VANCOUVER, BC, Aug. 3, 2022 /CNW/ – Vortex Metals Inc. (TSX-V: VMS) (“Vortex” or the “Company”) is pleased to provide an overview on the discovery of their 100% owned volcanogenic massive sulfide projects, Riqueza Marina and Zaachila, located in southern Oaxaca, Mexico (Figure 1) and a corporate update.
Vortex Metals is the culmination of nearly two decades of exploration and analysis from renowned geologist David M. Jones. David unfortunately passed away last December but his work has left an indelible mark on the Company. He was integral to the formation of the geological model that helped to develop the famous Guerrero Gold Belt in Mexico, which has produced over 20-million-ounce of gold. David was part of the team that was instrumental in discovering 4 million ounces of gold at the Los Filos gold deposit in the Guerro Gold Belt while he was the Project Manager and Senior Geologist at Teck Resources Limited (TECK-A.TO)
David then focused on what he identified as an under explored Volcanogenic Massive Sulfide (VMS) belt in Oaxaca that now forms the basis for Vortex’s Riqueza Marina and Zaachila Projects. He guided exploration through geophysics, geologic mapping and geochemical sampling and identified multiple VMS drill targets.
Vikas Ranjan, Vortex’s CEO, Co-Founder and Director states, “Vortex is excited to introduce our new VMS projects within this emerging copper-gold VMS camp in southern Oaxaca. This opportunity has been brought forward by our dear friend, David Jones. Mineral discovery is a long-distance race and Vortex have received the baton from Mr. Jones. We are eager to continue the race to a discovery and further enhance David’s legacy as a mine finder”.
Mr. Ranjan added that senior geologist, Robert J. Johansing, a contemporary of David Jones, has been tasked with executing the exploration strategies at Riqueza Marina and Zaachila. As author of the Company’s recent NI 43 101 Report, Rob spent considerable time with David and on the properties. We feel fortunate that we can move forward with a geologist of Mr. Johansing’s repute.
The Property: The Riqueza Marina-Zaachila project (RQMZ) consists of four exploration concessions in two distinct blocks, Riqueza Marina and Zaachila (Figure 2), within an underexplored, and minimally understood, volcanogenic massive sulfide (VMS) district in southern Oaxaca, Mexico (Figure 1). The concessions cover a cumulative area totaling 15,308 Hectares within a geologic province covering about 375 square kilometers. Vortex is also pleased to announce that it has initiated field activities with the engagement of several of the hosting communities.
Discovery History: The VMS prospects which comprise the Riqueza Marina and Zaachila properties were first recognized by Mr. Jones over several years in the early 2000’s and led to the securing of several concessions. Prior to this time, there is no record of mineral exploration in the project area.
In 2011, exploration carried out by David Jones within the Zaachila and Riqueza Marina mineral concessions identified multiple target areas with anomalous geochemistry in favorable geologic settings, including the initial discovery of gossan inferred to be derived from the oxidation of massive sulfide mineralization.
From 2017 to 2019, a Joint Venture with Oz Minerals spent over US$2 million on an aggressive exploration program which consisted of geologic mapping, geochemical sampling, and geophysics. This work has led to the selection of the current drill targets and consisted of 847 rock samples, 766 soil samples (Niton XRF), 1124 gravity stations and 93 line-kms of magnetics over both the Riqueza Marina and Zaachila concessions.
Copper-gold mineralization within both the Riqueza Marina and Zaachila projects is associated with geologic processes operative in the Late Jurassic to Middle Cretaceous within a back-arc sequence of bi-modal volcanics and volcaniclastics deposited on the sea floor. Early exploration conducted by Dave Jones identified several copper and gold anomalies over a broad area but clearly associated with specific rocks, i.e. exhalite, rhyolite debris aprons or breccia. These associations prompted the identification of a geologic environment which incorporated these features. The Volcanogenic Massive Sulfide (VMS) model incorporates the geologic and geochemical features observed to date.
World Class Infrastructure: The Riqueza Marina and Zaachila projects are surrounded by rail, power and road infrastructure and has access to a broad array of resources. Two major population and economic centers, Tehuantepec and Salina Cruz, are located within 15 to 45 minutes, respectively, of the project area (Figure 2). Tehuantepec is both a city and municipality in the southeast of the Mexican state of Oaxaca. Salina Cruz is a major deep-water seaport on the Pacific coast of Oaxaca. It is the state’s third-largest city and is the municipal seat of the municipality of the same name. It is part of the Tehuantepec District in the west of the Istmo Region.
Latin America’s largest wind farm, the 8,000 MW Eurus Wind Farm, is proximal to both Vortex Projects. (Figure 3).
The Company is pleased to report that it’s community relations representative on the ground has been engaging with local communities to advance the permitting process. The management of the Company believes that the feedback is positive, and the Company is making good progress towards permitting.
On July 28, 2022, the Company issued employees, advisers, consultants, directors, and officers 4.35 million stock options at 20 cents per share that will vest quarterly over a period of one year.
Qualified Person / Quality Control and Quality Assurance
Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release.
About Vortex Mines Inc.
Vortex Metals Inc. is the parent company of Mexican subsidiary Empresa Minera Acagold, S.A. de C.V., which is the owner of a 100% interest in two drill-ready high-potential copper-gold volcanogenic massive sulfide (VMS) properties (Riqueza Marina and Zaachila) in the state of Oaxaca, and a third high-potential gold property (El Rescate) in the state of Puebla. The Oaxaca projects incorporate the most highly prospective areas of high-grade copper mineralized surface exposures (‘gossans’) and prominent gravity anomalies along an emerging copper-gold VMS belt that includes Minaurum Gold’s (TSXV:MGG) Santa Marta project.
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including permitting approvals, any private placement financings, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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