Nortec to Acquire the Barker Bay Gold Property and Appoints Mr. Ryan Hrkac, P. Geo to the Position of Chief Executive Officer
Nortec to Acquire the Barker Bay Gold
Property and Appoints Mr. Ryan Hrkac, P. Geo
to the Position of Chief Executive Officer
Toronto, Ontario--(Newsfile Corp. - November 5, 2025) -
NORTEC MINERALS CORP. (TSXV: NVT)
("
Nortec
" or the "
Company
") is pleased to announce that it has entered an asset purchase agreement
(the "Asset Purchase Agreement") with Ryan Hrkac, P. Geo to acquire the Barker Bay Gold Property (as
described below) (the "Property"), located in Ontario, Canada (the "
Transaction
").
Additionally effective immediately, the Company is pleased to announce the appointment of Mr. Hrkac to
the position of Chief Executive Officer of the Company replacing Derrick Weyrauch (formerly interim
CEO) who continues in his role as Chairman of the Board of Directors. Sara Hills and P. Mark Smith
have resigned from the Company as CFO and Director, respectively. Michael Malana has been
appointed interim CFO to succeed Ms. Hills. The Company thanks Ms. Hills and Mr. Smith for their
contributions to the Company.
BARKER BAY GOLD PROPERTY
The Barker Bay Gold Property is located in the Kenora Mining division, northwest Ontario, Canada
(South of Dryden). (Figure 1)
Recent prospecting and historic exploration identified at least three (3) gold bearing sub-parallel
structures on the 2,000-hectare property. Two historic small-scale mining operations are located on the
property, namely the Barker Bros Mine and the Petrie Mine. Additionally, a third shaft was identified
during geologic mapping in the 1980's located on a parallel structure east of the Petrie Mine. Historic
records indicated the Barker Bros. Mine returned 23.6 oz in the first 8 tons of ore milled, an average
grade of 101.1g/t Au (see Ontario Mineral Deposit Index
MDI52F06SE00002
) while production records
for the Petrie Mine (see Ontario Mineral Deposit Index
MDI52F06SE00003
) and the undocumented
shaft are unavailable.
Historic prospecting has returned grab samples ranging from 1.4 to 24.5 g/t Au at the Barker Bros Mine
((see Ontario Assessment Report:
52F06NE0003
) 3.3 to 11.3 g/t Au at the Petrie Mine Mineral Deposit
Inventory
MDI52F06SE00003
)).
Gold is hosted in quartz veins and in wall rock of shear zones which are up to 10 meters wide. Feldspar
porphyry intrusives have also been identified in close proximity to the historic gold mines and may be an
integral part of the mineralizing system. A gold-in-soil anomaly was outlined during a 2022 field program
which extends more than 700m along strike of the Barker Bros. Mine. This anomaly closely follows the
historic trenching and projected extent of the structure hosting gold mineralization (see Ontario
Assessment Record: 20000021209).
The geologic similarities to the Kenwest Deposit (25 kilometers to the east) operated by Dryden Gold
Corp. (TSXV: DRY) where a gold intercept of 3,497 g/t over 8.5 m including 53,700 g/t gold over 0.55
meters in hole KW-11-26 underscore the potential for ultra-high grade gold mineralization (see Ontario
Mineral Deposit Inventory
MDI52F07NE00002
).
Figure 1
- Regional Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4874/273275_62f1dd5674695842_001full.jpg
Figure 2
- Barker Bay Gold Property
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4874/273275_62f1dd5674695842_002full.jpg
CHIEF EXECUTIVE OFFICER
Effective immediately, Ryan Hrkac P.Geo, has been appointed to the position of Chief Executive Officer
of the Company. He is the founder of Shear Gold Exploration Corp, a private prospect generator and
geological consultancy, specializing in gold exploration across the Precambrian Shield of Ontario. A
lifelong resident of Thunder Bay, Ontario, Ryan graduated from Lakehead University in 2016 with an
Honours Bachelor of Science in Geology and is a registered Professional Geologist (P. Geo) in Ontario.
"Following successfully optioning multiple early-stage exploration project to listed issuers including
Dryden Gold Corp's (TSXV: DRY) Sherridon expansion and Kenorland Minerals Ltd. (TSXV: KDL)
Stormy property, Ryan has established a reputation for technical expertise, curating exploration
properties of merit, and a hands-on approach to exploration, all coupled with a deep understanding of
the challenges and opportunities within the mineral exploration industry.
"We are very pleased to welcome Ryan, his enthusiasm and desire to advance Nortec via a disciplined
scientific approach to exploration," stated Derrick Weyrauch, Chairman.
TRANSACTION DETAILS
The Asset
Purchase Agreement was entered into on November 4, 2025 between Mr. Hrkac, who holds a 100%
interest in the Property (the "
Seller
") and Nortec, pursuant to which Nortec will purchase from the Seller a
100% interest in and to the mineral claims comprising the Property, in consideration for the issuance or
payment by Nortec to the Seller:
(a)
an aggregate of 1,250,000 common shares in the authorized share structure of Nortec, which
common shares are to be issued four months and one day following the date of closing of the
Transaction (the "
Closing Date
");
(b)
$5,300 in cash, to be paid after the Closing Date upon Nortec having completed one or more non-
flow-through equity financings to raise minimum net proceeds of $500,000; and
(c)
a 2% net smelter returns royalty on mineral production from the Barker Bay Property (the "
NSR
Royalty
"). Nortec shall have the right to purchase 50% of the NSR Royalty in consideration of the sum
of $1,000,000, and Nortec shall have the right of first refusal to purchase the NSR Royalty from the
Seller.
CLOSING
The closing of the acquisition of the Asset Purchase Agreement (the "
Transaction
") is subject to a
number of conditions, including, but not limited to, Nortec having completed an equity financing to raise a
minimum of $175,000, of which a minimum of $75,000 shall not have been raised on a "flow-through"
basis, and the receipt of approval from the TSX Venture Exchange ("
TSX-V
") to the Transaction.
QUALIFIED PERSON
The scientific and technical information in this news release has been reviewed, verified and approved
by Neil Pettigrew, M.Sc., P.Geo., a Qualified Person under National Instrument 43-101, and a consultant
to Nortec.
About Nortec Minerals Corp.
Nortec is a mineral exploration company that holds 100% interests in two exploration stage critical
mineral (zinc) projects, namely the Sturgeon Lake VMS and the Mattagami River Zinc properties, both
located in Ontario, Canada. Additionally, the Company holds a 16.4% interest in the Tammela Gold 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,
"Derrick Weyrauch"
Chairman
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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