Vulcan Minerals Inc

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Vulcan Minerals Inc. – Drills 5.10 m of 1.6% Copper at Colchester Cu-Au Project in Newfoundland

News Release

 

January 17, 2017

 

Vulcan Minerals Inc. – Drills 5.10 m of 1.6% Copper at Colchester Copper-Gold Project in Newfoundland

 

St. John’s Newfoundland and Labrador - Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-V: VUL) announces that it has received final assay results from the recently completed drilling program at the Colchester copper-gold project in north-central Newfoundland. As previously reported, four holes totalling 824 metres were drilled at the Old English Zone to explore the possible extensions of historic drill intersections of copper and gold mineralization. Vulcan assayed 127 samples from this drilling program. The program was very successful in reaching its objectives of confirming mineralization tenor and geology as well as providing initial calibration of the recently completed high-resolution IP survey.

 

The location and geometry of the four drillholes from the 2016 drilling program are summarized below in Table 1. A map showing the location of these drillholes can be found at www.vulcanminerals.ca.

 

 

Hole-ID

Easting

Northing

Elevation (m)

Depth (m)

Az

Dip

OE-16-01

566139

5500372

118

209

138

-45

OE-16-02

566232

5500445

146

173

140

-45

OE-16-03

566263

5500515

138

218

315

-45

OE-16-04

566171

5500171

120

224

340

-45

  Table 1. 2016 Colchester drillhole collar table.

 

OE-16-01 was designed to twin historical hole CC-03-09, drilled in 2003 by a previous operator. OE-16-01 was successful in confirming a general correspondence in major lithological units and mineralized zones. Mineralization intersected in OE-16-01 was primarily disseminated to stringer sulfides, with local massive sulfides comprised of up to 8.79% copper and 1.75 grams per tonne gold over 0.77 m (core thickness). At depth, a broad zone of silicified, foliated chalcopyrite-pyrite-chert stringers was intersected over approximately 19 m (core thickness), highlighted by 5.99 m of 1.05% Cu, 231 ppb Au.

 

OE-16-02 (120 m northeast of OE-16-01) was designed to step out from historical holes H-76 and H-78, drilled in 1970 by a previous operator. It intersected zones of foliated quartz porphyry that were not intersected in the historical holes. Narrow intervals of strongly foliated mafic volcanics hosting disseminated to locally stringer-style banding of pyrite with minor chalcopyrite are interspersed within the unmineralized porphyry. At depth, a quartz-chalcopyrite vein with surrounding disseminated pyrite and chalcopyrite assayed 5.07% copper over 1.03 m. Zones of disseminated sulfides occur throughout the hole.

 

OE-16-03 (190 m northeast of OE-16-01) was designed to undercut historical holes CC-03-07 and CC-03-08, drilled in 2003 by a previous operator. This hole successfully intersected the same Cu-Zn zones as the historical drilling. These zones differ from OE-16-01, 02 and 04 in that they are not hosted by chlorite schist but by silica flooded, foliated mafic volcanics bearing disseminated to commonly cm-scale stringer chalcopyrite-pyrite-chert or pyrite-sphalerite-chert mineralization. This area of Old English appears to be a distinct structural sliver relative to the holes further southeast.

 

OE-16-04 (200 m south of OE-16-01) was not specifically located in reference to any historic holes but was designed to test a chargability anomaly from the induced polarization geophysical survey completed by Vulcan in late 2016. This hole intersected a broad zone of disseminated sulfide mineralization that was dominated by pyrite and minor chalcopyrite and hosted by chlorite schist, assaying 0.22% Cu over 16.54 m. It is believed that this sulfide mineralization at least partially explains the chargability anomaly targeted by this hole. Near the bottom of the hole several strongly silicified altered felsic dikes with quartz-carbonate-pyrite veins were intersected.

 

 

HOLE

From (m)

To (m)

Length (m)

Cu (%)

Au (g/t)

OE-16-01

48.52

65.27

16.75

0.69

0.16

Including sub-intervals:

OE-16-01

52.85

53.62

0.77

8.79

1.75

OE-16-01

48.52

53.62

5.10

1.60

0.32

 

 

 

 

 

 

OE-16-01

83.00

85.76

2.76

0.75

0.11

OE-16-01

89.30

92.26

2.96

0.84

0.09

OE-16-01

170.64

176.63

5.99

1.01

0.23

 

 

 

 

 

 

OE-16-02

146.36

147.39

1.03

5.07

0.11

 

 

 

 

 

 

OE-16-03

70.73

84.18

13.45

0.65

0.24

Including sub-interval:

OE-16-03

76.73

84.18

7.45

1.02

0.32

 

 

 

 

 

 

OE-16-03

93.50

96.50

3.00

0.60

0.08

 

 

 

 

 

 

OE-16-04

16.00

32.54

16.54

0.22

0.08

 

 

Table 2 summarizes composited assay intervals described above. These intervals are length-weighted averages of core-thickness intervals. Individual sample widths do not exceed 2 meters. Internal dilution occurs in OE-16-01 interval from 48.52 to 65.27 m and comprises 3.88 m of unassayed core and in OE-16-03 from 70.73 to 84.18 meters including sub-interval 76.73 to 84.18 meters comprising an interval of 0.73 m. In each instance, the unassayed interval is assigned a copper value of 0 ppm (i.e. the unassayed interval does not contribute positive value to the overall composite).

 

Vulcan used Eastern Analytical Ltd. (Eastern) for all sample assaying in this drilling program. Eastern Analytical is located in Springdale, NL and is an ISO/IEC 17025 accredited laboratory. Vulcan employed Eastern’s ICP-34 multi-element analysis package grouped with their gold by fire assay package and, for base metals assaying greater than detection limits (10,000 ppm), an “ore-grade” multi-acid digestion package by atomic absorption was used to finish the analysis. Vulcan employed the use of standard reference materials for quality control and quality assurance at a rate of 7% of total samples. Preliminary inspection of these control samples shows them to be within the expected limits.

 

Patrick Laracy, President, commenting on the program noted “We acquired this project in May 2016 and moved quickly to undertake an extensive digital compilation of historic data, a preliminary geologic field assessment, a high-resolution IP geophysical program and an introductory round of confirmation drilling by December 2016. I am very pleased with the drilling results and the significant progress made at Colchester. Given the extensive nature of mineralization on this property we will continue to carry out a serious evaluation with further drilling planned for 2017.”

 

The Colchester property is owned 100% by Vulcan and is accessible by paved road approximately 25 kilometres off the Trans Canada Highway. The area is serviced by an airport at Deer Lake 110 kilometres to the southwest. Please refer to our webpage www.vulcanminerals.ca for location and geology maps. The 2016 work program is eligible for financial assistance from the Junior Exploration Assistance Program of the Government of Newfoundland and Labrador.

 

Patrick J. Laracy, P. Geo, President, and Patrick Collins, P. Geo, are qualified persons responsible for the contents of this news release as defined in National Instrument 43-101.

 

We seek Safe Harbor.

 

Vulcan is establishing itself as a leading explorer in Newfoundland and Labrador focussed on project generation, value addition and partnering. Vulcan has projects available for option, including Colchester, and a competent team to operate all exploration activities. Contact us for opportunity in mineral exploration and development.

 

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 achieved. 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, President

(709) 754-3186

info@vulcanminerals.ca  

www.vulcanminerals.ca