Vulcan Minerals Inc. Grabs 8.5 grams per tonne Gold 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
October 26, 2020
Vulcan Minerals Inc. Grabs 8.5 grams per tonne Gold in Newfoundland
St. John’s, Newfoundland and Labrador - Vulcan Minerals Inc. (“the Company” -
“Vulcan” TSX-V: VUL), provides the following exploration update.
Springdale Gold Project
A reconnaissance visit has been made to the Springdale project in north central
Newfoundland to scout the access to the Maple Leaf gold showings via woods roads
and trails, and to locate the site of previously constructed trenches. Access was
identified and the trenches located. The trenches were back filled but two samples
were taken from adjacent outcrop. One sample assayed 8.4 grams per tonne (g/t)
gold from a quartz sulphide rich stringer in mafic volcanics.
This visit was not designed to be a comprehensive prospecting venture but a
reconnaissance trip to confirm historical locations and access. Historic results from
this showing yielded up to 54 g/t gold in grab samples, 840 g/t gold in heavy mineral
concentrates (stream sample) and visible gold in tills ( Noranda work assessment
1988 report 12 H/ 9 /1092 filed with government). The Maple showing is on
structural trend with the Burnt Berry prospect, approximately 3 kilometers (km)
southwest, where historic work has reported 6.6 g/t gold over 7 .2 meters in
channel sampling (Noranda 1988 assessment report 012H/0963 filed with
government). Work is ongoing , compiling and interpreting previous geochemical
sampling in the area towards de signing a comprehensive exploration program for
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
these showings. The Company notes that historic results may not be indicative of
current and future exploration results.
Gander North Gold
The Gander North claims are situated along the east side of the Gander structural
belt which has become the location of a gold staking rush in light of recent, quartz
vein hosted high grade gold drill intersections in the area by NewFound Gold Corp.
Two prospecting trips have been made to the property to confirm the historic
prospector reports of an extensive silica zone which yielded elevated gold assays
up to 0.5 g/t gold in gra b and float samples. Ground inspection verifies the
occurrence of a significant zone of quartz vein flooding and related silica alteration
in a chloritized belt of metamorphosed sediments exhibiting variable schistose
deformation indicative of proximity to the Gander GRUB line structural suture. The
zone contains pervasive disseminated to stringer sulphides and has been traced in
outcrop over 400 meters along strike and up to 80 meters in width and open in
both directions. The zone has been sampled on an initial basis to obtain a baseline
for the various rock types present . Assays are pending. Further work will be
required to adequately sample and delineate this zone.
Patrick Laracy P. Geo., President notes “ This zone appears to have had more than
one episode of quartz veining all of which were observed to be sulphide bearing to
varying degrees . Given the elevated gold assays from cursory historic work, we
hope to confirm that the system is gold bearing. This will encourage an intensive
evaluation of this mineralized zone. We have found no reported trenching or
drilling in government assessment files for this zone.”
In addition the property contains a portion of a significant gold in till anomaly along
its western boundary where numerous till samples have assayed in excess of 1000
parts per billion (ppb) gold (equivalent to 1 g/t gold) and up to 27,000 ppb gold on
the adjacent property and up to 2000 ppb gold on Vulcan’s property. Further
sampling will be required to better delineate the nature of these anomalies. The
location of the claims may become strategic as work is reasonably anticipated on
the immediately adjacent property where much of the historic work was focussed.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Gander South
The Gander South property is situated 8 km from the Beaver Brook Antimony mine
along the Dog Bay Line suture which hosts gold showings along trend. The property
contains an unevaluated gold and arsenic stream silt anomaly in a favorable
structural setting. Recently, Newfound Gold Corp. (news release dated August 27
2020) announced a new gold discovery at the Eastern Pond prospect based on sub
crop samples of up to 15 g/t gold and tills containing up to 216 gold grains, part of
an area currently outlined over a 4 km strike length. This new discovery is 45 k m
south of Newfound’s Queensway North discovery which is the focus of current
drilling. The company’s Gander South property is approximately 5 k ms northwest
of the Eastern Pond discovery and is the closest claim group to the discovery other
than claims owned by Newfound Gold.
Exploration Plan
The company has mobilized a geological crew to the Springdale and Gander
properties to further prospect and acquire soil samples in proximity to the known
showings. The company expects that these field programs will continue to the end
of November. Based on the results of this work, further action will be determined.
The recent $1,000,000 financing by the Company will facilitate the exploration of
these projects. All properties are road and trail accessible. An updated slide
presentation regarding Vulcan’s projects and providing context for the discussions
herein is available on its website at www.vulcanminerals.ca
Patrick J. Laracy, P.Geo, President is the qualified person responsible for the
contents of this news release as defined in National Instrument 43-101.
Vulcan Minerals is a precious and base metals exploration company based in St.
John’s Newfoundland. The company has a strategic land position in three active
Newfoundland gold exploration and development belts. It also holds 63% of the
shares in Red Moon Resources Inc. (TSXV: RMK), an industrial minerals company
that produces gypsum from its Ace Mine in western Newfoundland. Red Moon
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
also owns a salt project in western Newfoundland containing a NI 43-101
compliant resource of 908 million tonnes of rock salt suitable for road de-icing
purposes. This project is at the prefeasibility stage.
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release. This release may contain certain forward-
looking statements. Actual events or results may differ from the Company’s
expectations. Certain risk factors beyond the Company’s control may affect the
actual results ach ieved. Accordingly, readers are advised not to place undue
reliance on forward -looking information. Except by law, the Company undertakes
no obligation to publicly update or revise forward-looking information.
For information please contact:
Patrick J. Laracy, P .Geo.
President
(709) 754-3186
www.vulcanminerals.ca