Vortex Metals signed a definitive agreement to acquire 80% interest in Illapel Copper Project.
Vortex Metals Inc. (TSXV:VMS) has signed a definitive agreement for an option to acquire up to an 80% interest in the Illapel Copper Project, Chile.
The agreement with “Windows Minerals SCM and SLM Rio 27 De Farellon Sánchez”, follows the letter of Intent that was entered into on June 27, 2023, with SCM Ventana Minerals Group, a Santiago, Chile based mining Company,
The Illapel Copper Gold project, located in the Commune of Illapel, Choapa Province, is 250 km north of Santiago and about 25 km from Illapel, the closest town.
Vikas Ranjan, CEO and Co-Founder, 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.”
Vortex is in the process of designing a systematic program of geology and drill-testing, and once all regulatory approvals, including the approval from the TSX Venture Exchange are obtained, Vortex plans to rapidly test high-priority, drill-ready targets while concurrently advancing the regional geologic work to generate additional targets for drilling.
The region surrounding Illapel has seen extensive mining activity, both past and present.
Of particular note, the El Espino copper-gold Project, approximately 14km to the north, has completed its Engineering feasibility and is awaiting final permits, with development presently planned by Pucobre.
Several small gold and copper mines also operate in the immediate area.
The Option also includes parts of Rio 27 Concessions that host the Rio 27 Mine, an existing mining operation owned by SLM Rio 27 De Farellon Sánchez, along with a right of first refusal on the Rio 27 Mine and processing facility.
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.
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.
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.
To exercise its option, Vortex has a number of scheduled obligations including payments of $1,100,000, issuance of 23 million shares and incur $10 million in exploration expenditures, and the completion of a Pre-Feasibility Study.
Michael Williams, Chairman and Co-Founder, added: “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.”
Vortex Metals, through its Mexican subsidiary, is the owner of a 100% interest in two drill-ready high-potential copper-gold volcanogenic massive sulfide 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 and prominent gravity anomalies along an emerging copper-gold VMS belt that includes Minaurum Gold’s Santa Marta project.
