Canada-based exploration stage company Vortex Energy has concluded the acquisition of a 100% stake in Blue Ocean Salt Corp. (BOSC).
According to the deal, which was announced in March 2023, Vortex has acquired 100% of the issued and outstanding share capital of BOSC by issuing an aggregate of 20,600,004 Vortex common shares in the capital.
BOSC owns a 100% stake in the Robinsons River Salt Property in Bay St George, south-western Newfoundland.
Situated near a major Atlantic Ocean port in Newfoundland, the property comprises four contiguous mineral licences. It includes 687 claims and covers an area of 17,139ha.
Vortex CEO Paul Sparkes said: “We are very pleased to close this transaction and be part of the thriving mining exploration industry and community in Newfoundland and Labrador. We look forward to expanding on our future plans in the province at a later date.”
Vortex Energy owns the Fire Eye Uranium Project in the Wollaston Domain of northern Saskatchewan, Canada.
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The Fire Eye property includes one unsurveyed mineral disposition MC00015792 covering a total area of 4,496.66ha.
During the 1971, 1977 and 1978 exploration programmes at the property, anomalous uranium was identified during airborne and ground EM surveys, gravity surveys, geological mapping, diamond drilling and scintillometer surveys.
In March 2022, exploration work was carried out on the property that included a high-resolution helicopter-borne magnetic survey.
According to the data interpretation based on the survey, which covered 1,039 line kilometres over a single block, the area is divided into three major magnetic regions that are distinguished based on the strength of magnetic responses.
Vortex plans to continue to assess other energy metal properties.