Vortex Metals Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

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 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 VMS belt that includes Minaurum Gold’s (TSXV:MGG) Santa Marta project.

In November 2023, Vortex signed a Definitive Agreement to acquire up to 80% ownership in the Illapel Copper Project, in Chile’s Choapa province. Chile is the world’s largest copper producer and the Illapel project is in a known mining area surrounded by multiple producers.

Copper

“By 2030, copper demand from the energy transition, is estimated to grow nearly 600% to 5.4 Million tonnes in the base case and 900% to 8.7 Million tonnes in the case of hyper adoption of green technologies.” – Goldman Sachs

“The energy transition, EV adoption, and electrification are forecasted to create a structural copper deficit from 2025 onwards.” – S&P Global

“The combination of surging demand and sticky supply has reinforced current deficit conditions and foreshadows large open-ended deficits from mid-decade. We now estimate a long-term supply gap of 8.2 Million tonnes by 2030, twice the size of the gap that triggered the bull market in copper in the early 2000s.” – Goldman Sachs

Projects in Hand

Illapel Copper Project, Chile

• The Illapel project is adjacent to the Rio 27 mine, which has processed approximately 400,000 tonnes of ore at an average grade of 1.39% copper.
• Proximity to El Espino: Receiving an estimated value of US $380 million with annual expected production of 26,000 Mt of fine copper and 13,000 oz of gold

Advanced brownfield Copper project in Choapa Province of Chile

• Proximity to major infrastructure, exploration sites are easily accessed by road
• 223 km North of the capital city of Santiago de Chile
• Access to paved roads, a power grid, and a water supply

Permitted for exploration, rock sample grades show 1.39% Cu

• Regulatory approvals in place for immediate project advancement
• Attractive copper, silver and gold grades enhancing economic viability

Vortex Metals will have a working interest on the remainder of the project with potential to expand the resource significantly

• Focus on exploration and discovery of a sizable and economical deposit

Right of first refusal (ROFR) on the Rio 27 Mine, with a current probable, indicated, and inferred resource of 6.2M tons source internal estimate (non 43-101 compliant)

• Promising outlook for increased reserves and production capacity

Phase-1 drill targets identified

• Free of environmental issues
• 5 km from Central Transmission Line SIC
• Infrastructure, water access (30 minutes from Pan-American highway)
• Easy access to Water
• Low elevation: 1,500 m above sea level
  “Working condition, all year round”

Volcanogenic Massive Sulfide (VMS) Projects (Riqueza Marina and Zaachila) in the state of Oaxaca, Mexico

• Volcanogenic massive sulphide ore deposit (VMS)
• Five high potential target areas have been identified on the basis of geology, geochemistry, and geophysics
• Analogous to large VMS deposits in Latin America, including Tambo Grande, San Nicholas, and Campo Morado.
• Three mineral leases totalling 12,041 hectares
• Access to infrastructure
• Targets Drill Ready (Drill Permitting Underway)

Riqueza Marina Project Target Areas

• Extensive outcrops and subcrops of high-grade mineralized (Cu-Au-Pb-Zn) gossan occur along a 3km strike length at priority West and East Gossan targets
• Multiple areas of high-grade (>0.5% Cu) surface mineralization
• Large Gravity Anomalies may represent buried massive sulfide horizons
• Substantial gravity high adjacent to a mineralized ‘Rhyolite Dome’

Zaachila Project Target Areas

• Rocks consist of Cretaceous meta-volcanic and sedimentary rocks
• The volcano-sedimentary complex is intruded by a large trondhjemite-diorite intrusion
• Surface copper mineralization occurs along a >5 km trend in stratigraphic horizons adjacent to trondhjemite complex
• The mineralized system is classified by renowned VMS expert Dr. Jim Franklin as ‘bimodal mafic’, similar to Noranda Camp (Canada) deposits, and large VMS deposits in Latin America, including Tambo Grande, San Nicholas, and Campo Morado.

