Vortex Energy Group (OTCMKTS:VTECF) Stock Continues to Trend Lower: But Why?
As another trading week begins, investors are going to be intent on looking into stocks that could be in action today, and one of the best ways to do this is by looking into stocks that hit the news last Friday. There were a number of stocks that came into focus this past Friday, and one of those was Vortex Energy Group (OTCMKTS:VTECF).
The company announced on October 20 that it had chosen Major Drilling Group International Inc. as its drilling contractor for the drilling program at Robinson River Salt Project, its flagship property. The company also noted that all the permits for the drilling program had been obtained. RESPEC Consulting Inc., the primary consulting partner of the company, was responsible for the selection of Major Drilling. The selection had been made following a competitive and thorough qualification and analysis process. In this context, it could be a good idea to take a better look into major drilling. It is one of the biggest drilling services companies in the world and serves the mining industry primarily.
The company currently boasts field operations and offices in the United States, Mexico, Canada, Australasia, Africa, and South America. The company provides a comprehensive range of drilling services, both for underground and surface projects. In the news release last Friday, Vortex Energy revealed that Major Drilling would bring in the diamond-core VD 5000 drill rig along with an operating crew to the property.
The crew would then be engaged in drilling activities at the two permitted wells. The drilling program is expected to commence at some point in November and is aimed at identifying the depth of the salt rock formations that had been identified at the property previously. Additionally, the drilling program would also be concerned with the acquisition of geological data about salt as well as non-salt rocks at the property. The Chief Executive Officer of Vortex Energy, Paul Sparkes, spoke about the development as well. He noted that everyone at the company was pleased to have chosen Major Drilling for the initiative.
On October 16, the company was also in the news after it announced that it had been awarded approval pertaining to its application for exploration approval for its Robinson River Salt Project. The approval had been awarded by the Mineral Lands Division of the Department of Industry, Energy, and Technology, Newfoundland and Labrador. The application had been submitted on August 24 by RESPEC Consulting.
As per the permit awarded to the company, it would be possible for Vortex to drill two diamond core wells at the above-mentioned property. At the time, Sparkes noted that everyone at the company was excited at the prospect of progressing with its first diamond core drilling program at the Robinson River Salt Project. The funds that had been awarded to Vortex Energy as part of the Junior Exploration Assistance Mineral Incentive Program would be deployed towards the drilling program.
