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Nortec Announces Agreement to Acquire Two Critical Mineral Zinc Properties in Ontario, Canada, Non-Brokered Private Placement and New Director and Officer Appointments
Vancouver, British Columbia--(Newsfile Corp. - June 14, 2022) - NORTEC MINERALS CORP. (TSXV...
About this update from Nortec Minerals Corp
[{"type":"text","content":"Nortec Announces Agreement to Acquire Two Critical Mineral Zinc Properties in Ontario, Canada, Non-Brokered Private Placement and New Director and Officer AppointmentsVancouver, British Columbia--(Newsfile Corp. - June 14, 2022) - 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 PROPERTYUnder 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...