Vortex Pipes Limited has entered into option agreements to acquire up to 100% of the Snelgrove DSO iron ore project located in Newfoundland Labrador, Canada, from TSX listed Cap Ex Iron Ore Limited and Preston Mineral Resources Limited.

 

The Project, which consists of 593 continuous claims covering a total area of 148 square kilometers, adjacent to mineral claims and hematite deposits owned by Mamba Minerals Limited. The hematite deposits include the recently discovered CLC deposit the Blaire deposit and the RW deposit.

 

Recent drilling, along with geological and geophysical surveys reported hematite mineralization at Mamba Minerals’ CLC deposit to be 2,000 meters long, at least 125 meters wide and at least 235 meters deep. The discovery drill hole intersected 303 meters of hematite from a depth of 10 meters. The CLC hematite deposit continues at depth, is open to the north and is prospective to trend southerly.

 

The Blaire hematite deposit is located approximately 500m north of CLC and adjoins the Project boundary. The RW deposit is located approximately 2,500 meters northeast of CLC. It also adjoins the Project boundary. These deposits form part of the reported hematite targets areas, measuring 7 kilometers strike by 250 meters width. Mamba Minerals utilized data from a 200 meter spaced Falcon Gravity survey, flown in 2010, to identify the hematite mineralization it has since successfully drilled at its adjoining Snelgrove Lake Project.

 

Due to the success of the 2010 survey, Mamba Minerals has agreed to commission a joint low level, high resolution airborne Falcon Gravity and Magnetometer survey, conducted by Fugro Airborne Surveys. This survey will consist of approximately 754 line kilometers at 100 meter spacing of which 435 line kilometers is directly over the project area under option by Vortex.

 

Mr James Robinson director of Vortex said that “The option agreements represented a measured yet exciting opportunity to gain exposure to a globally significant iron ore exploration and production region. We see this as an attractive entry point for Vortex shareholders to potentially secure a foothold in a highly prospective iron ore province alongside some of the world’s largest and most respected iron and steel companies. In addition, the export infrastructure that exists to support iron ore producers in the region makes this a particularly enticing opportunity.”

 

(Source :Strategic Research Institute)