Tasisuak Lake Nickel Property
The Tasisuak Lake (T.L.) Nickel Property located in Northern Labrador, approximately 50 km northwest of the Voisey's Bay Mine, hosts a significant Ni-Cu-Co-Pt-Pd olivine gabbro sulphide prospect. Mapping, prospecting and shallow diamond drilling by a previous operator has delineated the Long Pond showing over 1.2 km and to depths of approximately 75 m vertical. The showing remains open at depth and along strike. One of the most significant intersections was from hole 3-2 where 23.7 m grading 0.47% Ni, 0.16% Cu and 0.02 % Co was reported. A 5.2 m section included in that assayed 1.15% Ni, 0.42% Cu, 0.04% Co, 0.11 g/t Pd and 0.25 g/t Pt. The mineralization is characterized as being disseminated to stringer. If massive sulphides were encountered in this system, significantly higher grades could be posted. The presence of elevated Platinum Group Elements (PGE's) also significantly improves the economics of any potential discovery.
The Voisey's Bay Mine contains approximately 137 million tonnes grading 1.59% Ni, 0.85% Cu, 0.1% Co and 0.19 g/t PGE while the Ovoid Deposit contains 32 million tonnes grading 2.83%Ni, 1.68% Cu, 0.12% Co and 0.25 g/t PGE. The property’s proximity to the Voisey's Bay mine, tectonic setting, mineralization discovered to date and the many untested geophysical anomalies indicate significant potential for a Ni-Cu-Co-Pt-Pd discovery.
During the summer of 2008 a 1960 m, 18-hole drill program was carried out on the property and encountered significant Nickel (Ni), Copper (Cu), Cobalt (Co) mineralization highlighted as follows:
· 14 metres of 1.02% Ni, 0.51% Cu, 0.03% Co (Hole 08-AA-60)
· 9 metres of 1.02% Ni, 0.55% Cu, 0.04% Co (Hole 08-LP-55)
· 3 metres of 1.04% Ni, 0.38 Cu, 0.03% Co (Hole 08-LP-56)
· 3 metres of 1.01% Ni, 0.39% Cu, 0.04% Co (Hole 08-AA-62)
Included in this is a 1.0 meter intersection assaying 2.15% nickel and a separate 1.0 meter intersection assaying 4.02% copper. Further drilling is necessary to determine the true widths and the source of the mineralization. The mineralization is contained within intrusive rocks and consists of pyrrhotite, pentlandite and chalcopyrite up to 40% in places and exhibits leopard textures typical of mineralization at the Voisey’s Bay ore-body. Nortec Minerals Corp. owns a capped 1% royalty with certain buyback provisions.