Vulcan Minerals Inc. – Colchester Copper–Gold Update in Central Newfoundland
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
News Release
November 13, 2025
Vulcan Minerals Inc. – Colchester Copper–Gold Update in Central Newfoundland
St. John’s, Newfoundland and Labrador - Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-
V: VUL), provides an update on the Colchester project with a review of historical drilling and
compilation incorporating the most recent drilling results. A compilation of historic drilling
highlights for the Colchester project includes up to 39.97 meters of 1.03% copper and 15.8 meters
of 2.19% copper. A property review is also presented including the Little Bay project.
The McNeily drill program (part of the Colchester Project) carried out in late 2024 is reviewed
and incorporated into the compilation. Highlights are as follows:
• 5.2 meters of 1.01% copper in hole CL-24-19 within a wider 13.7 meters of 0.48%
copper
• 2.5 meters of 1.26% copper in hole CL-24-17
• 5.3 meters of 0.52% copper and 0.91 grams per tonne gold including 0.4m of 0.78%
copper and 5.02 grams per tonne gold in hole CL-24-18
A total of 718 meters (m) were drilled over 5 holes designed to test I nduced Polarization (IP)
anomalies from the 2024 survey and expand the known volcanic massive sulphide copper -gold
mineralization to the southwest of previous drilling. The program has extended mineralization
150 meters southwest of historic drilling for an overall zone strike length of approximately 450
meters which remains open.
Stringer disseminated and locally semi-massive sulfide zones were encountered containing
chalcopyrite with variable associations of pyrite, pyrrhotite and minor sphalerite. Mineralization
is associated with chalcopyrite within sheared and chloritized mafic volcanic rocks.
The drill program successfully tested the potential eastern limits of the McNeily zone south of
hole CL-23-13 (Vulcan 2023 hole) which returned the following results:
333 Duckworth Street, St. John's, NL, A1C 1G9
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HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-23-13 8 23 15 Composite 1.21 0.51
Including 11 17.75 6.75 Composite 2.38 1.01
CL-24-17
Hole CL-24-17 was drilled to a length of 173m and targeted the eastern flank of the southern IP
anomaly. Chalcopyrite is present as stringers and semi -massive zones within intense chlorite
altered shear zones. Notable intersections include a 1m sample containing 3.25 g/t Au and an
interval averaging 4.55m of 0.85% Cu with 0.5 g/t Au including 2.5m containing 1.26% Cu and
0.41 Au.
HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-24-17 116.65 120 3.35 Composite 0.77 0.24
CL-24-17 126.5 127.5 1 Sample 0.03 3.25
CL-24-17 139.25 143.8 4.55 Composite 0.85 0.50
Including 139.25 141.75 2.5 Composite 1.26 0.41
CL-24-18
CL-24-18 was drilled approximately 50m southeast of CL -24-17 to a length of 140m. This hole
was designed to test the vertical extent of mineralization encountered in CL-24-17. Chalcopyrite
is present as stringers and semi -massive zones within intense chlorite alteration. Significant
results include 5.3m of 0.52% Cu and 0.91 g/t Au, a 0.4m sample containing 0.78% Cu and 5.02
g/t Au, as well as a 9m section averaging 0.86 g/t Au including 3m of 1.25 g/t Au.
HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-24-18 51.5 56.8 5.3 Composite 0.52 0.91
CL-24-18 60 60.4 0.4 Sample 0.78 5.02
CL-24-18 85 94 9 Composite 0.06 0.86
Including 85 88 3 Composite 0.14 1.25
CL-24-19
Hole CL-24-19 was drilled between CL-24-15 and CL-23-13 to a length of 143m. This hole targeted
a potential offset of the zone to the southeast. Drilling encountered abundant chalcopyrite
stringer zones associated with chloritized shear zones and faults. Significant intersections
contained 13.7m of 0.48% Cu, including 5.2m of 1.01% Cu.
HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-24-19 91.2 104.9 13.7 Composite 0.48 0.05
Including 91.2 96.4 5.2 Composite 1.01 0.06
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
CL-24-15 and Cl-24-16
These holes encountered zones of shearing, chlorite alteration and sulfides as pyrite with minor
chalcopyrite in stringers. Discontinuous lower grade (less than 0.4%) copper and anomalous gold
grades were encountered over a gross interval from 68.5m to 84.5m length in CL-24-15 and over
a gross interval from 90.9m to 123m length in CL-24-16.
Notes:
True widths are uncertain but are interpreted to be close to drilled thicknesses, though more
drilling is required to confirm the exact orientation of the mineralized zones. The tables
summarize composited assay intervals described for the reported holes . These intervals are
length-weighted averages of core -thickness intervals. Only assayed intervals were included in
the composites. A total of 270 samples were cut and submitted for assay. Significant assays are
reported herein, remaining samples represent lower grade sampling in envelopes around the
mineralized zones and additional samples without significant mineralization taken for
stratigraphic-correlation purposes.
