In an announcement out this morning, Nortec Minerals (TSX-V: NVT and OTC: NMNZF) released news on their engagement of engineering firm Watts Griffis McOuat to prepare an NI 43-101 compliant resource estimate and technical report for their 100% owned Lantinen Koillismaa PGE+Au-Cu-Ni (“LK”) Project located in Northern Finland. This is great news for Nortec and a move that we have been anticipating for some time.
The LK Project consists of the Kaukua, Lipeavaara and Haukiaho Zones. Nortec has carried out over 10,000 metres of diamond core drilling on the Kaukua Zone since 2007 and over 7,000 metres of historical diamond drilling was performed on the Haukiaho Zone since the 1960′s. Nortec has not carried out any drilling to date on the Haukiaho Zone. The LK project has a combined surface area of over 3,200 hectares and covers a PGE+Au-Cu-Ni mineralized Marginal Series hosted within a sequence of mafic and ultramafic layered intrusions. Based on the current drilling information, the Kaukua mineralization is open down-dip and along strike to the west and south. The Company believes that the LK Project can host several large – tonnage PGE+Au-Cu-Ni deposits amenable to low cost open pit methods. Detailed drill results on the Kaukua Zone can be referred to in the Company’s previous press releases. Almost 90% of the 38 holes drilled by Nortec and 10 holes drilled by GTK returned significant mineralized intercepts.
A back of the envelope calculation for PGE’s, (platinum group metals), gold and base metal values produces a very big number (in the billions of dollars of in-situ metal value) so we expect that the conversion of the large set of drill and exploration data compteted to date at LK to the NI 43-101 standards will reveal significant enterprise value for this project (which is just one of the many project areas in Nortec’t portfolio) that the market is not recognizing presently.
A full overview of the LK property is available in the Company’s corportate presentation: http://babybulls.com/PDF/NMCorp_Presentation_April_2010.pdf
