09:12 AM EDT, 04/09/2024 (MT Newswires) -- Vortex Energy Corp. ( VTECF ) said Tuesday that it secured a $115,500 grant from the government of Newfoundland and Labrador for its efforts to advance the Robinsons River Salt project.

Vortex said the grant is in recognition of prior exploration expenditures made on the project.

The company said it plans to drill a 1,000-meter deep core hole at the project in April. Drilling operations are expected to commence in the first two weeks of May.

The drill program will focus on confirming the depth of the salt structure, conducting in situ geophysical logs to acquire rock properties, and obtaining core samples for geological and geochemical analyses of both salt and non-salt rocks.

"We are thrilled to be advancing our exploration efforts at the project," CEO Paul Sparkes said. We are grateful for the support from the Government of Newfoundland and Labrador and are looking forward to mobilizing in the coming weeks."

The company's shares dropped 4.2% yesterday.