Vortex Metals sets sights on 80% stake in Illapel Copper Project in Chile
Vortex Metals has announced its intent to acquire up to an 80% interest in the Illapel Copper Project in two stages, under a non-binding Letter of Intent (LOI) with SCM Ventana Minerals Group, a mining company based in Santiago, Chile.
The two parties have agreed to a 90-day exclusivity period to work out the details of the definitive agreement.
The Illapel Copper Gold project, situated in the Fourth Region of Chile, is ideally located for mining with excellent infrastructure, mild climate facilitating year-round exploration, and a nearby mining centre. The project is fully permitted for exploration, and drilling could potentially start immediately after the agreement is finalized.
Vortex Metals to acquire up to 80% stake in Illapel Copper Project. Map courtesy of CNW Group/Vortex Metals.
Mining activity in the Illapel region is extensive, with both past and present operations noted. The nearby El Espino copper-gold Project, set for development by Pucobre, is a notable landmark. Other small gold and copper mines also operate in the immediate area.
The Illapel Copper Project contains stratabound mineralization of copper and silver, hosted in Jurassic and Lower Cretaceous continental sedimentary and volcaniclastic rocks. Mineralization in the Río 27 Mine is cupro-argentiferous with primary chalcocite and bornite hosted in mantos, veins, and lesser breccias.
Michael Williams — Vortex Metals Chairman and Founder said: “I believe that the Illapel Project combined with our two Mexican copper-gold assets provides Vortex stakeholders with a rare opportunity. Given the geological settings, all three projects possess the potential to be transformative.”