Drill Hole Coordinates:
HOLE ID East North Azimuth Dip Length
CL-24-15 565974 5498040 135 -60 128
CL-24-16 565942 5498004 135 -50 134
CL-24-17 565867 5497934 135 -50 173
CL-24-18 565894 5497916 135 -50 140
CL-24-19 566011 5498081 135 -50 143
Coordinates are UTM NAD83 Zone 21
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Map of McNeily zone drilling and IP anomaly.
President Patrick Laracy notes “The McNeily zone is proving to have continuity along strike as
expressed by the related IP anomaly. The drill program was designed as reconnaissance testing
of the anomaly. Given its length (700m) and width (200 to 300 meters) the anomalous zone will
require systematic drilling of multiple holes across its width to accurately locate the main
causative chargeability source and the nature of the associated mineralization. High-grade
copper intersections with appreciable gold credits continue to warrant further delineation
towards adding tonnage to the overall Colchester project.”
The Company acknowledges the financial support for the drilling campaign from the Junior
Exploration Assistance Program by the Government of Newfoundland and Labrador.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
The Colchester project is part of the larger Springdale property which hosts numerous historic
copper and gold deposits and showings, none of which have been adequately explored with the
benefit of modern digital geophysical and geological modelling. These prospects occur within
close proximity to each other and provide excellent advanced exploration targets towards
resource definition. The Springdale property is road accessible and near significant mining
services.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Historic Compilation and Context
Property Location, Access & Land Position
The Colchester project is 100% owned by Vulcan and consists of 72 claims covering 1,800
hectares out of Vulcan’s larger, regional -scale Springdale property in west -central
Newfoundland, which comprises 273 claims over 6,825 ha. The Colchester project is the flagship
of the Springdale property, which includes several additional copper -gold exploration targets.
The project is in long term good standing with respect to regulatory work assessment
requirements because of the Company’s ongoing exploration activities.
Colchester is accessible by paved road approximately 25 kilometers off the Trans Canada
Highway, with woods roads connecting several zones within the project. The provincial electrical
grid borders the eastern edge of the property. The property is accessible for exploration work
year-round.
Several nearby communities such as Springdale and Kings Point host exploration and mining
service providers who are actively involved in the current resurgence in gold and base metal
exploration in central Newfoundland. These include Firefly Metals Ltd.’s development work at
the Rambler-Ming mines (copper-gold) on the Baie Verte peninsula and Marit ime Resources
Corp.’s revitalized Hammerdown Gold project where the first pour of gold just occurred
(approximately 5 km south of the Colchester project claim boundary ). Drilling companies are
based out of Springdale, providing for competitive drilling rates and efficient logistical operations.
Historical Highlights
Vulcan has compiled an extensive dataset of historical exploration and mining activities on the
Colchester project. This includes the digitization of surface sampling (rock, soil, till, stream, heavy
mineral concentrates), bedrock and trench mapping, diamond drilling (survey, lithological and
assay data), ground and airborne geophysical surveys (VLF, EM, IP, mag netics and gravity).
Vulcan has added value to this project with its modern dataset, including prospecting, bedrock
mapping, high -resolution 3D IP surveying and diamond drilling. Thus, the project has an
extensive digitized dataset with serious potential for leverage.
The Colchester project is host to multiple copper-gold deposits including five of the nine historical
mine sites in the immediate region, most of which were mined at a very limited scale from 1881
to 1901. Outside the Colchester project , mining occurred at Little Bay (a Vulcan property), the
Whalesback and Little Deer mines at varying times in the 1960’s into the early 1970’s.
The Colchester project was explored historically for copper , however, significant historic gold
occurrences have been identified at surface and in drilling at multiple zones notwithstanding that
gold was not regularly assayed at the time. At the Old English Zone, 4.18 g/t gold was drilled over
2.90m and at the Main Zone 5.86 g/t gold was drilled over 3.85m.
Modern exploration commenced in the 1960’s in the area of the “Colchester Main Zone”
resulting in a 1967 historical resource estimate of 1,000,000 tons of 1.3% copper at a cut -off
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
grade of 0.85% copper (non-compliant with modern NI 43 -101 requirements) ; gold was not
included in that resource estimate because it had not been systematically assayed. Vulcan’s 3D
modelling of historical drilling data demonstrates that the footprint of the drilling included in the
1967 resource estimate comprises only 30-40% of the current extent of drilling at the Main Zone,
which had received intermittent attention until the mid-2000’s.
Historically, explorers drilled coincident copper soil and geophysical anomalies, both magnetic
and IP, which proved to be a successful exploration method and was the primary driver in the
discovery and expansion of the known mineralized zones. Modern geophysical techniques have
increased the resolution, extent and depth of these anomalies. However, many other areas with
surface mineralization remain untested.
The Company has compiled and digitized the following data base derived from government filed
assessment reports by previous operators.
Colchester Compilation Stats
Reports Geophysical
Surveys DD Holes Meters Core
Samples
Geochemical
Soils
Surface
Rocks
51 15 110 21994 2979 3378 1103
Selected highlights from historic drilling for copper are listed below. They are intended to
demonstrate the copper potential of the Colchester project.
