Vortex Metals Provides Overview on the Emerging Volcanogenic Massive Sulfide (VMS) Camp in Mexico and Corporate Update
Vortex Metals Provides Overview on the Emerging Volcanogenic Massive
Sulfide (VMS) Camp in Mexico and Corporate Update
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.
Figure 1. Location of the Riqueza Marina-Zaachila projects in southern Oaxaca along with the major VMS mines and projects in Mexico. (CNW Group/Vortex
Metals)
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.
Figure 2. Map of the Juchitan-Salina Cruz area showing the location of the Riqueza Marina (3) and Zaachila (1) concessions. (CNW Group/Vortex Metals)
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).
Figure 3. Latin America's Largest Wind Farm is Located in the Region. (CNW Group/Vortex Metals)
Corporate Update
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.
FORWARD-LOOKING STATEMENTS:
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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For further information:
For further information regarding this press release contact: Vikas Ranjan, Chief Executive Officer and Director, Email:
[email protected], Phone: 416-605-7024
CO: Vortex Metals
CNW 08:00e 03-AUG-22