Vortex Metals Secures Final Approval on the Option for the Illapel Copper Project
Illapel Copper Project Highlights:
- Three mineral leases totaling ~6,000 Ha
- ROFR on the currently operating Rio 27
Copper Mine with average grade of 1.39% cu for processed ore - Proximity to the El Espino copper project, with an estimated value of US
$380 million - North & South of Rio 27 Mine: Mineralization extending along strike from the Rio 27 mine
- Permitted for drilling - Epithermal Gold-Copper Targets: Mapping and drilling of epithermal veins in the concession's western portion
- Proximity to major infrastructure, paved roads, power grid and water
- Low elevation – 1,500m above sea level with year-round drilling conditions
Details of the Option Agreement:
Pursuant to the terms of the Option Agreement, the Company has an option to earn a 60% interest in the
If the First Option is exercised in full, the Optionors have agreed to grant an exclusive option to the Company to acquire an additional 20% interest in the entity that will be incorporated upon exercise of the First Option, following the terms set out in the Option Agreement.
All Common Shares issued pursuant to the Option Agreement will be subject to a contractual restriction on transfer from the date of issuance in accordance with the following schedule: (a) 25% within 6 months of the issue date; (b) 25% within 8 months of the issue date; (c) 25% within 10 months from the issue date; and (d) 25% within 12 months of the issue date.
Upon exercise of the First Option, the Optionors will be granted a 2.5% net smelter returns royalty on the
In connection with the Option Agreement, the Company will pay a finder's fee (the "Finder's Fee") to
Phase-1 Exploration – 2024 Plan
Vortex will now initiate a first-pass exploration program, which includes:
- Immediate testing of high-priority, drill-ready targets north and south of the Rio 27 mine;
- Detailed mapping, sampling, and drilling of targets linked to the epithermal veins in the western concession area;
- Initiation of mapping and sampling across promising structural formations and dykes, enriched with cross-cutting ocoite and copper oxides, identified throughout the project area.
This program aims to swiftly evaluate high-priority targets while expanding our regional geological exploration to discover new drilling sites.
The Company also announces the resignation of
The Company is pleased to announce that it has hired
Qualified Person: All scientific or technical information in this press release referred to is based upon information prepared by or under the supervision of, or has been approved by, Robert J. Johansing, Bsc Geology, MSc Economic Geology, QP MMSA, a Certified Professional Geologist who is a "Qualified Person" for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects.
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 several 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.sedarplus.ca. 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.
The Company cautions that mineralization on, or production from, neighbouring properties is no guarantee of the existence of similar mineralization or a guarantee of future production from the
Neither the
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