Hole-ID Zone From (m) To
(m)
Length
(m)
Composited
Cu (%)
436-11 McNeilly 86.28 90.83 4.55 4.55 m @ 3.82%
436-16 Main Zone 142.30 157.60 15.30 15.30 m @ 1.02%
436-16 Main Zone 167.94 178.13 10.19 10.19 m @ 1.07%
436-21 Main Zone 23.96 38.10 14.14 14.14 m @ 1.95%
436-21 Main Zone 53.04 71.63 18.59 18.59 m @ 1.61%
436-21 Main Zone 53.04 73.10 20.06 20.06 m @ 1.51%
436-30 Main Zone 59.74 69.98 10.24 10.24 m @ 2.20%
436-37 Main Zone 46.02 57.21 11.19 11.19 m @ 1.33%
436-38 Main Zone 183.28 193.55 10.27 10.27 m @ 1.16%
436-39 Main Zone 178.61 192.27 13.66 13.66 m @ 1.01%
436-41 Main Zone 128.96 155.45 26.49 26.49 m @ 1.43%
436-6 Main Zone 106.68 131.06 24.38 24.38 m @ 1.21%
436-8 Main Zone 119.09 131.98 12.89 12.89 m @ 1.32%
CC-03-02 Main Zone 74.20 90.00 15.80 15.80 m @ 2.19%
CC-03-11 McNeilly 72.85 84.00 11.15 11.15 m @ 1.68%
H-48 Main Zone 322.78 346.01 23.31 23.31 m @ 1.24%
H-49 Main Zone 187.45 203.61 16.16 16.16 m @ 1.68%
H-51 Main Zone 70.10 82.60 12.50 12.50 m @ 2.49%
H-51 Main Zone 160.02 192.63 32.61 32.61 m @ 1.04%
H-52 Main Zone 146.91 172.21 25.30 25.30 m @ 1.02%
H-61 McNeilly 69.34 82.30 12.96 12.96 m @ 1.97%
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H-69 Main Zone 192.02 202.69 10.67 10.67 m @ 1.27%
H-78 Old English 96.62 132.59 35.97 35.97 m @ 1.03%
*OE-16-01 Old English 48.52 53.62 5.15 5.15 m @ 1.60%
*OE-16-01 Old English 170.64 176.63 5.99 5.99 m @ 1.01%
*OE-16-03 Old English 76.73 84.18 7.45 7.45 m @ 1.02%
*CL-21-01 McNeily 88.00 116.00 28.00 28.0 m @ 1.58%
*CL-21-01 McNeily 102.00 116.00 14.00 14.0 m @ 2.31%
*CL-23-13 McNeily 8.00 23.00 15.00 15.0 m @ 1.21%
*CL-23-14 McNeily 48.5 62.00 13.5 13.5 m @ 1.51%
*CL-23-14 McNeily 48.5 56.00 7.50 7.5 m @ 2.49%
* Vulcan drill holes.
Selected composited copper drilling grades from Colchester zones;
many intersections contain higher-grade subsections not summarized in this table.
Little Bay Mine Property
The Little Bay copper -gold property in north -central Newfoundland is approximately 10
kilometers southeast of the Colchester project. The property consists of 19 claims (475 hectares)
covering the past producing Little Bay and Sleepy Hollow mines. These mines operated from
1961-1969. The Little Bay mine produced 2,850,000 tonnes at grades ranging from 0.89% to
1.96% copper and 6,300 ounces gold. In the later stages of production, the Sleepy Hollow mine
produced 700,000 tonnes at a grade of 1.5% copper.
The company has compiled 166 drill holes, various geophysical surveys, geochemical surveys and
mining reports which have been incorporated into 3D modelling software. The company believes
that the mine area has the potential to contain unmined resources based on the geophysical
features occurring along strike of the mine workings and the fact the mine closed due to an
operational issue with the collapse of the crown pillar.
Vulcan has compiled an extensive digital dataset including mining and production models,
exploratory drilling, surficial sampling and geophysical surveys. This is the first fully digital
dataset allowing for the integration of various vintages of information which will facilitate a
better understanding of the mineralization on the property. Historical activity generally focused
on mine workings with relatively little local exploration. The remaining copper resources at both
mines, if any, has not been determined. Further work is required to evaluate the complete data
set to determine what copper resources may remain in the old workings and to evaluate the
potential for extensions of the mineralization outside historic workings.
The Little Bay property is adjacent to claims owned by another operator contain ing the past
producing Whalesback and Little Deer copper mines which are geologically similar to the Little
Bay mine. Whalesback is approximately 2 km from the Little Bay claim boundary while Little Deer
is approximately 3.2 km from the claim boundary along favourable structural trends. Whalesback
produced 3,790,000 tonnes at approximately 1% copper (1965 -1971) and the Little Deer mine
produced approximately 75,000 tonnes at approximately 2% copper before depressed market