Vortex Energy Announces Commencement of Drilling Program at Robinsons River Salt Project, Newfoundland & Labrador
21 November 2023 - 12:00AM
Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3)
("
Vortex” or the "
Company") is
pleased to announce that the diamond core drilling has now
commenced at its Robinsons River Salt Project (“
The
Project”) located near Stephenville, Newfoundland &
Labrador. The drilling program is being conducted by Major Drilling
Group International Inc. (“
Major Drilling”) under
the support of the Company’s consultant partner, RESPEC Consulting
Inc. (“
RESPEC”). The Company is fully permitted to
drill two core wells at the Project.
The two core wells that will be drilled are
located at the East and West salt structures of the Project, which
were identified during the hydrogen storage capacity assessment.
The objective of the drill program is to drill at the two confirmed
core wells to confirm the depth of the salt structures and attain
the geological properties of the salt and non-salt rocks at the
Project.
Project Highlights:
-
Based on available geological information, the East Salt Structure
can potentially hold an estimated amount of (1) 550,000 tonnes of
hydrogen in more than 35 caverns, based on conservative estimates
and up to (2) 900,000 tonnes of hydrogen in more than 53 caverns,
using optimistic estimates.
-
Based on the available geological information, the West Salt
Structure can potentially hold an estimated amount of (1) 250,000
tonnes of hydrogen in more than 25 caverns, based on conservative
estimates and up to (2) 350,000 tonnes of hydrogen in more than 43
caverns, using optimistic estimates.
- Using conservative estimates, the
hydrogen storage capacity assessment for the East Salt Structure
estimates that the total volume of the East Structure salt cavern
field is more than 70 million m3.
- Using conservative estimates, the
hydrogen storage capacity assessment for the West Salt Structure
estimates that the total volume of the West Structure salt cavern
field is more than 50 million m3.
-
The Property is adjacent to Atlas Salt’s Great Atlantic Salt
Deposit. The salt deposit contains an inferred resource of 908
million tonnes grading 96.9% NaCl using bulk density of 2.16
g/cm3.
Paul Sparkes, Chief Executive Officer,
commented, "We are thrilled to announce the commencement of our
drilling program. Getting to this point has involved extensive
planning and effort from our team and partners. We envision the
Robinsons River Salt Project as a key driver of economic growth in
the region, and we eagerly anticipate collaborating with the local
community. I would also like to extend my best wishes for a safe
and successful program to our invaluable partners who play a
crucial role in making it happen.”
Figure 1: First Pad location with drill rig in
place.
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 DirectorsPaul
SparkesChief Executive Officer, Director+1 (778)
819-0164info@vortexenergycorp.com
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 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; and the expected benefits to the
Company arising from the use of Major Drilling to complete the
proposed drilling at the Project.
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; and that
the Company’s use of Major Drilling to carry out the proposed
drilling will yield the anticipated benefits to the Company and 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; that the Company’s use of Major Drilling to carry out the
proposed drilling may not yield the anticipated benefits to the
Company or the Project; 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.
A photo accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/80421824-c78e-4553-8609-b535bbcf6ca9
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