VANCOUVER, BC, June 13,
2023 /CNW/ - Vortex Metals Inc. (TSXV: VMS) (FSE:
DM8) (OTC: VMSSF) ("Vortex" or the "Company") is pleased to provide
a comprehensive overview of the exploration work completed to date
at its Zaachila Copper project in
southern Oaxaca, Mexico. This
update comes in light of the recent commencement of surface
geological activities and successful completion of the
environmental field study conducted by Mexican environmental firm
Ambiental y Social Servicios Integrales (ASSI), further
highlighting the Company's progress.
Vortex Metals' Chief Executive Officer Vikas
Ranjan commented, "The exploration activities conducted
previously by the late David Jones,
uncovered remarkable prospects for the Zaachila project, featuring
exceptional exploration targets within a geological environment
similar to our Riqueza Marina project, located 30 km to the north.
As we complete our Environmental Baseline Study and continue
geological assessments, we are advancing towards the submission of
an Environmental Impact Assessment (EIA) to the Federal
Environmental Office, The Secretariat of Environment and Natural
Resources (SEMARNAT), therefore fulfilling the Mexican government's
requirements for proposed drill targets. We believe the EIA
will be completed and submitted within the next 3 to 4 months,
encompassing a refined definition of the drill targets at Zaachila.
Following its successful submission, Vortex will focus on obtaining
the drill program approval from the Mexican government."
The work summarized below provides background on a roughly
>5km copper-in-rock anomaly hosted by a package of sub-marine
volcanic breccia and debris deposits intercalated with 'exhalite'
beds or lenses. This package is located near the southern margin of
a roughly parallel trondjhemitic intrusive complex and contains
rocks with high contents of base metals and volatile elements (Sb,
As) which are viewed as irrefutable evidence of proximity to a
major hydrothermal discharge site. Coincidental gravity highs and
magnetic lows beneath the surface copper values support the
emerging target as an outstanding opportunity for Vortex (as
outlined in the Company's NI 43-101 report filed on Sedar).
Project Background
The Zaachila concession consists of 3,264 Hectares and is
bounded on the south by the Pacific Ocean and is about 40
kilometers (km) southwest of Salina
Cruz and 30 km southwest of Vortex's Riqueza Marina project
(Figure 1). Access to the project is excellent and is pierced by a
paved two-lane highway. The project is located in the municipality
of Santiago Astata where community
leaders have consistently been supportive of exploration work.
The project lies in the Zaachila 'agency' of the
municipality, which remains the principal source for workers since
early exploration activities.
Copper-gold mineralization contained within the Zaachila project
area has been interpreted to represent the oxidized portions of
volcanogenic massive sulfide deposits (VMS), a genetic class of
mineral deposits. VMS deposits are strata-bound accumulations of
sulfide minerals that precipitated at or near the sea floor in
spatial, temporal and genetic association with contemporaneous
mineralization (Franklin, et al, 2005). The Santa Marta VMS deposit
(Minaurum Gold Corp.), located in Eastern
Oaxaca and about 150 km east of the Riqueza Marina -
Zaachila concessions, shares many similarities to the VMS
occurrences observed in the Zaachila project area. Similar geologic
settings with probable VMS deposits in Cretaceous rocks have been
identified in Mexico at two major
districts: Campo Morado
(Guerrero) and San Nicolas (Zacatecas).
Project Geology
The geology of the Zaachila area, shown in Figure 2, consists of
the volcanic debris or breccia aprons and contained 'exhalites'
hosting or proximal to copper and gold mineralization. This
mineralized belt is located immediately south of a trondjhemitic
intrusive complex. The spatial association of the intrusive complex
with the distribution of known Copper occurrences suggests they may
be related in time and space. The contact of the intrusive complex
is typically veined/altered with ferruginous carbonate, similar in
appearance to the mineralized carbonate alteration along the base
of the volcanic/debris flow breccia. Although the mineralized zone
can be easily accessed with widespread exposures, the great
majority of the copper-gold zone is covered by native vegetation
and cultivated fields.
