Print Copy

TL Property, Nickel-Copper-Cobalt, Labrador

Project Highlights
Location: Northern Labrador, Newfoundland & Labrador, Canada
Area: 5,475 hectares (54.75 square kilometres)
Interest: Joint Venture Agreement to earn up to 100% interest; 2.5% NSR
Status:
 Helicopter-borne VTEM Completed May 2008, 1,960 metre Drill Program Completed.
Target: Nickel-Copper-Cobalt ultramafic anomaly

Description

The TL Property is a Nickel-Copper-Cobalt discovery located 70 kilometres west of the coastal town of Nain in the Tasisuak Lake area of northern Labrador, Canada. CVRD's (formerly INCO)  large nickel-copper-cobalt mine at Voisey's Bay is located about 50 kilometres to the southeast. The Property consists of 219 contiguous claims, contained in four Exploration Licenses, covering 5,475 hectares. In March 2003 Nortec optioned the TL Property from Vulcan Minerals of Saint John's, Newfoundland. Nortec can earn up to a 100% interest in the TL Property, at it's option, may earn a 51% interest by incurring exploration expenditures of $1.5 million by March 17, 2009.

Upon earning a 51% interest, should Vulcan Minerals elect not to participate in future exploration, Nortec, in stages, earn up to a 100% interest in the property by issuing an additional 400,000 common shares and incurring an additional $10,000,000 in cumulative exploration expenditures over a ten year period, and granting a 2.5% net smelter return to Vulcan Minerals.
 

Geology

Two very strong and distinct coincident UTEM and gravity anomalies were identified on the property. The "B" Anomaly is located on the western portion of the claims and the data for the anomaly suggest that it dips 30∞ 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 intersected nickel bearing ultramafic dykes (up to 2.1% nickel), which could be small intrusions from a larger nickel bearing body related to this "B" Anomaly. The anomaly strikes 345° on surface for a distance of 1600 metres. The gravity anomaly values reach up to 0.31 milligals and, from modeling, the UTEM conductance values are greater than 2000 Siemens at depths from 75 to 130 metres. Extensive drilling is planned to test the easterly extension of this anomaly at depth.
 
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. Two drill holes also intersected minor graphite near this anomaly. The anomaly trends north-south with a steep dip and was delineated for a distance of 1800 metres. Gravity anomaly values reach up to 0.28 milligals and the UTEM model conductance values are around 2000 Siemens from depths of 50 to 65 metres. Drilling is planned to examine the source for this anomaly.
 

Previous work on the property was conducted in 2001 by Falconbridge Ltd. and in 1995-1996 by Consolidated Magna Ventures Ltd. and Consolidated Viscount Resources Ltd. The earlier work consisted of geophysical surveys, mapping, prospecting and diamond drilling of 3,738 metres in 40 drill holes.

Nortec Drill Programs:
Completed 1,960 metres during 2008 summer drill program. In the summer of 2005, fourteen diamond drill holes (Hole Numbers 41 to 54) were drilled totaling 2300 metres on 5 targets identified by geophysical methods and geology. Drill core was cut with a diamond saw and the splits were analysed for nickel, copper, and cobalt by Eastern Analytical Labs, Springdale, Newfoundland. The five targets tested by drilling are the Pond Zone, West Anomaly, B1 Anomaly, Goose Feather Anomaly and the All-About-It East Anomaly. Very significant results were obtained from drill hole 54 (last hole of the program) and marginal results from drill hole 44 from the Pond Zone. The drill holes on the Goose Feather Anomaly returned anomalous copper and nickel values. The results are summarized as follows:

Pond Zone:

Drill Hole 54
From (metres) To (metres) Width (metres) Nickel (%) Copper (%) Cobalt (ppm)
5.5 13.8 8.30 0.84 0.37 231
5.8 13.8 8.00 0.87 0.38 239
6.8 13.8 7.00 0.97 0.43 266
6.8 12.8 6.00 1.09 0.48 298
6.8 11.8 5.00 1.19 0.53 235

Included in this is a 0.7 metre intersection assaying 0.35% copper and 2.19% nickel. More drilling is required to determine the true widths and the source of the mineralization. The sulphide mineralization, up to 40% in places, consists of pyrrhotite, pentlandite and chalcopyrite in places and exhibits leopard textures typical of mineralization at Inco's Voisey's Bay orebody. The mineralization occurs in gabbro intrusive bodies of probable troctolitic composition. The drill hole was designed to trace the source of the sulphide mineralization and intersected several gabbro bodies at depth. It was terminated at 325 metres due to drilling problems.

Drill Hole 44
From (metres) To (metres) Width (metres) Nickel (%) Copper (%) Cobalt (ppm)
65.3 66 0.7 0.14 0.04 56
66 67 1 0.23 0.08 82
67 68 1 0.16 0.05 64
68 69 1 0.25 0.13 87
69 69.75 0.75 0.25 0.07 86
Goose Feather Anomaly:
Drill hole 46 returned values in the range of 100 to 580 ppm copper and 100 to 370 ppm nickel over 10 metres. Drilling on the West Anomaly, B1 Anomaly and the All-About-It East intersected graphitic conductors and zones and therefore returned no significant values.
 
Future Programs:
All of the 2005 drill results were evaluated in order to plan for the next phase of the work program. Nortec's management is pleased with the results of drill hole 54 and and future extensive drilling will be carried out to explore for source of this near surface magmatic nickel-copper-cobalt mineralized zone. In the May 21, 2008 News Release Nortec Ventures announced that a   Helicopter-borne VTEM geophysical survey was completed by Geotech Ltd. on the TL Property. 1,960 metre drill program completed during summer 2008.
Print Copy Top of Page