Vulcan Minerals Inc. (“the Company” TSX-V: VUL) announces that it has commenced a core drilling program at its Flat Bay property onshore western Newfoundland. The program will consist of two shallow holes drilled by a continuous coring mining rig. Each hole is anticipated to be approximately 150 metres total vertical depth. The purpose of the program is to explore the evaporite section and acquire core through the Fischell’s Brook Formation for detailed reservoir analysis. The holes are located within a 200 metre perimeter from Flat Bay #1 which penetrated an oil bearing sequence of low permeability conglomerates commencing at about a 120 metre depth. The program should be completed within 20 days and is funded under the Investcan Energy Bay St. George joint venture.
The Company is in the midst of procuring goods and services for its upcoming deep drill program at the Robinson’s #1 location, onshore Bay St. George western Newfoundland. The current schedule is to commence drilling by late May – early June. A winter program was considered but not preferred in light of decreasing costs and greater availability of goods and services for a spring – summer program. The company has not yet secured a drilling rig but is in discussions with several suppliers.
Also, the Company has been advised by Nortec Ventures Corp (Nortec) that they are surrendering their option on the Kingurutik nickel/copper prospect in Labrador in light of the current mineral exploration environment. The property is in good standing until November 2012 based on the drilling work carried out by Nortec during the summer of 2008. The Company and Nortec, however, plan to continue their evaluation of the Tasisuak Lake nickel/copper property in Labrador where significant zones of mineralization were encountered in the 2008 drilling campaign as previously reported on October 07, 2008.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.
There can be no assurance that forward-looking information will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.