The Illapel Copper Gold project is located in the Commune of Illapel, Choapa Province of the Fourth Region of Chile and is 250 km north of Santiago
Vortex Metals to acquire up to an 80% Interest in the Illapel Copper Project. (Credit: Kefentse Molotsane on Unsplash)
Vortex Metals Inc. (TSXV: VMS) (FSE: DM8) (OTCQB: VMSSF) (“Vortex” or the “Company”) is pleased to announce that it has signed the definitive agreement with “Windows Minerals SCM and SLM Rio 27 De Farellon Sánchez” (Jointly the optionors) for an option to acquire up to an 80% Interest in the Illapel Copper Project. This follows the letter of Intent (LOI) that was entered into on June 27, 2023, with SCM Ventana Minerals Group, a Santiago, Chile based mining Company, as referenced by the press release issued on June 27th
The Illapel Copper Gold project is located in the Commune of Illapel, Choapa Province of the Fourth Region of Chile and is 250 km north of Santiago. The nearest town is the mining centre of Illapel located 25 kilometres away. Drilling may potentially commence after all regulatory approvals, including the approval from Toronto Venture Stock Exchange (TSXV) have been received.
The region surrounding Illapel has seen extensive mining activity, both past and present. Of particular note, the El Espino copper-gold (IOCG) Project (Engineering feasibility complete; awaiting final permits. Source: www.pucobre.cl) is located approximately 14km to the north, and is presently planned for development by Pucobre. Several small gold and copper mines also operate in the immediate área.
Exploration Overview
Stratabound copper and silver mineralization at the Rio 27 mine is associated with NNE-trending structures and felsic dykes where they are intersected by WNW-trending structures and ocoite (andesite porphyry) dykes. Mineralized structures are hosted within a variable sequence of volcaniclastic rocks, and a vertical control is also present, with certain stratigraphic units being more favorable to manto-style mineralization. The favorable geology extends immediately north and south from the mineralization at Rio 27, and has also been identified in outcrop at multiple locations throughout the concession area with associated copper oxides.
In addition to the copper-silver mineralization, Vortex has identified several epithermal veins in the western portion of the project area that are similar geologically to gold-copper mineralization in the Farellon Sanchez district immediately to the west.
Vikas Ranjan, Chief Executive Officer and a Co-Founder of Vortex Metals, stated “we are very excited to conclude the Definitive Agreement and begin exploration work. Illapel is a drill-ready project that extends from, an existing copper mine. Opportunities like this are extremely rare and we look forward to drilling.”
The Optionors are the beneficial and legal owners of an undivided one hundred percent (100%) interest in the Illapel Property that includes portions of Rio 27 Concessions that also host the Rio 27 Mine.
Optionors have agreed to grant an exclusive option to Vortex to acquire a sixty percent (60%) interest in, and to, the Property (the “First Option”); and If the First Option is exercised in full, the Optionors have agreed to grant an exclusive option to Vortex to acquire a further twenty percent (20%) interest, for a total of 80% in the entity that will be incorporated upon exercise of the First Option subject to the terms set forth herein (the “Second Option”. Such terms are described later in this press release under the heading Terms and Conditions of the Illapel Copper Deal.
The Option will also include parts of Rio 27 Concessions that host the Rio 27 Mine, an existing mining operation owned by SLM Rio 27 De Farellon Sánchez . The Rio 27 mine has been in production since 2010 with its near-site processing plant. Farellon Sánchez has advised that to date, approximately 400,000 tonnes of mineralized material with an average grade of 1.39% copper has been processed at site. The option agreement provides a right of first refusal (ROFR) on the Rio 27 Mine and processing facility.
Co-founder and Executive Chairman, Michael Williams commented that “with Illapel property option now in our property stable alongside our two Mexican projects Riqueza Marina and Zaachila, we believe that we provide our shareholders with three excellent opportunities to potentially make a discovery that could dramatically impact Vortex Metal.”
Source: Company Press Release