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Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - NORTEC MINERALS CORP. (TSXV: NVT) ("Nortec" or the "Company") is pleased to announce the completion of a Versatile Time Electromagnetic ("VTEM") geophysical survey at the Sturgeon Lake VMS Project in Ontario. The 2023 survey has initially identified fourteen (14) high-priority target areas that host coincident magnetic and EM anomalies in a favorable setting for VMS-mineralization.
The Sturgeon Lake VMS Property lies immediately north and adjacent to Glencore's past-producing mines and is host to the highly prospective continuation of the volcanogenic massive sulphide ("VMS") producing volcanic stratigraphy. Numerous historical drill intercepts on the property host anomalous zinc - copper mineralization and favourable VMS geology, with drill holes H-9 (Ontario Assessment File 52G15NW0086) and C-81-2 (Ontario Assessment File 52G15NW0038) also displaying strong potential for both copper and gold-rich VMS systems in two highly prospective areas, hosting intercepts of 3.1% Cu / 0.3m and 5.3g/t Au / 0.9m respectively.
The Sturgeon Lake VMS mining camp is host to Glencore's five past producing zinc - copper - lead - silver - gold base metal mines, having a total combined production of 19.8Mt @ 8.50% Zn, 1.06% Cu, 0.91% Pb and 119.7g/t Ag (Franklin, J. M., 1996. Volcanic-associated massive sulphide base metals in Eckstrand, O. R., Sinclair, W. D., Thorpe, R.I. (eds.), Geol. Survey Canada Geology of Canada 8, 158-183.).
The camp is located within the prolific Sturgeon Lake greenstone belt in the Wabioon sub- province of Ontario's Superior province, approximately 270 kilometers northwest of Thunder Bay.
"The VTEM survey at Sturgeon Lake was a huge success with results displaying numerous unexplored to underexplored areas within the VMS belt that host coincident magnetic and electromagnetic anomalies, which are favorable exploration targets for VMS deposits. The results fit within our historical compilation and understanding of the geology within the mining camp, and we are keen to continue to systematically advance the project towards a maiden drill program." stated Cameron Bell, Vice President of Exploration.
The target areas consist of coincident magnetic highs and zones of high electromagnetic (EM) conductance (as per SFz15 [15 Hz] conductance). Figure 2 shows target areas with conductivity highs and coincident magnetic anomalies. These target areas do not represent individual drill targets, but rather areas of focus that require ground truthing.
Individual drill targets will be defined based on coincident soil geochemical anomalies, second order EM conductors, magnetic anomalies (potentially including Mag lows) and geological observations, including alteration and lithogeochemical characteristics. Conductors may be confirmed by ground-based EM surveys depending on logistics and individual conductor interpretation.
The 2023 field season has begun and includes a soil and prospecting program that has been designed to ground truth the fourteen (14) high-priority target areas and to help prioritize additional geophysics and a maiden drill program on the project. The soil/prospecting program is testing for elevated/anomalous values of Cu-Zn-Au mineralization as well as specific alteration patterns characteristic of VMS mineralization within the historic and well-endowed Sturgeon Lake VMS mining camp. Planned grids for the soil/prospecting program are shown in Figure 3.
A permit application for a Fall 2023/Winter 2023-2024 drilling and ground EM has been applied for and is being reviewed by the Ontario Ministry of Northern Development and Mines.
Figure 1: Geology compilation with location of 2023 VTEM coincident magnetic and electromagnetic target areas in red.
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Figure 2: 2023 VTEM results (SFz15 EM displayed) with location of coincident magnetic and electromagnetic target areas in hashed black.
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Figure 3: 2023 soil survey grid over newly identified high-priority VMS target areas.
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Qualified Person
The technical information in this release has been reviewed and verified by Cameron Bell, P. Geo., Vice President of Exploration of the Company, and the Qualified Person as defined by National Instrument 43-101.
About Nortec Minerals Corp.
Nortec is a mineral exploration company that holds 100% interests in two exploration stage critical mineral (zinc) projects, namely the Mattagami River Zinc and the Sturgeon Lake VMS properties, both located in Ontario, Canada. Additionally, the Company holds a 16.4% interest in the Tammela Gold and Tammela Lithium projects in Southwest Finland. Additional information can be found on the Company's SEDAR profile at www.sedar.com and its website at www.nortecminerals.com
On behalf of the Company,
"Sara Hills"
Chief Financial Officer
info@nortecminerals.com
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
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