Vancouver - NORTEC MINERALS CORP. (TSXV: NVT) (the 'Company' or 'Nortec') is pleased to announce that it has entered a share purchase agreement (the 'Share Purchase Agreement') to acquire the Sturgeon Lake VMS Property (as defined below) and Mattagami River Zinc Property (as defined below), both located in Ontario, Canada.

'Why Zinc Zinc is a Critical Mineral and part of the building blocks for the clean and digitized economy. Zinc is essential for renewable energy and clean technology applications (batteries, solar panels and wind turbines), and is a required input for critical infrastructure. The Government of Canada and the United States have included Zinc on their respective lists of minerals considered critical for sustainable economic success,' commented Michael Malana, Interim CEO.

STURGEON LAKE VMS PROPERTY

Under the Share Purchase Agreement, Nortec will indirectly acquire a 100 percent interest in the Sturgeon Lake VMS Property (the 'Sturgeon Lake VMS Property') located in the Six Mile Lake, Bell Lake and Quest Lake township areas of the Patricia Mining Division of Northwestern Ontario. The Sturgeon Lake VMS Property comprises 456 unpatented mining claims having a combined area of approximately 9,500 hectares and is located approximately 80km northeast of Ignace, Ontario.

The Sturgeon Lake VMS Property lies immediately north and adjacent to past-producing mines, and is host to the highly prospective continuation of the past volcanogenic massive sulphide ('VMS') -producing volcanic stratigraphy. Sporadic exploration efforts have been undertaken on the property since the 1960's with interpreted results strongly favouring the potential for additional VMS deposits to be discovered. Numerous historical drill intercepts on the property host anomalous Zn-Cu 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 Cu and Au-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 property is also host to several historical, and coincident magnetic-EM anomalies, which are interpreted to be significantly underexplored.

The Sturgeon Lake VMS camp is host to 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. Surv. Canada Geol. 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 and is considered highly prospective for additional VMS deposits.

The Sturgeon Lake VMS Property is subject to a pre-existing 2.5% net smelter returns royalty.

MATTAGAMI RIVER ZINC PROPERTY

Under the Share Purchase Agreement, Nortec will also indirectly acquire a 100 percent interest in the Mattagami River zinc property (the 'Mattagami River Zinc Property'). The Mattagami River Zinc Property comprises 35 unpatented mining claims having a combined area of approximately 735 hectares and is located in Agate and Tucker townships of the Porcupine Mining Division of Northeastern Ontario, approximately 50 kilometres northeast of the town of Kapuskasing, Ontario.

The Mattagami River area is considered highly prospective for the discovery of a world-class zinc-lead-silver-gold deposit similar to the Broken Hill-type sedimentary exhalative (sedex) deposit. Other examples of sedex deposits are Cannington in Australia (operated by South 32) and Zinkgruvan in Sweden (operated by Lundin Mining).

Zinc mineralization was first discovered on the property by Canico (Inco) in 1966. Canico intersected zinc mineralization spread over a seven-kilometre horizon, returning assay results up to 13.7 metres with an average grade of 2.28 per cent zinc in hole BH32325 (Ontario Geological Survey, Mineral Deposit Index MDI42H12NW00001).

The property lies north of Argo Gold Inc.'s Hurdman zinc-lead-silver-gold property. Historical drill hole intercepts on Hurdman of up to 7.3 metres with an average grade of 4.99 per cent zinc, 26.57 grams per tonne silver and 0.25 gram per tonne gold, including 2.2 metres grading 10.37 per cent zinc, 57.68 grams per tonne silver and 1.37 grams per tonne gold in hole ELO-06-12, have been reported. The mineralization hosted on the Hurdman zinc-lead silver-gold property is not necessarily indicative of the mineralization hosted on the Mattagami River Zinc Property.

About Nortec Minerals Corp.

Nortec is a mineral exploration company based in Vancouver, British Columbia. Nortec has a 17% interest in the Tammela Gold and Tammela Lithium projects in Southwest Finland.

Contact:

Michael Malana

Tel: (604) 561-2687

Forward-looking information

Certain statements contained herein constitute 'forward-looking information' under applicable Canadian securities laws ('forward-looking statements'). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements herein include, but are not limited to, statements related to the acquisition of the Properties, the potential of the Properties, and the availability of the critical minerals exploration tax credit and may include words such as 'believe', 'would', 'continue', 'will', 'promising', 'should', and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Properties, including metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated; regulatory, environmental and other risks of the mining industry more fully described in the Company's continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the availability of equipment and qualified personnel to advance the Properties; the Company obtaining TSX-V approval to the Transaction and the Private Placement and that closing of the Transaction and the Private Placement will occur. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release.

(C) 2022 Electronic News Publishing, source ENP Newswire