Vulcan Minerals Inc. – High Grade Copper Intersected at McNeily Zone 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
January 12, 2024
Vulcan Minerals Inc. – High Grade Copper Intersected at
McNeily Zone in Newfoundland
St. John’s, Newfoundland and Labrador - Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-
V: VUL), announces impressive copper - gold assay results from the McNeily drill program carried
out in late 2023 as part of the Company’s Colchester project in central Newfoundland. Highlights
are as follows:
• 15 meters of 1.21% copper and 0.51 grams per tonne gold including 6.75 meters of
2.38% copper and 1.01 grams per tonne gold in CL-23-13
• 13.5 meters of 1.51 % copper and 0.95 grams per tonne gold i ncluding 7.5 meters of
2.49% copper and 1.55 grams per tonne gold in CL-23-14
A total of 1001 meters (m) were drilled over 6 holes within mafic volcanic rock sequences in the
McNeily area. 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.
Quartz and quartz/carbonate veining is locally developed.
McNeily Zone
CL-23-13
Hole CL-23-13 was collared approximately 75 m south of CL -21-01 (Vulcan 2021 drill hole) and
was drilled to a depth of 143.0 m. Notable intersections include 15.0 m of 1.21% Cu and 0.51 g/t
Au from 8.0 m to 23.0 m including 6.75 m of 2.38 % Cu and 1.01 g/t Au from 11.0 m to 17.75 m.
Within this interval one 1.5 m sample assayed 3.23% Cu and 1.15 g/t Au from 12.5 m to 14.0 m.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
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
And 12.5 14 1.5 Sample 3.23 1.15
CL-23-14
Hole CL-23-14 was collared approximately 50 metres north of CL-23-13 and was drilled to a depth
of 131.0 m. Mineralization consists of disseminated and coarse stringer chalcopyrite and pyrite.
Results include 26.0 m of 0.72% Cu and 0.9 g/t Au from 0 to 26.0 m including 4.5 m of 1.25% Cu
and 0.19 g/t Au from 9.5 m to 14.0 m. The main mineralized interval in CL-23-14 includes 13.5 m
of 1.51% Cu and 0.95 g/t Au from 48.5 m to 62.0 m including 7.5 m of 2.49% Cu and 1.55 g/t Au.
One 1.5 m sample from 53.0 m to 54.5 m returned 4.85 % Cu and 3.56 g/t Au.
HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-23-14 0 26 26 Composite 0.72 0.09
Including 9.5 14 4.5 Composite 1.25 0.19
CL-23-14 33.5 41 7.5 Composite 0.03 0.91
Including 38 39.5 1.5 Sample 0.04 2.08
CL-23-14 48.5 62 13.5 Composite 1.51 0.95
Including 48.5 56 7.5 Composite 2.49 1.55
And 53 54.5 1.5 Sample 4.85 3.56
CL-23-09
Hole CL-23-09 was drilled to a depth of 209 m approximately 25 m across strike from a trenched
area where the McNeily zone is exposed . Chalcopyrite is present as narrow stringers and
disseminations. Notable intersections include 6.5 m of 0.45% Cu and 0.95 g/t Au from 24.0 m to
30.5 m including 2.5 m of 0.90% Cu and 1.94 g/t Au from 24.0 m to 26.5 m.
HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-23-09 24 30.5 6.5 Composite 0.45 0.95
Including 24 26.5 2.5 Composite 0.90 1.94
CL-23-10
Stepping out 50 m southwest of CL-23-09, this hole was drilled to 161 m to test mineralization at
depth beneath an exposed trench.
The main mineralized zone includes 5.0 m of 0.4% Cu from 35.0 to 40.0 m. A 1.8 m sample
includes 2.71 g/t Au from 128 m to 129.8 m.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-23-10 35 40 5 Composite 0.40 0.08
CL-23-10 128 129.8 1.8 Sample 0.06 2.71
CL-23-11
Hole CL-23-11 was collared 50 m southwest of CL-23-10 and drilled to a depth of 150 m. This hole
was intended to test the extension of mineralization along strike of the exposed trench
mineralization at McNeily. Results include 9.0 m of 0.73% Cu from 62 to 71 m including 3.5 m of
1.22% Cu from 63.0 to 66.5m.
HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-23-11 13.5 17.5 4 Composite 0.32 0.60
Including 15.5 17 1.5 Composite 0.62 1.13
And 15.5 16 0.5 Sample 0.89 2.84
CL-23-11 62 71 9 Composite 0.73 0.24
including 63 66.5 3.5 Composite 1.22 0.24
And 64.15 64.65 0.5 Sample 2.81 0.46
CL-23-11 79.7 82 2.3 Composite 0.61 0.16
CL-23-12
Hole CL-23-12 was drilled 90 m southeast of CL-23-11 and 40 m southeast of CL-21-01. This hole
was drilled towards the northwest to scissor hole CL-21-01 (14 meters of 2.31% Cu within a wider
zone of 28 meters of 1.58% Cu ). CL-23-12 was abandoned at 2 2 m due to hole conditions .
Chalcopyrite occurs as coarse stringers and veinlets. Results include 0.87% Cu and 0. 33 g/t Au
over 5.5 m from 5 m to 10.5 m including 2.53% Cu and 0.70 g/t Au over 1.5 m from 5.5 m to 7.0
m. A 10 m interval from 12.0 m to 22.0 m includes 0.89 % Cu and 0.23 g/t Au including 2.80% Cu
and 0.86 g/t Au over 1.5 m from 12.5 m to 14.0 m.
HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-23-12 5 10.5 5.5 Composite 0.87 0.33
Including 5.5 7 1.5 Composite 2.53 0.70
And 6 6.5 0.5 Sample 4.19 1.26
CL-23-12 12 22 10 Composite 0.89 0.23
Including 12.5 14 1.5 Composite 2.80 0.86
And 12.5 13 0.5 Sample 5.19 2.13
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-23-12A
Hole CL-23-12A was drilled approximately 5 m northeast CL-23-12. It was drilled to 185.0 meters.
Mineralization includes 0.26% Cu and 0.19 g/t Au over 7.5 m from 12.5 m to 20 .0 m, 0.35% Cu
over 4.5 m from 24.5 m to 29.0 m and 0.23% Cu over 10.5 m from 98.0 m to 108.5 m.
HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t
CL-23-12A 12.5 20 7.5 Composite 0.26 0.19
CL-23-12A 24.5 29 4.5 Composite 0.35 0.03
CL-23-12A 89 92 3 Composite 0.37 0.04
CL-23-12A 98 108.5 10.5 Composite 0.23 0.03
Notes:
True widths are uncertain and more drilling is required to ascertain proper 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 614 samples were cut and submitted for
assay. Significant assays are reported herein , remaining samples represent lower grade
envelopes around the mineralized zones and samples without significant mineralization taken for
stratigraphic-calibration purposes.
Drill Hole Coordinates:
HOLE ID East North Elevation Azimuth Dip Length
CL-23-09 566050 5498271 191 120 -65 209
CL-23-10 566003 5498238 180 120 -65 161
CL-23-11 565967 5498200 172 120 -65 150
CL-23-12 566056 5498166 173 300 -65 22
CL-23-12A 566049 5498176 176 300 -65 185
CL-23-13 566038 5498111 168 300 -60 143
CL-23-14 566023 5498158 166 120 -60 131
Coordinates are UTM NAD83 Zone 21
The drill program was successful in delineating and extending the McNeily zone to the south.
President Patrick Laracy notes “The McNeily zone is proving to have continuity along strike,
though structurally we expect minor lateral offsets. As such we are evaluating the need for
further geophysics to prioritize drill targets for 2024. The high-grade copper with appreciable
gold credits warrants further delineation towards adding tonnage to the overall Colchester
project.”
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.
A review of the relevant data with maps is available in the corporate presentation at the
company’s website landing page, www.vulcanminerals.ca . Drill location maps are available here.
Quality Control:
Vulcan used SGS Natural Resources (SGS) for all sample assaying in this drilling program. SGS
Natural Resources analytical laboratories operate under a Quality Management System that
complies with ISO/IEC 17025. Vulcan employed SGS’ four-acid digestion / ICP-OES multi-element
analysis package grouped with 30 g, fire assay, AAS finish for gold. A four-acid digestion / ICP-OES
“ore-grade” analysis package is utilized for base metals assaying greater than detection limits .
Vulcan employed the use of standard reference materials for quality control at a rate of 5% of
total samples. SGS undertakes their own internal coarse and pulp duplicate analysis to ensure
proper sample preparation and equipment calibration. Preliminary inspection of these control
samples shows them to be within the expected limits.
About Vulcan
Vulcan Minerals is a precious and base metals exploration company based in St. John’s
Newfoundland. The company has strategic land positions in multiple active Newfoundland gold
and base metal exploration and development belts. It also holds approximately 30.5 % of the
shares in Atlas Salt Inc. (TSXV: SALT). Atlas Salt is an industrial minerals company that is currently
developing the Great Atlantic Salt deposit 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
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
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
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factors. Such factors include, with out 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