum-Gold-Copper-Nickel Project (formerly the combined Kaukua-Haukiaho Projects) in north central Finland. Nortec is also exploring the 100% owned Tammela Lithium Gold Project in the south west of the country, the Seinajoki-Kaatiala Gold-Antimony-REE Property in western Finland; the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada; and also, the Ganarin Gold Property in Ecuador.
- Well funded company: signed an amended 70% option with Finore Mining Inc. (formerly Otterburn Investment Inc.). Nortec holds 30.3 million shares in Finore.
- Local expertise; Experienced Finnish team concentrated in Finland
- Fantastic infrastructure to all Finnish projects, can conduct ground exploration all year round
- Experienced management team with proven track record
LK Läntinen Koillismaa Project – NorthEastern Finland
The LK Project is located 18 km south of the city of Posio and 35 km west of Kuusamo city in north-eastern Finland. The Project is comprised of the Kaukua area, acquired in 2007-2008 from Akkerman Exploration, as well as the Haukiaho area, acquired in 2009 from Vulcan Resources. The total claims of the LK Project span 3,200 hectares, and is 100% owned by Nortec Minerals Oy, a 100% owned Finnish subsidiary of Nortec Minerals Corp. As of 2010, four phases of drilling programs have been completed for a total of 10,300 metres.
Preliminary metallurgical test work on a blended representative composite of ore types concludes that conventional rougher flotation yielded substantial recoveries of over 80% PGE + Au, associated with recoveries of over 93% for Cu and 51% for Ni. The recoveries appear to be somewhat dependent on the host rock composition. Cleaning this concentrate, again using conventional flotation means, produced a product assaying 16% Cu + Ni and 60 grams/tonne PGE + Au. Although this is not yet confirmed, a concentrate of this grade should be attractive to nickel and PGM smelters, especially given the low value of 4% Magnesium Oxide (MgO). This also means that the initially planned PLATSOL™ process for higher recoveries of PGE metals may now not be required. This will help lower the processing costs, simplify the project and reduce the technical risk of the project as a whole.
Further metallurgical work being planned:
- Optimization work for cleaner concentrate, with the addition of various amounts of the relevant reagents
- Tests and analysis to identify any other PGE associated metals like Rhodium, Iridium, etc.
- Marketing studies for the saleability of concentrate
On February 22, 2011 the Company released a report prepared by an independent consulting company, Watts Griffis McQuat of Toronto, Canada, confirming a large tonnage NI 43-101 compliant mineral resource indicating the economic recoverability of the contained platinum, palladium, gold mineral resource within the LK property. This report can be found on SEDAR at www.sedar.com.
On July 27, 2011 the Company announced that it has signed a binding Letter of Intent (“LOI”) with Otterburn Ventures Inc. (“Otterburn”).The LOI gives Otterburn the option to earn up to an 80% interest in the Company’s Läntinen Koillismaa property, “(LK “) a 100% owned palladium-platinum–gold–
Under the terms of the LOI, Otterburn can earn an 80% interest in the LK Property on payment of $10,500,000 in cash and securities to the Company and by expending $10,000,000 in exploration work within four years of signing the Option Agreement (“OA”). In September 2012, Nortec and Finore Mining (“Otterburn”) amended the terms of an option agreement under which Finore can earn up to 70% interest in the LK project.
Under the terms of the amended agreement, Finore earns 70-per-cent interest in the LK project by completing the following:
- Issuing an additional 27 million common shares to Nortec within three business days of completing the required filings with the Canadian National Stock Exchange for the issuance of such common shares;
- Paying in full by Finore any amounts owed to third parties, whether incurred directly or indirectly on account of the exploration work on the LK project on behalf of Finore;
- Granting Nortec the right to nominate two persons for appointment or election to Finore’s board of directors.
- The 27 million common shares of Finore issued and delivered to Nortec brought Nortec’s shareholdings in Finore to 30,227,208 common shares. This represents 45 per cent of Finore’s issued and outstanding common shares.
- Finore is using its best efforts to raise new financing of 2.5 million euros as soon as possible for continuing exploration programs on the property. The 2.5 million euros are required to be spent prior to the formation of a joint venture.
Diamond core drilling carried out at the project by Finore has identified higher grade potential resources for open pit development. This will be followed by systematic drilling at two targets on the property. Assays from several drill holes at LK are pending.
Tammela Gold-Lithium Project – Southern Finland
The Tammela Project is a 2,300 hectare claim reservation covering the Kietyönmäki and Hirvikallio target zones in southern Finland. The property was a strategic acquisition on the part of Nortec, believing that the demand for lithium will continue increasing, Nortec consolidated the Tammela Lithium-Tin-Tantalum- Gold Project and assessed the spodumene-hosted lithium potential in the pegmatite dyke swarms within the Somera-Tammela region in south-west Finland. The Geological Survey of Finland (“GTK”) has already delineated a historic resource of 400,000 tonnes @ 1.5% Li2O, and the potential is open along strike and at depth.
Mr. Mohan Vulimiri, Executive Chairman and CEO of Nortec has stated:
“There is also a welcome opportunity to delineate a large pegmatite-hosted REE deposit whereby demand for tantalum, niobium and caesium continue to increase on the back of technological advances in electronics and the metal alloy industry. The associated potential of significant Lithium and REE mineralization both within the Seinajoki-Kaatiala area and in the Company’s 100% Tammela Project in the southwest of Finland, where there is a known historical resource, really adds quality to Nortec’s group of assets in Finland.”
