Vulcan Minerals Inc. – Drilling Program Update for the Carbonear Zinc-Lead SEDEX project in 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
February 06, 2026
Vulcan Minerals Inc. – Drilling Program Update for the Carbonear Zinc-Lead SEDEX
project in Newfoundland
St. John’s, Newfoundland and Labrador - Vulcan Minerals Inc. (“the Company” -
“Vulcan” TSX -V: VUL), announces that it has completed the first hole of a drilling
program at the Carbonear Project in eastern Newfoundland. The initial program was
planned for approximately 1 ,200 meters in six holes, but due to weather -related access
issues the program has been suspended until Spring.
Patrick Laracy, President noted “The Carbonear property represents an exciting grass
roots exploration project. Given the weather -related access issues, we decided not to
keep the drill rig on an extended standby but will return to finish the program when access
conditions improve.”
Project Summary
The property contains a late Precambrian marine sedimentary sequence prospective for
sedimentary exhalative zinc, lead and other metals (SEDEX deposit) based on several
geological characteristics. These include the geologic setting within a thick sequence
(greater than 6 km) of marine basinal shale, siltstone and sandstone including turbidite
deposits containing lead and zinc mineralization . Over the last few field seasons, the
Company has methodically acquired extensive geochemical soil data combined with
historic soils, stream and lake bottom sam ples to identify a multi -element anomaly
associated with a stratigraphic zone of d istinct magnetic character. This also coincides
with a gravity anomaly. The current focus is on a 2-kilometer section of the stratigraphic
zone of interest that extends greater than 12 kilometers along strike with an average width
of 1.5 kilometers. The company previous ly released a compilation of assays from the
historic drill program in this area (see below).
Why Drill this Property?
Drilling is warranted based on a methodical exploration process over the last few years.
In addition to the general prospective geologic setting described herein, several data sets
have been acquired supporting the SEDEX potential of this area as reviewed below.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Magnetic Data
The Company acquired an airborne high resolution magnetic, VLF electromagnetic and
Lidar survey over the complete property at 200-meter line spacing for a total survey length
of 1,267 line kilometers. The purpose is to identify within the sedimentary sequence any
zone of magnetic character that would indicate potential mineralization and structural
architecture. A distinct magnetic trend was identified , best exhibited by the first vertical
derivative of the data. It extends approximately 12 kilometers along strike with an average
width of 1.5 kilometers. The feature has impressive scale (see magnetic map). The zone
appears conformable with the regional sedimentary bedding. Prospecting has identified
disseminated pyrrhotite at various locations along strike. Pyrrhotite is an iron sulphide
mineral, variably magnetic in nature, and is known as a mineral associated with zinc and
lead in Sedex deposits. Cross faults within the zone of interest are also interpreted based
on magnetic discontinuities and surface mapping. They represent favorable targets
because they may provide mineral fluid conduits through the sedimentary sequence.
Lidar data, which provides high resolution topographic data assisted with the overall
structural interpretation to confirm the location of cross faults. Our current exploration is
focussed on such an area within the regional trend.
Figure 1. Magnetic Anomaly Trend
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Geochemistry
As previously reported, the Company completed an extensive soil geochemical program
amounting to 1 ,879 samples focused along the magnetically anomalous zone in
favourable structures (see map Gull Pond North).
The Gull Pond area exhibits strongly anomalous zinc and lead soil values. A total of 125
samples exceed the 90 th percentile value of 7 8 parts per million (ppm) lead with 13
samples exceeding the 99th percentile of 298 ppm. These values range up to a maximum
of 0.1630% lead (1 ,630 ppm). Regarding zinc, 126 samples exceed the 90 th percentile
value of 72 ppm with 13 samples exceeding the 99th percentile value of 207 ppm. These
values range up to 628 ppm zinc. These results confirm the regional historic results for
zinc and lead which is consistent with the area being one of the highest multi -element
geochemical anomalies in Newfoundland b ased on lake sediment and stream sediment
data.
Our current drill program is focussed on one of the most anomalous zinc-lead areas.
