Vortex Energy Retrieves 279 Meters Of Core Containing Visible Salt Mineralization From The Robinsons River Salt Project

Rhea-AI Summary

Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) has announced significant findings from its third core well (VTX-23-W-2) at the Robinsons River Salt Project. The company intersected visible salt rock at a depth of 327 meters, retrieving a total of 279 meters of drill core containing salt rock from a well drilled to approximately 735 meters deep.

The salt formation, similar to that observed in the first core hole, is black and interbedded with mudstone. Initial examinations did not reveal the presence of potassium magnesium salt or anhydrite, which can negatively impact hydrogen storage development. The Western Salt Structure, where this core was drilled, was previously estimated to potentially hold 250,000 tonnes of hydrogen in more than 25 caverns.

The core is being prepared for detailed logging and sample selection, with selected samples to be analyzed by the University of Alberta as part of a collaboration that recently received $1.2 million in Alberta Innovates Funding for hydrogen storage research in Canadian salts.

Positive

• Intersected visible salt rock at 327 meters depth, confirming previous gravity and seismic interpretations
• Retrieved 279 meters of drill core containing salt rock, providing substantial material for analysis
• No initial signs of potassium magnesium salt or anhydrite, which could negatively impact hydrogen storage potential
• Western Salt Structure estimated to potentially hold 250,000 tonnes of hydrogen in over 25 caverns
• Collaboration with University of Alberta received $1.2 million in funding for hydrogen storage research

Negative

• None.

The first occurrence of visible salt rock occurred at a depth of 327 meters in the area of the “Western Salt Structure” which was previously estimated to be capable of holding 250,000 tonnes of hydrogen in more than 25 caverns

VANCOUVER, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) ("Vortex” or the "Company") is pleased to announce the Company intersected visible salt rock at a depth of 327 meters at the Robinsons River Salt Project (the “Project”). A total of two hundred and seventy-nine meters of drill core containing salt rock has been retrieved from the third core well (VTX-23-W-2) which was drilled to an approximate total depth of seven hundred and thirty-five meters. Forage FTE Drilling drilled the first portion of the well using reverse flooded dual rotary drilling and casing to 327 meters. Major Drilling International, Inc. then commenced the second phase of drilling from 327 meters to the end of the well using diamond drilling. The work was completed under the supervision and project management of the Company’s primary consulting partner, RESPEC Consulting Inc. (“RESPEC”).

The third core hole was drilled near the previously identified western gravity anomaly, which the Company refers to as the “Western Salt Structure”. The surface location of the core hole was chosen to test the gravity-low anomaly near an existing seismic line, while utilizing established road and drill trail infrastructure. The visible halite observed in the third core well is similar to that observed in the first core hole (VTX-23-W-1). It is black and Interbedded with mudstone containing cracks filled with salt. The first examination did not show the presence of potassium magnesium (K-Mg) salt or anhydrite in the salt formation, which can have a negative impact on hydrogen or energy storage development.

Prior work conducted by the Company concluded that the Western Salt Structure had the potential to hold an estimated amount of 250,000 tonnes of hydrogen in more than 25 caverns, based on conservative estimates. Using conservative estimates, the hydrogen storage capacity was estimated to be more than 50 million m3. For additional information regarding the Company’s hydrogen storage capacity assessment, including certain assumptions underlying the hydrogen storage capacity assessment, please see the Company’s press release dated July 24, 2023, filed on SEDAR+ at www.sedarplus.ca.

Wireline geophysics were also deployed to gather detailed information about the geological formations around the core hole. The entire 279 meters of core containing visible salt mineralization is being prepared for shipment to Saskatoon for detailed logging and sample selection. Once complete, selected core samples will be provided to the University of Alberta (“U of A”) to conduct mineralogical analysis and proof of concept experiments on core samples and simulation studies. On April 29, 2024, Vortex’s collaboration with the U of A received Alberta Innovates Funding totaling $1.2 million for the project titled “Field Trial of Hydrogen Storage in Canadian Domal and Bedded Salts”.

Paul Sparkes, Chief Executive Officer of Vortex commented, “the visual results from the third core well at the Robinsons River Salt Project provide further confirmation of the results of the previous gravity and seismic interpretation work, which indicated the presence of salt formations at the Project. The visible salt mineralization observed in the core is encouraging as the drilling was done on the flanks of the Western Salt Structure, where we would typically expect to see an elevated amount of non-salt layers. We are excited to proceed with analysis of the extracted drill core and advance our work with the University of Alberta.”

