Vortex Energy Collaborates with NRCan For Underground Hydrogen Storage Research and Salt Core Storage
Rhea-AI Summary
Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) has signed a hydrogen storage research and salt core storage agreement with National Research Canada (NRCan). The agreement involves storing approximately 397 meters of salt core from two drill holes at NRCan's Geological Survey of Canada facility in Calgary for two years. During this period, NRCan will conduct research on the salt core to support its project on underground hydrogen storage in salt formations across Canada.
The University of Alberta will also have access to selected salt core samples for mineralogical analysis and experiments. This collaboration is part of a project that received $1.2 million in funding from Alberta Innovates. Vortex's CEO, Paul Sparkes, expressed hope that this collaboration will enhance understanding of the potential for the company's Robinsons River Salt Project.
Positive
- Collaboration with National Research Canada for hydrogen storage research
- Access to NRCan's facilities for salt core storage and analysis
- Partnership with University of Alberta for additional research
- $1.2 million in funding received from Alberta Innovates for the project
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, VTECF declined 4.39%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NRCan to perform research and undertake testing involving Vortex’s salt core from Hole 1 and Hole 3 while core is stored for 2 years
VANCOUVER, British Columbia, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) ("Vortex” or the "Company") is pleased to announce the Company has executed a hydrogen storage research and salt core storage agreement with National Research Canada (“NRCan”). Approximately 118 meters of salt core from the VTX-West-23-1 core hole and 279 meters of salt core from the VTX-24-3 core hole (collectively, the “Salt Core”) will be stored at the NRCan Geological Survey of Canada facility, located in Calgary, Alberta, for a period of two years. Vortex has informed the Energy Regulator of Newfoundland and Labrador about the temporary core storage and ongoing research being conducted by NRCan and received approval for these storage and research activities.
While storing the Salt Core, NRCan will perform research and undertake testing involving the Salt Core to support its project, titled “Geoscience in Support CSA Z341 Updates for Underground Hydrogen Storage,” which involves a comprehensive Canada-wide assessment of halite salt formations with the aim of enabling the safe and long-term storage and withdrawal of hydrogen gas from caverns developed from these salt formations.
During the storage period, the University of Alberta (“U of A”) will have access to selected Salt Core to conduct mineralogical analysis, proof of concept experiments and simulation studies on the selected Salt Core. On April 29, 2024, Vortex’s collaboration with the U of A received Alberta Innovates Funding totaling
Paul Sparkes, Chief Executive Officer of Vortex commented, “We are pleased to collaborate with NRCan and the U of A on research into hydrogen storage in salt caverns. We hope that this collaboration will help further their research and help us better understand the potential for our Robinsons River Salt Project.”
Figure 1: Core Photograph of Drill Hole VTX-24-3
Figure 2: Core Photograph of Drill Hole VTX-24-3
Qualified Person
The technical content of this news release has been reviewed and approved by Piotr Kulkialka, P.Geo, who is a consultant to the Company and is a “Qualified Person” as defined by National Instrument 43-101.
About Vortex Energy Corp.
Vortex Energy Corp. is an exploration stage company engaged principally in the acquisition, exploration, and development of mineral properties in North America. The Company is currently advancing its Robinsons River Salt Project comprised of a total of 942 claims covering 23,500 hectares located approximately 35 linear kms south of the town of Stephenville in the Province of Newfoundland & Labrador. The Robinsons River Salt Project is prospective for both salt and hydrogen salt cavern storage. Vortex also holds the Fire Eye Project, which is located in the Wollaston Domain of northern Saskatchewan, Canada.
On Behalf of the Board of Directors
Paul Sparkes
Chief Executive Officer, Director
+1 (778) 819-0164
info@vortexenergycorp.com
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, NRCan and the U of A’s research and testing activities utilizing the Salt Core, including that these activities will occur and the aim of these activities.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, that NRCAN and the U of A will conduct the research and testing activities utilizing the Salt Core in the manner currently anticipated and that these activities will achieve the desired outcomes.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that testing and research involving the Salt Core does not proceed in the manner currently anticipated by the Company, or at all; the risk that testing and research involving the Salt Core may be unsuccessful or fail to achieve the results anticipated by the Company, NRCan or the U of A. The forward-looking information contained in this release is made as of the date hereof, and the Company not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f950352-32fb-4522-8fba-19fdc00c4de9
https://www.globenewswire.com/NewsRoom/AttachmentNg/ce3e2fba-60c8-4247-a829-cc4d48267d17
FAQ
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