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EQS-News: Vortex Energy Corp.
/ Key word(s): Drilling Result
Two approved core wells are designed to confirm the depth of the salt structures and attain the geological properties of the salt and non-salt rocks, with drilling expected to begin October, 2023 October 16th, 2023 Vancouver, British Columbia — Vortex Energy Corp. (CSE: VRTX OTC: VTECF FRA: AA3) ("Vortex” or the "Company") is pleased to announce that the Company has received approval from the Mineral Lands Division, Department of Industry, Energy & Technology, Newfoundland and Labrador, of its Application for Exploration Approval for the 23,500 hectare Robinsons River Salt Project (the “Property”). The permit application was submitted on August 24th, 2023 by RESPEC Consulting Inc. (“RESPEC”) who has been commissioned to conduct the proposed work on behalf of Vortex. The drilling permit allows for two diamond core wells to be drilled on the Property (see Figure 1 below). The wells are designed to confirm the depth of the salt structures and attain the geological properties of the salt and non-salt rocks. As an integrated company and an expert in salt cavern development, RESPEC will lead all required responsibilities to complete the planned exploration work, including project management, well design, procurement, active drilling and wireline management, data collection, testing and technical reporting. The Company will also provide core samples to the University of Alberta for hydrogen testing and sampling as part of the recently announced collaborative research partnership between Vortex and the University of Alberta. Paul Sparkes, Chief Executive Officer, commented, “We are excited to move forward with this inaugural diamond core drilling program on the Property. The Company will use the funds that it was awarded under the Junior Exploration Assistance Mineral Incentive Program towards this drilling program.” Sparkes continued, “We believe the Robinsons River Salt project could become a cornerstone of economic growth in the region and we look forward to continuing to liaise with the local community with respect to the project.” The Company is committed to working closely with the local community and government agencies in an effort to ensure that the Company’s exploration program on the Property meets all environmental and safety standards. Figure 1: Robinsons River Drill Site A & B
Qualified Person The technical content of this news release has been reviewed and approved by Piotr Kulkialka, P.Geo, who is acting as a consultant to the Company and is a “Qualified Person” as defined by National Instrument 43-101. About RESPEC Consulting Inc. RESPEC is a global leader in diverse technologies and draws from a wide array of expertise, products, and services to deliver world-class solutions for business, mining, energy, water, natural resources, urban development, infrastructure, and enterprise services. RESPEC’s subsurface experts have evaluated over 1,000 caverns in nearly every major cavern storage region in the world. RESPEC’s over 50-year history underground has helped to pioneer in-house specialty software and rock lab testing that focuses on designing solution-mined and conventionally mined storage caverns. RESPEC also plays a similar role with the ACES Delta in Utah, the world’s largest green hydrogen project under construction. 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 Robinsons 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 Robinsons 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
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 exploration plans of the Company for the Property, including the nature and type of the Company’s exploration activities, the timing of such exploration activities and the aim of the Company’s exploration efforts; the expected benefits of the Company’s use of RESPEC to complete the proposed exploration activities; the prospect of the Property becoming a cornerstone of economic growth in the region; and the Company’s ability to comply with all applicable environmental and safety standards. 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 for the Property, including that it will be successful in carrying out such exploration activities and that such exploration activities will accomplish yield the expected information and the desired outcomes; that the Company’s use of RESPEC to carry out the exploration activities will yield the anticipated benefits to the Company and the Property; that the Company’s exploration and development activities on the Property will be successful and that the Company will be successful in developing the Property into an economically beneficial commercial project; that the Company will be successful in its efforts to comply with all applicable environmental and safety standards. 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 Property 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; that the Company’s use of RESPEC to carry out the Company’s exploration program may not yield the anticipated benefits to the Company or the Property; that mineral exploration and development activities are often unsuccessful and that the Company may fail to develop the Property into an economically beneficial commercial project; and that the Company may not be successful in complying with all applicable laws, whether as a result of changes in these laws or the application of these laws or otherwise. 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.
16.10.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
1749031 16.10.2023 CET/CEST
