Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3)
("
Vortex” or the "
Company") is
pleased to announce that it has entered into a collaborative
research sponsorship agreement with the University of Alberta
(“
U of A”) to advance the Robinsons River Salt
Project in Newfoundland and Labrador, Canada. As part of the
collaboration, Vortex has agreed to make cash payments and
substantial in-kind contributions over a 2-year period and to
provide the U of A with core samples from the Robinsons River Salt
Project. In return, the U of A has agreed to perform laboratory and
mathematical analyses with the intent of designing and implementing
the first field trial of hydrogen storage in a domal salt in Canada
at the Robinsons River Salt Project.
The potential market for hydrogen storage in
salt caverns is substantial. This research and development aligns
with the global shift towards decarbonization and the transition to
a more sustainable energy system. The hydrogen market is expected
to grow significantly in the coming decades, driven by sectors such
as transportation, industry, and power generation, which seek
cleaner energy alternatives to reduce greenhouse gas emissions.
Building on its current fundamental research
into hydrogen-rock interactions, the U of A team will develop
protocols and guidelines to optimize locations, design
specifications, and operational parameters for hydrogen storage in
the salt caverns proposed to be developed at the Robinsons River
Salt Project. To achieve this goal, the research team will conduct
proof of concept experiments on core samples and simulation studies
to identify and unlock the challenges related to containment and
contamination of stored hydrogen. The findings are expected to help
to develop a multi-physics model to predict hydrogen transport and
reactions in the caverns proposed to be developed at the Robinsons
River Salt Project as functions of temperature, pressure, in-situ
stress, rock fabric and composition, and storage operational
parameters.
This two-year project is planned to consist of
four research phases:
- Optimizing the depth interval of the proposed storage caverns
by pore-scale visualization and petrophysical analysis of the
preserved core samples;
- Evaluating the possibility and extent of hydrogen loss through
the proposed cavern wall and wellbore under operation parameters by
analyzing the laboratory and field data;
- Evaluating the extent of hydrogen contamination by measuring
and modeling geochemical reactions; and
- Evaluating mechanical stability of the proposed caverns by
analyzing in-situ stress conditions and rock mechanical properties
under cavern operating conditions.
The project tasks will be conducted by at least
three PhD students and one postdoc fellow under the supervision of
Dr. Hassan Deghanpour and other faculty members with relevant
expertise at the U of A, utilizing the state-of-the-art facilities
at the U of A. Vortex’s cash contribution to the project will total
C$300,000 over a 2-year period, commencing on October 1st, 2023.
Vortex will also track and record all in-kind contributions
including but not limited to geological, geophysical, engineering,
drilling, sampling, and reporting work completed on the Robinsons
River Salt Project.
Major laboratory infrastructure required for the
proposed hydrogen-related experiments (core flooding systems,
reactors, and visualization systems) have been recently designed
and built under a recent grant awarded to the research team by
Alberta Innovates Hydrogen Center of Excellence and the Natural
Sciences and Engineering Research Council of Canada. As part of
their partnership, Vortex and the U of A will actively seek out
other provincial and federal grants designated for hydrogen and
green energy initiatives throughout North America. The Company is
also exploring the opportunity to use developed hydrogen caverns
for compressed air energy storage.
Paul Sparkes, Chief Executive Officer, commented
“The University of Alberta is world renowned for its work in
energy. This partnership places Vortex at the forefront of hydrogen
and energy storage research in domal salt structures in Atlantic
Canada. Dr. Hassan Deghanpour and his team of researchers have
already received grants from the likes of Alberta Innovates’
Hydrogen Centre of Excellence, the Natural Sciences and Engineering
Research Council of Canada and the Mitacs Accelerate Grants
Program. We are thrilled to be partnering with an institution and
team of this caliber.”
About the University of
Alberta.
The University of Alberta in Edmonton is one of
the top teaching and research universities in Canada, with an
international reputation for excellence across the humanities,
sciences, creative arts, business, engineering and health sciences.
The university and its people remain dedicated to the promise made
in 1908 by founding president Henry Marhsall Tory that knowledge
shall be used for “uplifting the whole people”.
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.
Cautionary Note Regarding
Forward-Looking Statements
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 development of salt caverns at the Robinsons River Salt
Project; the Company’s exploration plans for the Robinsons River
Salt Project; the intent of the Company and the U of A to design
and implement the first field trial of hydrogen storage in domal
salt in Canada; the aim of the research of the U of A, the planned
phases of this research and the expected outcomes of this research,
including the U of A’s plan to develop protocols and guidelines to
optimize locations, design specifications, and operational
parameters for hydrogen storage in the salt caverns proposed to be
developed at the Robinsons River Salt Project, to identify and
unlock the challenges related to containment and contamination of
stored hydrogen and to develop a multi-physics model to predict
hydrogen transport and reactions in the caverns proposed to be
developed at the Robinsons River Salt Project as functions of
temperature, pressure, in-situ stress, rock fabric and composition,
and storage operational parameters; the Company’s intention to
provide core samples to the U of A as part of the collaboration;
the potential market for hydrogen and hydrogen storage in salt
caves, including the potential growth drivers of these markets; the
intent of the Company and the U of A to actively seek out
provincial and federal grants designated for hydrogen and green
energy initiatives throughout North America; and the utility of any
developed hydrogen caverns at the Robinsons River Salt Property for
compressed air energy storage
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 develop
salt caverns at the Robinsons River Salt Project which may be used
for hydrogen, compressed air or other energy storage, or at all;
the Company’s ability to execute on its exploration plans for the
Robinsons River Salt Project, including that it will receive all of
the necessary permits to conduct such exploration activities, will
be successful in carrying out such exploration activities and will
accomplish the desired outcomes from such exploration activities,
including that the Company will succeed in conducting a drill
program at the Robinsons River Salt Project that produces core
samples that may be used by the U of A as part of the
collaboration; the Company’s partnership with the U of A, including
that the collaboration will be carried out in accordance with the
collaborative research sponsorship agreement and yield the
anticipated benefits to the Company and the Robinsons River Salt
Project, including that the Company and the U of A will be
successful in designing and implementing the first field trial of
hydrogen storage in domal salt in Canada; that the hydrogen and
hydrogen storage markets will develop as anticipated; and that the
Robinsons River Salt Project will be eligible for provincial and
federal grant funding and that the Company and the U of A will be
successful in applying for applicable grant funding.
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 Robinsons
River Salt Project does not proceed in the manner 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, including that the Company may fail to develop salt
caverns at the Robinsons River Salt Project which are capable of
storing hydrogen, compressed air or other energy storage, or at
all; that the Company’s collaboration with the U of A may not yield
the anticipated benefits to the Company or the Robinsons River Salt
Project, including that the Company’s collaboration with the U of A
may not be carried out pursuant to the collaborative research
sponsorship, or at all, and may not result in the design and
implementation of the first field trial of hydrogen storage in
domal salt in Canada; risks related to the development of the
hydrogen and hydrogen storage markets, including that these markets
may not grow and develop as anticipated, as a result of industry
specific trends and events, global economic trends and events or
otherwise, and may experience downturns; and the risk that the
collaboration may not result in additional grant funding being
provided to the Company or in respect of the Robinsons River Salt
Project. 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.
On Behalf of the Board of
Directors
Paul SparkesChief Executive Officer, Director+1
(778) 819-0164info@vortexenergycorp.com
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