2024 Catalysts

Illapel Project Drill-Ready Targets:

Vortex has identified the first-phase drilling targets on the fully permitted Illapel Project:

• North & South of Rio 27 Mine: Mineralization extending along strike from the Rio 27 mine.
• Epithermal Gold-Copper Targets: Mapping and drilling of epithermal veins in the concession’s western portion.

Advancing Zaachila & Riqueza Marina Projects:

Vortex will continue to engage with the local communities at Zaachila and Riqueza Marina. Vortex is confident that it will lead to a strong social license benefitting both the Communities and the Company for years to come as Vortex advances the exploration and potential discovery of an entirely new copper-gold Volcanogenic Massive Sulphide (VMS) belt in the state of Oaxaca, Mexico.

Management

Management, Directors and Advisor

Vikas Ranjan, Co-Founder, Chief Executive Officer & Director

Management professional with over 25 years’ experience in finance, capital markets, entrepreneurship, and investing.

Co-founder of Gravitas Group, launched public and private enterprises in capital markets and growth investing.

Michael Williams, Co-Founder, Chairman & Director

Senior executive with over 24 years in mining, skilled in structuring and marketing Toronto Stock Exchange-listed companies.

Executive Chairman of companies, including Underworld Resources, acquired for $138M by Kinross Gold Corp.

Established international financing network, raised substantial capital for global exploration and development projects.

Dr. John Larson, Director

Executive with 42 years of international experience in exploration, mining, and resource development.

Held leadership roles in major mining companies, including 16 years with BHP Billiton.

Built diverse portfolio of base and precious metals projects in multiple countries, serving on boards of junior explorers.

Roger He, Chief Financial Officer

Finance and accounting professional with over 10 years' experience in assurance, accounting, corporate finance, and capital markets.

Dr. Jim Franklin, Lead Technical Advisor

Inductee to Canadian Mining Hall of Fame

Distinguished geoscientist, pivotal in advancing Canada's mineral industry.

Developed exploration models for volcanogenic massive sulphide (VMS) deposits and researched "black smoker" systems.

Robert Johansing, Lead Geologist

Mining and exploration geologist with over 40 years of experience.

Led projects in Mexico, Central, and South America (notably El Dorado project in El Salvador).

Co-founded non-profit to create mining-related community enterprises, addressing poverty in marginalized areas.

News Update

On September 17, 2024, Vortex Metals Inc. has released results from the recent surface sampling program conducted at the Illapel copper project in Chile. The program, executed during the month of July, 2024, focused on evaluating mineralization across several key areas within the project concessions. Program highlights:

Dr. John Larson, director of Vortex Metals and former manager of Latin America exploration for BHP and BHP Billiton, led the fieldwork at Illapel. Dr. Larson and his team collected 13 surface samples, which were subsequently sent to ALS laboratories in Santiago for multielement analysis.

Preliminary results indicate significant copper mineralization, with eight out of the 13 samples revealing significant copper mineralization above 1.0 per cent copper. Notable findings include:

• Sample 1021: 0.62 gram per tonne gold and 1.33 per cent copper;
• Sample 1019: 75.2 grams per tonne silver and 4.31 per cent copper;
• Sample 1029: 32.6 grams per tonne silver, 0.21 gram per tonne gold and 5.85 per cent copper.

On September 10, 2024, Vortex Metals Inc. has commenced its 3,000-metre, phase 1 drilling and exploration program at the Illapel copper project, located in the Choapa province of Chile.

As previously announced, GeoSupply, a Chilean-based geology and diamond drilling service company, will undertake the drilling program under the supervision of Vortex Metals' geologists.

The phase 1 drilling program aims to evaluate and advance several high-priority targets within the project area, specifically: (1) the continuity of copper-silver mineralization to the north and south of the Rio 27 mine (sites 1, 2, 5 and 6); and (2) the Tata 1 1/6 and Rio 7 1/20 concessions (sites 3 and 4), where sampling of veins in outcrops returned significant values in copper and gold.

