The Company has finalized drillhole three planning and is pleased to announce the receipt of the Mineral Incentive Program – Junior Exploration Assistance grant of $115,500
VANCOUVER, British Columbia, April 09, 2024 (GLOBE NEWSWIRE) -- Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) (“Vortex” or the “Company”) is pleased to announce the completion of drill planning for the third exploration drillhole at the Robinsons River Salt Project (the “Project”). The Company is currently preparing for drill mobilization, scheduled to commence in April 2024. Furthermore, Vortex has been awarded a $115,500 grant from the Government of Newfoundland and Labrador, Department of Industry, Energy and Technology Mineral Incentive Program – Junior Exploration Assistance program. This grant is in recognition of prior exploration expenditures made on the Project.
Under the geological support and operational management of Respec Consulting Inc. (“RESPEC”), FTE Drilling (“FTE”) and Major Drilling Group International Inc. (“Major”) have been engaged to conduct drilling activities. The Company plans to drill a 1,000-meter deep core hole at the Project. Mobilization is anticipated to commence in mid-April, subject to road and weather conditions, and conclude by late April. Drilling operations are expected to commence in the first two weeks of May.
Paul Sparkes, CEO of Vortex Energy Corp., commented, “We are thrilled to be advancing our exploration efforts at the Project. RESPEC has designed a conservative plan which we believe will yield the best chances of success in our salt exploration efforts while maintaining well integrity for potential future energy storage applications. We are grateful for the support from the Government of Newfoundland and Labrador and are looking forward to mobilizing in the coming weeks.”
The Company plans to utilize two drilling companies and drill rigs to drill hole three. FTE will drill and case the hole to a depth of 350 meters into the anhydrite caprock over the salt. Major will then put their coring drill rig over the cased hole and lower their rods to the bottom of the casing and begin coring from 350 meters to a depth of 1,000 meters. This strategic approach is expected to help to avoid the challenging geologic zones experienced in core hole one and two and enhance overall project success.
The objective of the drill program ongoing at the Project is to confirm the depth of the salt structure, conduct in situ geophysical logs to acquire rock properties, and obtain core samples for geological and geochemical analyses of both salt and non-salt rocks. Notably, during the drilling of the first core well, the Company identified the salt rock top at a depth of 581.5 meters within the Western Salt Structure. The Company aims to confirm the presence of salt at the third core well location and acquire additional rock samples for geological research and testing.
About Vortex Energy Corp.
Vortex Energy Corp. is an exploration stage company engaged principally in the acquisition, exploration, and development of mineral properties in North America. The company is currently advancing its Robinson River Salt Project comprised of a total of 942 claims covering 23,500 hectares located approximately 35 linear kms south of the town of Stephenville in the Province of Newfoundland & Labrador. The Robinson River Salt Project is prospective for both salt and hydrogen salt cavern storage. The company is actively evaluating technologies to efficiently store hydrogen or energy in salt caverns. Vortex Energy Corp. also holds the Fire Eye Project, which is located in the Wollaston Domain of northern Saskatchewan, Canada.
On Behalf of the Board of Directors
Paul Sparkes Chief Executive Officer, Director +1 (778) 819-0164 info@vortexenergycorp.com
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Company’s exploration plans at the Project, including the nature and type of the Company’s exploration activities, the timing of such exploration activities and the aim and objectives of the Company’s exploration efforts; the Company’s belief that the planned drillhole and drilling technique will help to avoid the geological challenges experienced in core hole one and two and enhance overall project success while maintaining well integrity for potential future energy storage applications.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, assumptions regarding the Company’s ability to execute on its exploration plans at the Project, including that it will be successful in carrying out such exploration activities on the anticipated timeline and that such exploration activities will yield the expected information and the desired outcomes, including that the Company will be successful in utilizing the proposed two drill rig approach and that such approach will mitigate the geological challenges experienced in core hole one and two; and that the results of the Company’s exploration activities to date are representative of the actual geological conditions and mineralization at the Project.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among other things, the risk that exploration at the Project does not proceed in the manner and on the timeline currently contemplated, or at all; risks inherent in the exploration and development of mineral deposits, including risks relating to receiving requisite permits and approvals, changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project; that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company, whether as a result of prevailing geological conditions, operator error or otherwise; and that mineral exploration activities are often unsuccessful. The forward-looking information contained in this release is made as of the date hereof, and the Company not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
