VANCOUVER, British Columbia, Nov. 20, 2023 (GLOBE NEWSWIRE) — 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 Directors
Paul Sparkes
Chief Executive Officer, Director
+1 (778) 819-0164
[email protected]
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