Vortex Metals' inaugural drill program will focus on high-priority targets identified during multiple field prospecting campaigns, including the most recent conducted in July, 2024. Dr. John Larson, a director of Vortex Metals and former manager of Latin America Exploration and Global Porphyry Exploration for BHP and BHP Billiton, led this latest fieldwork between July 4 and July 6, 2024.

The Illapel copper concessions surround the Rio 27 mine, a fully operational copper mine that has been in production since 2010. The mine has processed approximately 400,000 tonnes of high-grade ore, with an average grade of 1.39 per cent copper and approximately seven grams per tonne silver.

Vikas Ranjan, chief executive officer of Vortex Metals, commented on the significance of this drilling program: "The commencement of this drill program at Illapel marks a pivotal moment for Vortex Metals. Our team has worked diligently to identify these high-priority targets, and this initial phase of drilling is crucial in advancing our understanding of the project's potential. We are committed to delivering results that justify our investors' patience and believe that a significant discovery at Illapel could greatly enhance shareholder value."

On July 24, 2024, Vortex Metals Inc. has hired GeoSupply, a Chile-based geology and diamond drilling services company, for the commencement of its 3,000-metre, phase 1 drilling and exploration program at the Illapel copper project located in the Choapa province of Chile.

GeoSupply has drilling equipment with core recovery oriented to provide drilling services from surface or subway workings, without angle restriction and with lengths or depths up to 1,000 metres. GeoSupply has its own staff of qualified personnel to meet the operational needs of the field and a stock of accessories, spare parts and systems capable of solving the different types and conditions of the rocks to be drilled. It has worked with several mining and exploration companies in Chile and has received excellent recommendations from its past clients.

The Illapel copper concession surrounds the Rio 27 mine, a fully operational copper mine in production for over 10 years, which has processed approximately 400,000 tonnes of high-grade ore, with an average grade of 1.39 per cent copper and approximately seven gramssilverg.

The phase 1 drilling program aims to systematically evaluate and advance several high-priority targets within the project area, marking a pivotal step toward the company's objective to delineate a high-grade copper resource in one of the world's most prolific copper-producing regions.

"We are excited to find a suitable drilling services company for phase 1 drilling program at Illapel," said president and chief executive officer, Vikas Ranjan. "We were looking for a reliable drilling partner that could provide us the type of drilling equipment with most flexibility and fastest mobilization time, which Geosupply provides. We are looking forward to organizing and commencing phase 1 drill program in coming weeks. We look forward to sharing updates as we progress."

On June 27, 2024, Vortex Metals Inc. has appointed Banco de Chile director and distinguished businessman Paul Furst to its board of directors. Mr. Furst is also a principal in Windows Minerals, Vortex Metals' optionor on the Chilean Illapel copper project.

"We are delighted to welcome Paul to the board of Vortex Metals. This appointment marks a significant event for the company, as Paul's impressive credentials and extensive experience in the commercial real estate, banking and mining sectors will bring valuable insights and leadership to Vortex Metals," commented, Vikas Ranjan, co-founder, president and chief executive officer of Vortex Metals.

On May 22, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to an arm's-length mineral property option agreement between Vortex Metals Inc. and two arm's-length parties. Pursuant to the agreement, the company will have an option to acquire an 80-per-cent interest in the Illapel copper project, consisting of certain mineral claims located in Illapel, Choapa province, Chile. On exercise of the option, the property will be held in a joint venture (JV) company between the company and the optionors.

Pursuant to the terms of the agreement, the company may earn up to an initial 60-per-cent interest in the property by: (i) issuing to the optionors an aggregate of 23 million common shares over a six-year period; (ii) paying an aggregate of $1.1-million in cash over a four-year period; (iii) incurring an aggregate of $10-million in exploration expenditures on the property over a five-year period; and (iv) completing a prefeasibility study on the property by the sixth anniversary of the agreement, which can be extended for another year provided the company pays an additional $200,000 to the optionors by the fifth anniversary of the agreement. In addition, and as part of the initial option, starting six months from the closing date of the agreement, the company is required to pay an optionor $4,500 in monthly contribution (subject to a maximum of up to $226,000) to settle an existing debt.

