VANCOUVER, British Columbia, Feb. 07, 2024 (GLOBE NEWSWIRE) — Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) (“Vortex” or the “Company“), provides an update on drilling of the second approved core well at its Robinsons River Salt Project, located near Stephenville, Newfoundland & Labrador.
The Company commenced drilling on the second core well on January 16, 2024, which was drilled in the western gravity anomaly at the Robinsons River Salt Project. The well reached a depth of 275 metres without significant issues, with the overlying strata up to this depth comprised of unconsolidated sediments, siltstone, and mudstone. However, the Company was required to halt drilling because of a hydraulic pump failure which necessitated repairs. During the time drilling was halted, the open hole’s condition worsened as the soft sediments interacted with water in the hole. The drilling rods were twisted off while reaming and rehabilitating the unstable formation. Recovery efforts of the rods were unsuccessful. The hole was ultimately abandoned because of the obstruction caused by the broken rods, which rendered further drilling unfeasible. The hole will be sealed with cement. Vortex is assessing the feasibility of drilling a new hole at the same location.
Paul Sparkes, CEO and director of Vortex, commented, “While we encountered challenges during the drilling of hole two, overall, we are pleased with the data accumulated and the direction of the program. We are well funded for further exploration and are revamping our second phase with updated geological information.”
Qualified Person
Piotr Kukialka, P.Geo, a consultant to the Company and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical content of this press release.
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 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.
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. 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.
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