Figure 2. Lead in Soil Geochemistry
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Figure 3. Zinc in Soil Geochemistry
Bolstered by favourable magnetic and geochemical soil results, the Company completed
a ground gravity survey over the Gull Pond north grid in 2024 (see gravity map). The
survey consisted of a total of 17 line kilometers at a 200 meter spacing for an approximate
coverage of 2.25 square kilometres. The survey identified a positive bouguer gravity and
residual anomaly coincident with the magnetic and soil anomalies , constituting a
compelling drill target.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Figure 4. Gravity Geophysical Anomaly
Carbonear – Infill Sampling Historic Drill Holes
Prior historic drilling in the Gull Pond North area consisted of a total of five shallow holes
to test ground electrical conductors. Given that the Company’s recent work has enhanced
the prospectivity of this general area, the company resampled Holes CP -97-08 and CP-
97-10 to better ascertain the tenor of mineralization previously encountered. These holes
contain anomalous zinc minerali zation over a potential stratigraphic interval of
approximately 100 meters based on 23 historic core samples in Hole CP -97-08 and 10
historic core samples in Hole CP -97-10. To confirm and better define the teno r of
mineralization, an additional 31 samples over 42.5 m eters in Hole CP -97-08 and 26
samples over 47 m eters in Hole CP -97-10 were assayed. Mineralization consists of
disseminated sulphides in turbiditic siltstones and secondary fracture fillings. A complete
compilation of all sample intervals from both holes is available at
https://vulcanminerals.ca/carbonear-historical-drill-sampling-results/. This infill sampling
demonstrates the consistent nature of the anomalous mineralization. Hole CP -97-08
(76.2 meter total sampled length) has a weighted average of 0.23% zinc and 0.17% lead,
including up to 1.2 meters of 4.1% lead and 1.5% zinc. Hole CP-97-10 (60.8 meter total
sampled length) has a weighted average of 0.10% zinc and 0.05% lead.
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 property was originally identified (1980) for its sedimentary exhalative base metal
potential by Cominco, who operated the giant Sullivan SEDEX mine in British Columbia,
one of the largest zinc-lead mines in the world.
JEA Assistance Acknowledged
The Company acknowledges and thanks the provincial government for providing a Junior
Exploration Assistance (“JEA”) grant for past work on its Colchester Springdale Project.
The Company has applied for further financial grants pursuant to the JEA program in
respect to work carried out on the Carbonear project.
About Vulcan
Vulcan Minerals is a precious and base metals exploration company based in St. John’s
Newfoundland and Labrador. The company has strategic land positions in multiple active
Newfoundland gold and base metal exploration and development belts. It also holds
approximately 27% of the shares in Atlas Salt Inc. (TSXV: SALT). Atlas Salt is currently
developing the Great Atlantic Salt mine in western Newfoundland.
Patrick J. Laracy P.Geo., President, is the qualified person responsible for the technical
contents of this news release as defined in National Instrument 43-101.
We seek safe harbour.
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is
defined in the Policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. This press release includes certain “forward-looking
information” and “forward-looking statements” (collectively “forward-looking statements”)
within the meaning of applicable Canadian securities legislation. All statements, other than
statements of historical fact, included herein, without limitation, statements relating to the
future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as
“expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar
expressions, or statements that events, conditions, or results “will”, “may”, “could”, or
“should” occur or be achieved. Forward-looking statements in this press release relate to,
among other things: completion, delivery and timing of the referenced exploration program
and assumptions related thereto. Actual future results may differ materially. There can be
no assurance that such statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such statements. Forward-looking
statements reflect the beliefs, opinions and projections on the date the statements are made
and are based upon a number of assumptions and estimates that, while considered
reasonable by the respective parties, are inherently subject to significant business,
technical, economic, and competitive uncertainties and contingencies. Many factors, both
known and unknown, could cause actual results, performance or achievements to be
materially different from the results, performance or achievements that are or may be
expressed or implied by such forward -looking statements and the parties h ave made
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
assumptions and estimates based on or related to many of these factors. Such factors
include, without limitation: the timing, completion and delivery of the referenced
assessments and analysis. Readers should not place undue reliance on the forward-looking
statements and information contained in this news release concerning these times. Except
as required by law, the Company does not assume any obligation to update the forward-
looking statements of beliefs, opinions, projections, or other factors, should they change,
except as required by law.
For information please contact:
Patrick J. Laracy, P.Geo.
President
(709) 754-3186
www.vulcanminerals.ca