On May 21, 2024, Vortex Metals Inc., further to its news releases dated June 27, 2023, Nov. 20, 2023, and May 1, 2024, has received final approval from the TSX Venture Exchange for its proposed acquisition of up to an 80-per-cent interest in the Illapel copper project in Chile, pursuant to an option agreement dated Nov. 17, 2023, with Windows Minerals SCM and SLM Rio 27 de Farellon Sanchez (together with Windows, the optionors).

Vikas Ranjan, chief executive officer and a co-founder of Vortex Metals, stated: "We are thrilled to receive final approval for the highly prospective Illapel copper project. This marks a crucial milestone in the progress of our company. The Illapel project, located adjacent to and extending from an existing mining operation in a well-established mining region, offers multiple high-potential, drill-ready targets that the company plans to explore immediately. With copper prices continuing to rally, Vortex Metals is eager to commence the first phase of drilling and deliver shareholder value."

Illapel copper project highlights:

• Three mineral leases totalling approximately 6,000 hectares;
• ROFR (right of first refusal) on the currently operating Rio 27 copper mine with average grade of 1.39 per cent copper (Cu) for processed ore;
• Proximity to the El Espino copper project, with an estimated value of $380-million (U.S.);
• North and 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 -- 1,500 metres above sea level with year-round drilling conditions.

On May 15, 2024, Further to the TSX Venture Exchange bulletin dated May 7, 2024, the exchange has been advised of an additional subscription of 360,000 units ($32,400) that were received as part of the non-brokered private placement. In accordance, the following details should have read as follows.

Number of shares: 19,729,411 common shares

Warrants: 9,864,706 share purchase warrants to purchase 9,864,706 shares

On May 14, 2024, Vortex Metals Inc. is making a correction regarding the TSX Venture Exchange bulletin dated May 7, 2024, regarding the previously closed private placement on April 25, 2024.

The company has informed the exchange that it inadvertently excluded 360,000 units subscribed by an investor. These units have now been issued and included in the final tally.

As a result, the updated details of the private placement are as follows: 19,729,411 common shares and 9,864,706 share purchase warrants, with the total amount raised in the private placement being $1,775,646.99.

On May 07, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on April 11, 2024, and April 19, 2024.

Number of shares: 19,369,411 common shares

Purchase price: nine cents per share

Warrants: 9,684,705 share purchase warrants to purchase 9,684,705 shares

Warrant exercise price: 13.5 cents for a 24-month period

Number of placees: 54 placees

Total existing insider involvement: 1,570,300 (four insiders)

Total pro group involvement: 800,000 (one pro group)

May 1, 2024, Vortex Metals receives conditional approval from the TSX Venture Exchange for its proposed acquisition of up to an 80% interest in the Illapel Copper Project in Chile.

https://vortexmetals.ca/vortex-metals-secures-conditional-approval-for-illapel-copper-project/

April 25, 2024, Vortex Metals Announces Closing of $1.74 Million Upsized Private Placement

https://vortexmetals.ca/vortex-metals-announces-closing-of-upsized-private-placement/

April 19, 2024, Vortex Metals Announces Upsized $1.75 Million Non Brokered Private Placement

https://vortexmetals.ca/vortex-metal-announces-upsized-1-75-million-non-brokered-private-placement/

April 11, 2024, Vortex Metals Announces $1.45 Million Non Brokered Private Placement

https://vortexmetals.ca/vortex-metal-announces-1-45-million-non-brokered-private-placement/

March 12, 2024, Vortex Metals Secures Community Approval for VMS Copper-Gold Zaachila Project

https://vortexmetals.ca/vortex-metals-secures-community-approval-for-vms-copper-gold-zaachila-project/

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