Figure 1: Exploration Drill Hole 3 Location

UTM Coordinates (Zone 21 U)	Latitude/Longitude	Depth	Dip	Azimuth
• Easting: 0374904E • Northing: 5340500N	• Latitude: N48° 12.324' • Longitude: W58° 41.023'	734.76 m below ground level	80.8° at 650m at the final station	268.2°

Table 1: Drill Hole 3 Location and Details

QA/QC Data

The core was handled with careful QA/QC protocols. Immediately after extraction on the drill rig, the core was placed in core boxes with depth measurements scribed on the boxes, along with depth marking wooden blocks. These boxes were transported indoors to the core logging facility at the end of each 12-hour shift.

Field logging was performed on-site for Rock Quality Designation (RQD), recovery, and high-level lithology, and the core was photographed. Once logged, the core boxes were plastic wrapped, palletized, and wrapped again to prevent exposure to the elements. All data, including photographs, were entered into a spreadsheet daily to ensure accuracy.

Qualified Person

The technical content of this news release has been reviewed and approved by Piotr Kulkialka, P.Geo, who is 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 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 Robinsons River Salt Project is prospective for both salt and hydrogen salt cavern storage. The Company is also evaluating technologies to efficiently store hydrogen or energy in salt caverns. Vortex 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

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 capacity of the salt structures at the Project to hold salt caverns and the estimated amount, storage capacity and volume of such salt caverns; and that the core extracted from the Project contains halite mineralization.

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, the assumptions set out in the Company’s news release dated July 24, 2023 that were used by RESPEC to estimate cavern placement at the Project; that the current regulations set by the Canadian Standards Association will remain unchanged such that the Project may be developed in accordance with such regulations; the assumption that the 2D seismic interpreted dome structure accurately depicts the salt domes at the Project and that additional geological data will not change the interpretation of the size and other characteristics of the salt domes at the Project; the assumption that salt caverns may be developed at the Project in accordance with the results of the 2D seismic interpreted dome structure; the assumption that future exploration activities conducted at the Project will be successful and will continue to indicate that salt caverns may be developed at the Project; and the assumption that the visible mineralization observed by the Company is indicative of actual halite 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 the risk that salt caverns may not ever be developed at the Project, whether as a result of the geology of the Project, applicable regulations, market conditions, a lack of financing or otherwise; risks inherent in the exploration and development of mineral projects, 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 (including that visually observing mineralization in drill core may not be indicative of actual mineralization in that drill core), that geological conditions and other factors outside of the control of the Company may prohibit or limit the Company’s ability to conduct further exploration on the Project, or limit the effectiveness and value of such further exploration activities; the risk that exploration at the Project does not proceed in the manner and on the timeline currently anticipated by the Company, or at all; the risk that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company, including that testing of the drill core extracted from the Project may be unsuccessful in establishing halite mineralization exists at the Project and that the Company may fail to validate the existence solution mineable salt structures at the Project and, even if such salt structures are validated, that the Company may fail to successfully develop salt caverns at the Project; the risk that mineral exploration activities are often unsuccessful; risks inherent in the development of salt caverns, including that even if salt caverns are developed by the Company at the Project such caverns may not be suitable for hydrogen or renewable energy storage; risks regarding the development of the hydrogen and renewable energy industries, including that and the risk that hydrogen and other renewable fuels do not develop to the point where widespread use of salt caverns is necessary to store the fuels required to satisfy industry demands; and the risk that laws and regulations may be changed and developed in the future in a manner that is adverse to the Project or the Company. 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/4c34b328-a477-4c7f-8ebb-e7eb2fcfc523

FAQ

What depth did Vortex Energy Corp (VTECF) intersect visible salt rock in their latest drilling at Robinsons River Salt Project?

Vortex Energy Corp intersected visible salt rock at a depth of 327 meters in their third core well (VTX-23-W-2) at the Robinsons River Salt Project.

How much drill core containing salt rock did Vortex Energy (VTECF) retrieve from their latest well?

Vortex Energy retrieved a total of 279 meters of drill core containing salt rock from their third core well, which was drilled to an approximate total depth of 735 meters.

What is the estimated hydrogen storage capacity of the Western Salt Structure at Vortex Energy's (VTECF) Robinsons River Project?

The Western Salt Structure at Vortex Energy's Robinsons River Project was previously estimated to potentially hold 250,000 tonnes of hydrogen in more than 25 caverns, based on conservative estimates.

How much funding did Vortex Energy (VTECF) receive for their collaboration with the University of Alberta on hydrogen storage research?

Vortex Energy's collaboration with the University of Alberta received Alberta Innovates Funding totaling $1.2 million for research on hydrogen storage in Canadian domal and bedded salts.