|Area:||3,200 hectares (claims)|
|Interest:||80% Owned by Nortec Minerals Oy - Finore Minerals Owns 20% with the Option to Earn 51%.
|Status:||Completed four phases of drilling since 2007 for 10,300m on the Kaukua Prospect. 3D-IP ground survey completed over Kaukua in 2008. Purchase of Haukiaho Project in 2009 from Vulcan Resources Ltd. Mineralisation identified to date at Kaukua and Haukiaho covers a combined area of 57 hectares (570,000m2) within a host rock averaging 21m wide containing a drill intercept weighted average grade of 1.02g/t PGE+Au, 0.27% Cu and 0.18% Ni.|
The August 2011, Nortec Minerals Corp. singed an Option and Joint Venture Agreement with Finore Mining whereby Finore Mining can earn an 80% interest in the LK Project. See news release dated August 30, 201 further details.
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:
Nortec management is very pleased with these results as they validate the reasons for entering into option agreements for the claim groups initially with Akkerman Exploration B.V. for the Kaukua Group of claims in 2007 and the subsequent acquisition of the Haukiaho claims from Vulcan Resources of Australia in 2009. In comparison to other PGE + Au and Ni-Cu massive sulphide deposits, the concentrate from the LK Project has a much higher ratio of precious and base metals, producing a very high unit value per tonne of concentrate. This also favourably impacts infrastructure and transportation costs.
The K-MZ prospect is located in the Kaukua Group that is one of the three groups of contiguous claims making up the LK Project, along with the Lipeavaara Group and Haukiaho Group. 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 K-MZ mineralization is open down-dip and along strike to the west and south. Furthermore, other targets have also been identified within the Property that could host commercial zones of PGE + Au-Cu - Ni mineralization similar to the K-MZ in both size and grade. The Company believes that the LK Project can host several large - tonnage PGE + Au - Cu-Ni deposits amenable to low cost open pit methods. Drill results on the K - MZ can be referred to in the Company's previous press releases. The geology and the modes of mineralization are similar to Goldfields' Suhanko Project (Arctic Platinum) situated 80 km to the West - Northwest. Goldfields reported total resources (measured, indicated and inferred categories) at Suhanko to be 183 million tonnes grading 1.54 grams / tonne PGE + Au, 0.20% Cu and 0.08% Ni.