Mr. Cameron Bell reports

NORTEC CONFIRMS PRIORITY COPPER DRILL TARGET AT STURGEON LAKE VMS PROJECT, ONTARIO, CANADA

Nortec Minerals Corp. has released the final soil sampling results from the 2023 sampling program and initial results from the 2023 ground-based EM (electromagnetic) geophysical survey on the northeast copper target of the Sturgeon Lake VMS (volcanogenic massive sulphide) project (see news release dated Nov. 21, 2023). Results confirm the presence of a highly conductive and highly copper-anomalous VMS prospect that has not been drill tested. This zone is now considered highly prospective for a new copper discovery and the company plans to drill test this target during the next exploration campaign.

Highlights:

• Multiple highly anomalous copper-silver-gold soil results from the northeast copper target, including 297 parts per million (ppm) copper and 0.6 gram per tonne (g/t) silver, potentially representing a copper-silver-rich stockwork system near surface.
• Ground EM survey confirms a strong untested late-time conductor that was originally identified in a VTEM (versatile time domain electromagnetic) survey (see news release dated May 31, 2023), and defined a drill-ready target that is on strike of copper-stockwork mineralization and the above copper-silver soil anomaly.
• Multiple systematic work campaigns in 2023, and historical data compilation and targeting have resulted in the identification of three high-quality VMS massive sulphide target areas, including the northeast copper target area, all of which are fully permitted for drilling.

"The results from the 2023 soil survey, along with the recently completed ground EM survey, have now confirmed the presence of a high-quality and potentially copper-rich VMS target that is drill ready for discovery. Our systematic and technically focused efforts have resulted in the identification and advancement of several high-quality, derisked VMS targets that are fully permitted for a maiden drill campaign," stated Cameron Bell, vice-president of exploration.

Final soil sample analyses were recently received from the 2023 soil program that covered the northeast copper target area. Results confirm the presence of a copper-silver-rich VMS target that hosts a series of untested and underexplored EM anomalies within a favourable VMS stratigraphic setting. One soil sample returned grades of 297 ppm copper and 0.6 g/t silver, proximal to historical copper-rich drilling and on the western edge of a strong untested ground EM conductor. These data are interpreted to represent a copper-silver stockwork that is part of a larger VMS system.

The fixed-loop time domain electromagnetic (TDEM) ground survey, conducted by Abitibi geophysics, has had initial results processed and interpreted. The survey was conducted over the northeast copper target area, where a series of strong VTEM conductors were identified in the 2023 survey, and where historical drilling (holes H-9, Ontario assessment file 52G15NW0086, and C2, Ontario assessment file 52G15NW0042) intersected pervasive copper stockwork-type mineralization. A significant late-time channel, and strongly conductive anomaly, was identified immediately east of the historical drilling and remains untested. Several other near-surface, underexplored conductors were also identified, including an area that hosts the highly anomalous copper-silver soils along with historical copper-rich drilling, and which are in the process of being interpreted and modelled.

The confirmation of a high-quality and potentially copper-rich massive sulphide VMS target at the northeast copper target has resulted from systematically advancing and derisking the target area through VTEM, and soil and ground EM work programs. In addition, the compilation and interpretation of historical work has demonstrated that this is a high-quality target and suggests the massive sulphide part of the VMS system has yet to be discovered.

The project now hosts three high-priority, derisked and drill-ready target areas that all have coincident EM, magnetics and soil anomalies. Each of these targets is fully permitted for drill testing.

About Sturgeon Lake VMS property

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-producing volcanic stratigraphy. Numerous historical drill intercepts on the property host anomalous zinc-copper mineralization and favourable VMS geology. Drill holes H-9 and C-81-2 (Ontario assessment file 52G15NW0038) also display strong potential for both copper- and gold-rich VMS systems in two highly prospective areas, where drill intercepts of 3.1 per cent copper (Cu) over 0.3 m and 5.8 g/t gold (Au) over 0.9 m were realized. Historic hole locations have not been verified in the field and are interpreted from assessment reports.

The Sturgeon Lake VMS mining camp is host to five high-grade past-producing zinc-copper-lead-silver-gold mines of Glencore PLC, having a total combined production of 19.8 million tonnes (Mt) at 8.50 per cent zinc (Zn), 1.06 per cent Cu, 0.91 per cent lead (Pb) and 119.7 g/t silver (Ag).

The Sturgeon Lake mine camp is located within the prolific Sturgeon Lake greenstone belt in the Wabigoon subprovince of Ontario's Superior province, approximately 270 kilometres northwest of Thunder Bay.

Qualified person

The technical information in this release has been reviewed and verified by Mr. Bell, PGeo, vice-president of exploration for 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-per-cent 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-per-cent interest in the Tammela gold and Tammela lithium projects in southwest Finland.

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