Seinajoki Kaatiala Property
The Seinäjoki Project is located 5 km southeast of Seinäjoki in south-west Finland. The Project is part of widely known Pohjanmaa Gold-Antimony Belt. On February 3, 2010 the Company announced results from rock chip samples taken from the Seinäjoki Gold Project. In 2010, Nortec Minerals commissioned the GTK to compile the entire geological and exploration datasets covering the Seinäjoki district. Nortec are confident that the Seinäjoki project has the potential to become the next multi-million ounce gold district in Scandinavia.
Nortec completed its phase two bedrock and lithogeochemical sample drill program at Seinajoki in October 2012. The Company expects results from phase two of the program before the end of 2012.
Mohan R. Vulimiri, M.Sc., P.Geo. – Executive Chairman and CEO
Mr. Vulimiri has many years public company experience, having been involved in the management of numerous junior and established companies. A graduate geologist with a Master of Science degree in Economic Geology, he has over 30 years’ experience in the exploration and delineation of ore deposits with emphasis on structural controls and modes of occurrence of mineral zones.
Balraj Mann, CA. – Chief Financial Officer and Director
Mr. Mann is a Chartered Accountant with over 28 years of extensive experience in areas of Corporate Finance,acquisitions and financial reporting, and served as a director and advisor for both public and private companies. Mr. Mann was a Senior Manager with Price Waterhouse and attained his designation with the same firm in 1982. From 1989 to 2001 he was president of a private real estate development corporation completing industrial, commercial, single and multi-family high-rise residential projects in excess of $200 million. Durin this time, Mr Mann was also an active participant in the corporate management of the Boundary Bay Airport in Delta, BC.
He was a member of the advisory board of Accelerate Power Systems Inc, formerly Key Capital Group Inc, from 2000 to 2001. Mr. Mann was also president of a private company specializing in providing financing and strategic direction to real estate development. He is currently the Chief Financial Officer and director of Eagle Star Petroleum Corporation, a TSX Venture listed company.
Giovanna Martino – Corporate Secretary
Ms. Martino joined Nortec Ventures Corp. in April 2006 and was appointed Corporate Secretary in October 2007. She has held the position of Corporate Secretary for Frontier Pacific Mining (TSXV: FRP) since August 2006. Ms. Martino received her paralegal training at B.C. Institute of Technology in Burnaby B.C. and Douglas College in New Westminster B.C. She has fifteen years’ experience as a legal secretary. In addition Ms. Martino worked as an executive assistant with a Vancouver law firm that provided various corporate duties and services for TSX Venture Exchange resource companies. Ms. Martino is responsible for all aspects of Nortec Ventures corporate administration, documentation and regulatory filings.
Peter F. Tegart, P.Geo. – Executive Director
Mr. Tegart is an accomplished professional geologist with extensive experience in exploration and mining of all kinds of mineral deposits. He has a successful career in the delineation of these deposits. He was responsible for the acquisition of Manhattan Minerals Corporations world-class Tambo Grande Project, located in northern Peru. Prior to this he was Vice-President, Exploration, Cheni Gold Mines and Western Manager, Serem Ltd.
Etienne Walter – Non-Executive Chairman and Director
Mr. Walter is the Honorary Consul General of the Republic of Ecuador with jurisdiction over the Provinces of Alberta and British Columbia, the Northwest Territories and the Yukon Territory. He earned his diploma in Hotel Management and Financial Administration from the Ecole Hôtelière de la Société Suisse des Hôteliers in Lausanne, Switzerland in November 1972 and he has worked for some of the world’s leading hotels. Since coming to Canada in 1975, Mr. Walter worked for public and private corporations until he formed his own company, Andes Trade and Investment Ltd.
Ernest S. Peters – Director
With over 35 years of experience in the mining industry, Mr. Peters has worked in exploration, development and production in Canada, the U.S., Brazil, Mexico and Australia. Ernie Peters is also the President, C.E.O. and Director of Carmax Explorations Ltd. (TSXV: CMX).
Grant F. Crooker, P. Geo – Director
Mr. Crooker is an independent mining consultant and principal of GFC Consultants Inc. based in Keremeos, BC. He received his Bachelor of Science degree from the University of British Columbia in 1972 and has been a member of the Association of Professional Engineers and Geoscientists of British Columbia since 1992. He has over thirty years’ experience in mineral exploration having worked in British Columbia, Yukon Territory, Northwest Territories, Arizona, Nevada, Washington, Mexico, Argentina and Ecuador. He has been a member of Nortec’s Board of Directors since February 2000.
Harvey Stark – Director
Mr. Stark spent 28 years with Canadian government in the Solicitor General’s department and foreign service as a diplomat in South America, Africa, Asia and Europe. On leaving government in 1987, he joined a team of geologists and engineers to fund and explore mineral projects in Canada, Mexico and South America. He has been a financier, officer and / or director of thirteen public companies engaged in exploration / exploitation of precious metals projects, aquaculture, industrial products and Information Technology. He was one of the co-founders of San Fernando Mining Company which discovered the La Fortuna gold deposit in the state of Durango, Mexico in 1992 – 1994. Later in 1996 he co-founded a listed public company that engaged in both high tech and exploration of precious metals in Canada and the Western Hemisphere. In 2001 to 2007 he was a principal owner of a private company providing training to the international aviation industry and currently has an interest in an heavy mobile equipment training company. He is also an active investor in several private ongoing and start-up companies in British Columbia and Quebec.