The majority of the copper mineralization identified to date
occurs within two stratigraphic horizons: 1) immediately below the
silica exhalite marker horizon within strongly sericitized and
foliated volcanic rocks (basalts and 'andesites'); and 2) within
the matrix of the basal breccia unit at the contact with underlying
exhalite and/or altered footwall volcanic rocks. The thick deposit
of silica exhalite marks a hiatus in volcanism (i.e. quiescence)
that abruptly terminated in breccia deposition, likely triggered by
some tectonic event. The consistent and persistent occurrence of
Copper mineralization within this stratigraphic sequence suggests
it is VMS-related.
Based upon detailed field observations, the majority of Copper
occurrences contain, in decreasing order of abundance, malachite,
neotocite, azurite, chalcopyrite, and bornite. All mineralization
is inferred to have been a sulfide and dominated by chalcopyrite;
bornite (Figure 3) is locally dominant in areas with reported
strong carbonate veining cutting footwall volcanic rocks, and these
may represent 'true' stringer zone veining. Additionally, primary
sulfide deposition is believed to have occurred in both sericitized
footwall volcanic rocks and as matrix within the volcanic/debris
flow breccias intimately associated with ferruginous carbonate
alteration. The distribution of these breccias and contained copper
mineralization mirrors the pronounced WNW-ESE elongate trend of the
intrusive complex.
Project Geochemistry
Sampling over the Zaachila concession has identified Copper
mineralization along a >5 km trend in specific stratigraphic
horizons as well as within/adjacent to the trondhjemite complex. A
total of 323 rock chips, 26 soil and 41 stream sediment samples
have been collected to date. Select copper-in-rock values are
presented above in Figure 2. Detailed litho-geochemical
studies, using a 4-acid digestion, on rock, mineralized and
unmineralized, were conducted on a large suite of samples across
the Zaachila area by Dr. James
Franklin (Franklin, 2019 - as outlined in the Company's NI
43-101 report filed on Sedar). In summary, the Zaachila area
appears to be similar in setting to those in the more primitive,
ocean back-arc systems, such as at Tambo Grande (Peru) and San
Nicolas (Mexico).
Franklin (2019), on the basis of this detailed analysis,
evaluated the Zaachila targets utilizing factor analyses to define
the primary target area (as outlined in the Company's NI 43-101
report filed on Sedar). This area, defined in Figure 2, contains
rocks with high contents of base metals and volatile elements (Sb,
As) which are viewed as irrefutable evidence of proximity to a
major hydrothermal discharge site. The roughly even distribution of
both Na-depleted and Na-enriched samples is typical of the zone
immediately adjacent to or just below a VMS system. The most
anomalous As and Sb samples are at the extreme west end of the
anomaly, or in the adjacent intrusion. All are associated with the
exhalite unit, indicative of accumulation in the cap to a VMS
system, as are the barite-enriched samples.
Project Geophysics
Geophysical studies have been conducted over portions of the
RQMZ project area which revealed a combination of favorable
lithologies, i.e., exhalates and gossans, associated with anomalous
copper and gold values. Both 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. The geophysical campaign lasted from November 19th to December 16th, 2018 and
consisted of 32.8 line-km of MAG and of 370 gravity stations over
35.4 line–km.
A combination of gravity and magnetics were employed over the
Zaachila block and collectively reveal a ~1.5 x 1 km gravity
anomaly centered adjacent to the most persistent and extensive
surface shows of Copper mineralization (Figure 4) and a pronounced
~3 km linear magnetic low centered directly beneath this extensive
surface Copper mineralization (Figure 5). The mag anomaly is likely
related to magnetite destruction in the presence of high
hydrothermal fluid flows. The gravity anomaly may be related to VMS
sulfide horizons and/or to the more mafic margins of the
trondhjemite complex.
Proposed Activities
Over the next few to several months, Vortex will complete a
trenching program providing geologic context to the historical
copper anomalies outlined above. Many of these samples have
originated in isolated or poorly exposed outcrops mantled by brush
and soils. The rock exposures generated by the trenching will
allow for detailed descriptions and sampling and hopefully
facilitate mapping of the mineralized zones along the 5km VMS
package. The result will be a clearer definition of the target
zones (drill targets) within the environmental framework currently
being documented in the baseline study.
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 Metals 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.
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SOURCE Vortex Metals