Drilling now looks like they hit something good up 22%Lots of volume today 1.6 million traded today and up 22%. Below is the latest news release of the drilling.
Vortex Metals begins phase 1 drilling at Illapel
2024-06-05 10:24 ET - News Release
Mr. Vikas Ranjan reports
VORTEX METALS INC. ANNOUNCES PHASE ONE DRILLING & EXPLORATION PROGRAM AT ILLAPEL COPPER PROJECT
Vortex Metals Inc. has launched its phase 1 drilling and exploration program at the Illapel copper project in Chile, with its first-pass drill program set to commence in third quarter 2024. The coming program aims to systematically evaluate and advance several high-priority targets within the project area marking a pivotal step toward the company's objective to delineate a high-grade copper resource in one of the world's most prolific copper-producing regions.
Dr. John Larson, director of Vortex Metals, and former manager of North American copper exploration, global porphyry copper exploration and Latin America exploration for BHP and BHP Billiton, commented: "Our program is designed to maximize success by first targeting the low-hanging-fruit drill targets. Using detailed geological mapping, sampling and advanced drilling techniques, we aim to efficiently identify and evaluate the most promising areas. This ensures we can swiftly and accurately assess high-priority targets while expanding our understanding of the region's geological potential."
Introduction
The Illapel property consists of 33 exploration and exploitation concessions, totalling 5,970 hectares. Centrally located within the Illapel property is the Rio 27 mine, a fully operational copper mine in production since 2010, having processed approximately 400,000 tonnes of high-grade ore, with an average grade of 1.39 per cent copper and approximately seven grams silver. The operating subsidiary of Ventana Mineral Group, SLM Rio 27, has reserved a portion of the Rio 27 concession to continue mining operations at its currently active mine and processing facility with Vortex Metals reserving the right of first refusal (ROFR) on the brownfield and near-site processing facility.
The mineralization exemplified by the active Rio 27 mine is described as a strata-bound copper deposit with subordinate silver and is known as a Chilean manto-type deposit. These unique deposits occur along the Coastal Cordillera of northern Chile. The largest Cu-(Ag) manto-type deposit, El Soldado, located about 70 kilometres south of Illapel, has a historic production plus reserves of 200 million tonnes at 1.35 per cent Cu.
The mineralized zone, easily observed in, above and adjacent to the Rio 27 mine and generally within the Illapel project, suggests that these high-grade manto-type copper deposits could be widespread on the property, including extensions of the Rio 27 deposits into the Illapel project area.
The coming phase 1 exploration program aims to systematically evaluate and advance several high-priority targets within the project area.
March, 2024, surface exploration results
The Illapel project area was visited by Vortex's qualified person between March 20 and 23, 2024, and demonstrates the possibility of additional manto-type copper deposits; there is widespread surface copper manifestations throughout the property. Sampling (10 samples) conducted during the visit revealed copper-in-rock mineralization ranging from 0.40 per cent to 6.54 per cent Cu and up to 66 parts per million Ag from exposures known to host copper mineralization. All samples but two exceeded the 1.39 per cent Cu reported for the Rio 27 mine's run-of-mine grade.
Key components of the phase 1 exploration program
1. Testing of high-priority, drill-ready targets north and south of the Rio 27 mine:
Vortex Metals will prioritize the testing of drill-ready targets located both north and south of the historical Rio 27 mine.
- North target: The strongest surface mineralization was recognized north of the Rio 27 mine at the Nueva Esperanza target area. A system of veins and veinlets trending northwest-southeast and subordinate west-northwest-east-southeast veins form an area of at least 120 metres in length by 50 to 100 m in width. The veins range in width from 0.15 m to 1.5 m forming a branching network over a strike length exceeding 100 metres. One sample collected at the Nueva Esperanza site contained 5.32 per cent Cu and 44 ppm Ag.
- South target: South of the Rio 27 mine there are several minor occurrences of copper oxides with similar characteristics as observed over the mine area or to the north at the Nueva Esperanza area. Two of these occurrences appear to be the southern extension of the mineralized Rio 27 fault or parallel structures. The identification of a mineralized zone, hosting bornite-chalcocite-chrysocolla, following the Rio 27 trend and located about 0.5 km southwest of the Rio 27 mine, supports the possibility of copper mineralization continuing to the south.
A series of roads in the area will allow for drill testing at a few elevations.
2. Detailed mapping, sampling and drilling of epithermal vein targets:
- The western concession area of the Illapel project is characterized by several epithermal veins. These veins have been identified as potential hosts for high-grade gold (and copper) mineralization and are part of the larger Farallon Sanchez district.
- The company's exploration team will conduct detailed geological mapping and systematic sampling of these veins to understand their mineralogical and structural characteristics.
- Follow-up drilling will target the most promising sections of these veins to establish the continuity, grade and vertical zoning of the mineralization.
3. Mapping and sampling of favourable structures and dikes:
- The project area features promising structures and dikes with crosscutting ocoite and copper oxides. The intersections between structural corridors and ocoite dikes, as observed at the Rio 27 zone, appear to be related to notable copper mineralization.
- Comprehensive mapping and sampling programs will be initiated across these formations to gather critical data on their extent, composition, and copper content.
- These data will be utilized in the planning and design of future subsequent drilling campaigns aimed at new target generation.
Objectives and expected outcomes
The primary objective of the phase 1 exploration program is to swiftly evaluate the high-priority targets identified in previous surveys while expanding the company's regional exploration efforts. By doing so, Vortex aims to achieve the following:
- Delineate copper mineralization in the immediate vicinity of the Rio 27 mine and the drill epithermal veins in the western concession area;
- Enhance the company's geological understanding of the Illapel project area, specifically at the copper occurrences where regional structures are intersected by the ocoite dikes;
- Identify and prioritize new drilling targets based on the results of the mapping and sampling programs.
Vortex Metals is committed to advancing the Illapel copper project in a systematic and efficient manner. The phase 1 exploration program represents a critical step in unlocking the full potential of this highly prospective project. The company looks forward to commencing this phase of exploration and updating its shareholders and stakeholders on its progress.
Qualified person/quality assurance and quality control
Robert Johansing, MSc, economic geology, PGeo, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this press release.
About Vortex Metals Inc.
Vortex Metals is a copper-focused exploration and development company with a diversified portfolio of exploration projects in Chile and Mexico. Vortex holds an option to acquire up to an 80-per-cent interest in the brownfield Illapel copper project in Chile and through its Mexican subsidiary Empresa Minera Acagold SA de CV, it owns a 100-per-cent interest in two drill-ready high-potential copper-gold volcanogenic massive sulphide (VMS) properties, Riqueza Marina and Zaachila, in Oaxaca, Mexico. The company emphasizes responsible exploration, community engagement and environmental stewardship to meet the rising global demand for copper sustainably.
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