VANCOUVER, BC, Oct. 5, 2022
/CNW/ - Vortex Metals Inc. (TSXV: VMS) ("Vortex" or the
"Company") is pleased to provide an overview of exploration work
completed to date at their Riqueza Marina Volcanogenic Massive
Sulfide (VMS) project in southern Oaxaca.
The Riqueza Marina project consists of 12,041hectares located in
southern Oaxaca about 15 km from a
deep-water port. The concessions are also close to paved roads and
power. Vortex's Zaachila
project is located 30 kilometers to the southwest.
Previous work was conducted by the Vortex co-founder, the late
David M. Jones and his field crew
over the past 10 years and consisted of mapping, geochemical
sampling and geophysics which have identified highly prospective
VMS targets at Riqueza Marina. The Company believes that the
technical team has made several key geological discoveries in this
under explored VMS Belt that have the potential to become a
significant VMS Camp.
At the Rhyolite Dome target (Figure 1), Vortex completed a
gravity and magnetic survey that produced an extensive geophysical
signature adjacent to a rhyolitic dome that the Company identified
by geologic mapping. Rhyolite Dome is a priority drill target given
the scale and strength of the geophysical anomaly and coincident
geochemical expression.
Geochemical surface sampling has also identified extensive
exposures of oxidized copper-gold mineralization that can be
interpreted as potential extensions of sub-surface mineralization.
Within the West and East Gossan areas (Figure 1), 12 rock samples
contained greater than 1% copper (up to 20.2% Cu) and an additional
34 samples contain greater than 1,000 ppm copper. Additionally,
litho-geochemical studies conducted by renowned VMS expert and
Vortex Technical Advisor, Dr. James
Franklin, have confirmed a chemical environment consistent
with a potential VMS camp. The employment of geophysics over
several of these prospects corroborates these findings with both
gravity and magnetic data. Vortex intends to initiate additional
surface studies to follow up on previous work with the goal of
drilling these high priority targets once the drill permits are
secured.
Vikas Ranjan, Vortex's CEO,
Co-Founder and Director states, "The previous exploration conducted
to date by late David Jones provides
Vortex with multiple outstanding targets that have been identified.
Given the size of the anomalies to date and grades we are seeing at
surface we feel Riqueza Marina presents a unique opportunity".
Targets
Exploration to date within the Riqueza Marina project area has
identified five moderate- to high-potential prospects based on
geology, geochemistry (Figure 1) and geophysics (Figure 2). The
current rock database consists of 748 samples which covers much of
the Riqueza Marina concession block. Three of these five target
areas are briefly described below. Further detailed mapping and
rock sampling will be completed over the target areas that have not
seen previous work. Due to the tropical climate and laterite
development, trenching will be an important tool to better define
the geology and geochemistry of these copper-bearing horizons or
'gossans'.
Rhyolite Dome Area
Several kilometers to the east of the East Gossan zone, the
'Rhyolite Dome' area occurs as an isolated hill surrounded by flat
lowlands (Figure 1).
Areas of 'felsic' (quartz-eye rhyolite) volcanics, both
widespread float and local outcrops, are widely altered including
variable silicification and quartz veining. These rocks are
believed to be intimately related to the hydrothermal/mineralizing
system and are an important component in the VMS model.
Additionally, the coincident strong gravity and magnetic anomalies
observed adjacent to the 'Rhyolite Dome' prospect supports this
relation (Figure 2).
The West and East Gossan
Zones (Figure 1)
Extensive sub-crops and/or outcrops of Cu-Au-bearing oxidized
sulfides or 'gossan' occur along a 3km strike-length at the West
and East Gossan targets (Figure 1). The gossans all consist of
compact hematite-limonite-(goethite) without definitive box works,
e.g. earthy and massive, but locally reveal a laminar structure or
a cylindrical appearance suggestive of a sulfide vent or 'smoker'
structure. Several sub-crops near the gossans are thin
laminar sulfide horizons that are both inter-bedded with the
sediments and cross-cutting them. Though the area between the
West and East Gossan targets is covered by Quaternary
alluvial/colluvial fill, it is likely that both 'gossans' are
contained within the same geologic horizon.
Figure 1 reveals that all samples containing greater than
1,000 ppm Cu (n = 46) are within the East and West Gossan prospects
with values up to 20.2% Cu. The gossan zones reveal moderate to
very strong mineralization and likely reflect an assemblage
composed of copper > lead + zinc sulfides; relict chalcopyrite
has been observed. Less-well mineralized gossans extend several
kilometers to the north and south and are typically associated with
strong manganese oxides which appear to overprint pre-existing
sulfides and likely represents a 'distal' pyrite-dominated sulfide
sequence.
Geophysical Studies
Geophysical studies have been conducted over portions of the
Riqueza Marina project area where a combination of favorable
lithologies, i.e. exhalites and gossans, associated with anomalous
copper and gold values, were observed. Ground gravity and magnetics
were utilized considering that hydrothermal alteration associated
with the VMS process destroys magnetite, resulting in a magnetic
low, and massive sulfide deposition results in a gravity high. The
combination of these two methods is widely utilized in VMS
exploration.
Within the Riqueza Marina concessions, a gravity survey was
conducted over the Gossan zone and the 'Rhyolite Dome' complex to
the east (Figure 2). The later site produced a significant gravity
high and magnetic low centered under valley fill adjacent to a
mineralized 'Rhyolite Dome' (Figure 3). The scale and amplitude of
the Rhyolite Dome anomaly is similar in size to the San Nicolas
anomaly that was key in Teck Resources's (TSX: TECK-A.TO) discovery
at the San Nicolas Deposit, Zacatecas VMS deposit.
The gravity anomaly at the Gossan area is more subtle but
corresponds to the currently defined distribution of oxidized
sulfides or 'gossan' (Figure 1) including spectacular 'silica
exhalite' and 'proto-gossans' including preserved 'black smoker'
blocks (Figure 4). The stratigraphy here is not well
understood but the gravity may represent multiple mineralized
horizons. This gravity high projects to southwest ~1 km under
valley fill and towards the West Gossan area.
Qualified Person / Quality Control
and Quality Assurance
Robert Johansing, M.Sc. Econ.
Geol., P. Geo., 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.
SOURCE Vortex Metals