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Vortex Metals Inc
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Vortex Metals to begin phase 2 exploration at Illapel

2026-03-03 11:39 ET - News Release

Mr. Vikas Ranjan reports

VORTEX METALS ANNOUNCES THE INITIATION OF PHASE II EXPLORATION AND AIRBORNE GEOPHYSICS AT ITS ILLAPEL COPPER-SILVER PROJECT IN CHILE

Vortex Metals Inc. will begin phase 2 of its exploration at the Illapel project, Chile. Phase 2 builds on the first phase of exploration drilling that successfully located low-resistivity sulphide mineralization extending northward from the Rio 27 copper-silver mine along the favourable structural corridor.

"The phase I drill program confirmed our geological model. The phase 2 program will expand on the past program by using the knowledge obtained on the structural controls and will be combined with the geophysical signatures obtained from the upcoming geophysics program. We will then design a drill program around the results. Having numerous copper surface expressions, multiple geophysical targets, indications of an IOCG target and gold-bearing vein systems, we believe Illapel has significant discovery potential," stated, Michael Williams, co-founder and interim chief executive officer.

Phase 2 represents a significant expansion of exploratory work, and will cover the entire 180 square kilometres of the concession area, including multiple unexplored surface expressions of copper-silver mineralization. The airborne survey will fly approximately 2,000 line kilometres with Magnetics, VLF-EM and radiometrics, and will provide direct information on favourable structures, and the possible associated mineralization, thus generating new drill targets. Discussions are under way to finalize the contract with a local geophysical contractor.

Project overview

The Illapel copper-gold project is located in the commune of Illapel, Choapa province of the Fourth Region of Chile and is 250 km north of Santiago. The nearest town is the mining centre of Illapel located 35 kilometres away. The project has excellent infrastructure connecting paved roads, electricity and mild climate favourable to year-round exploration. Illapel is fully permitted for exploration and drilling may commence following the identification of targets.

The region surrounding Illapel has seen extensive mining activity, both past and present. Of particular note, the El Espino copper-gold (IOCG) project (measured and indicated geologic resource of 145 MT (million tonnes) at 0.55 per cent copper and 0.22 gram per tonne gold; engineering feasibility complete; awaiting environmental permits) is located approximately 14 kilometres to the north and is presently planned for development by Pucobre. Several small gold and copper mines also operate in the immediate area.

Rio 27 mine

The Illapel project is adjacent to an existing mining operation owned by Ventana Group and known as the Rio 27 mine. The Rio 27 mine has been in production since 2010 with its near-site processing plant. Ventana has advised that to date, approximately 400,000 tonnes of mineralized material with an average grade of 1.39 per cent copper has been processed at site. The LOI (letter of intent) provides a right of first refusal (ROFR) on the Rio 27 mine and processing facility.

Drilling highlights -- phase 1 drilling

Initial drilling at Illapel yielded encouraging results, providing strong geological evidence of a mineralized system that warrants further investigation. To date, only three fully completed holes (DVM-02, 03 and 08) have tested the north-northeast trend of high-grade, manto-style copper-silver mineralization extending from the historic Rio 27 mine. All holes intersected hydrothermal alteration and sulphide mineralization-including disseminated pyrite, chalcopyrite, chalcocite and bornite-indicating the presence of a potentially extensive mineralized structure.

Hole DVM-08, in particular, returned compelling results with high-grade mineralization in an intercept one metre wide, that may represent the margin of a larger manto-style lens. This interpretation is supported by a downhole geophysical survey, which revealed a broad zone of low resistivity coincident with the sulphide-bearing interval -- and consistent with off-hole extensions. Geophysics contractor Geodatos has now identified six additional conductive targets near DVM-08, providing encouragement for follow-up drilling.

In addition to the manto-style copper system, the company also observed iron-oxide-copper-gold (IOCG) mineralization in multiple holes, including DVM-08. This mineralization-characterized by iron oxides and disseminated sulphides-occurs within a sequence of volcanic and sedimentary rocks, similar to the setting of the El Espino deposit (150 Mt at 0.55 per cent Cu, 0.22 g/t Au), located just 13 km to the west-northwest.

Discussion of phase 2 exploration

Previous work at the Illapel project has confirmed the importance of generally north-south-trending structures, and cross-cutting structures with ocoite dikes, in localizing copper-silver mineralization. Mineralization encountered in drill holes, and at Rio 27 mine, and forms large halos of sulphide-bearing rock. Based on the down-hole geophysical survey, these halos have been proven to form zones of low-resistivity mineralization that respond to EM.

With this improved knowledge of structural control and the geophysical response, exploration may now expand to cover the entire concession area where numerous localities of copper-silver mineralization have been identified along structures. It is anticipated that the airborne magnetic, VLF-EM and radiometric survey will identify additional targets for follow-up by IP geophysical survey and/or drilling.

Qualified person/quality assurance and quality control (QA/QC)

Juan Carlos Fernandez, PGeo, is a qualified person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical content of this press release.

About Vortex Metals Inc.

Vortex Metals is a copper-gold focused exploration and development company with a diversified portfolio of exploration projects in Chile and Mexico. Vortex holds an option to acquire up to 80-per-cent interest in the brownfield Illapel copper project in Chile and through its Mexican subsidiary Empresa Minera Acagold S.A. de C.V., it owns 100-per-cent interest in two drill-ready high-potential copper-gold volcanogenic massive sulphide (VMS) properties, Riqueza Marina and Zaachila in Oaxaca, Mexico. The company emphasizes responsible exploration, community engagement and environmental stewardship to meet the rising global demand for copper sustainably.

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