Vulcan Minerals Inc. – Drilling Commences at Colchester, 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
August 01, 2023
Vulcan Minerals Inc. – Drilling Commences at Colchester, Newfoundland
St. John’s, Newfoundland and Labrador - Vulcan Minerals Inc. (“the Company” -
“Vulcan” TSX-V: VUL), is pleased to provide an exploration update on its activities
in Newfoundland and Labrador as follows:
Highlights:
- Drilling commences at the Colchester/McNeily zone
- Geochemical soil sampling at the Springdale Project completed
- Geochemical soil sampling at Carbonear completed
Colchester/McNeily Copper-Gold
Drilling has commenced at the McNeily zone within the Colchester project with the
mobilization of the drill rig and crew. Drilling will focus on further delineating
mineralization encountered in Vulcan’s 2021 drill program as well as from historic
trenches and drill holes. The program will consist of approximately 1000 meters of
diamond core drilling.
Copper and gold mineralization is hosted in several stringer, disseminated and
locally semi - massive sulfide zones outcropping at surface and continuing at depth
and along strike. Mineralization is associated with abundant chalcopyrite with
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
variable pyrite, pyrrhotite and sphalerite within sheared and chloritized mafic
volcanic flows. Increased gold content generally correlates with higher zinc grades.
Drilling highlights from the 2021 program include up to three mineralized zones in
each hole. In CL-21-01, the main mineralized zone was intersected between 88 m
and 116 m and returned assays of 1.58% Copper (Cu) 0.33 grams per tonne gold
(g/t Au) over 28 m, including several 0.5 m samples over 1 g/t Au. Within that wider
interval is a higher-grade zone of 2.31% Cu, 0.51 g/t Au over 14 m. In CL -21-02, a
20 m wide zone contained 1.23% Zn and 0.34 g/t Au including a 5 m interval of 3.26
% Zn and 0.67 g/t Au. Holes CL-21-01 and 02 both contain enriched Zn and Au values
near the bottom of the holes suggesting mineralization continues at depth.
Springdale Gold
In late 2022, 457 soil samples were taken over the Pine Pond West grid where two
regional faults intersect along an oblique splay structure. This area has potential for
orogenic gold in quartz veins and copper/gold mineralization. The Pine Pond grid
delivered highly anomalous gold values with 10 soil samples assaying greater than
100 parts per billion (ppb) gold with the highest sample yielding 1540 ppb (1.54 g/t
gold). Prospecting of the anomalous areas is ongoing.
The Maple Leaf showing occurs approximately 4 km along strike where quartz veins
have yielded up to 54 g/t gold with associated heavy mineral concentrate stream
samples yielding up to 840 g/t gold from historic sampling by Noranda. A grid over
the Maple Leaf showing was partially sampled in late 2022 and has now been
completed with a total of 454 soil samples taken.
In addition, a third grid has been added at Western Brook where reconnaissance
historic results indicate gold anomalies in soil and stream sediments. A total of 492
soil samples have been taken focussing on favorable geologic structures.
All samples have been dispatched to SGS Canada’s laboratory for processing and
analysis. Results will direct future prospecting, trenching and other follow up work.
A map outlining the areas of interest is available here.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Carbonear SEDEX Base Metals and Gold
The Carbonear project is an early stage exploration venture designed to evaluate
the sedimentary exhalative zinc – lead (SEDEX) potential in an area with geologic
attributes similar to other major SED EX deposits worldwide. These attributes
include a late Precambrian clastic sedimentary basin sequence of
black shale/siltstone/sandstone containing substantial tu rbidite sequences
containing lead and zinc mineralization. Significant unexplained gold and other
poly-metallic geochemical signatures are also present in the historic data
which require explanation.
The company is in the process of completing an extensive soil geochemical program
which was initiated in 2022. As of July 21, 2023, a total of 1303 samples have been
collected, primarily focussed along a magnetically anomalous zone in favourable
structure as identified from high resolution airborne magnetic and LIDAR surveys
completed by the company in 2022. All samples have been shipped to SGS Canada's
laboratory for analysis.
President Patrick Laracy commented “The Colchester/Springdale area presents
several copper and gold exploration and delineation targets. The current drill
program and geochemical surveying will add significant new knowledge about the
potential of this area to host economic deposits. This is the core exploration project
for our company as we systemically generate results in 2023.”
About Vulcan
Vulcan Minerals is a precious and base metals exploration company based in St.
John's NL , with strategic land positions in multiple active Newfoundland gold
exploration and development belts. The Company has leveraged its exploration
exposure in most of this land position through equity ownership of other explorers
obtained by way of option and royalty agreements. It also holds approximately
30.5% of the outstanding shares in Atlas Salt (TSXV: SALT). Atlas Salt is nearing
completion of a feasibility analysis on its Great Atlantic salt deposit in western
Newfoundland strategically located in the robust road de-icing market of eastern
North America.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
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.
For information please contact:
Patrick J. Laracy, P .Geo.
President
(709) 754-3186
www.vulcanminerals.ca
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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
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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
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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.