Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL) is pleased to announce that it has applied for ten (10) metallic and industrial mineral permits in the western Athabasca area of Alberta approximately 50 Km east of Fort McMurray. The proposed permits encompass approximately 225,000 acres known as the Athabasca Border property. The primary target of the permits is western Athabasca Basin style uranium deposits similar to the recent discoveries of Fission Uranium Corp. and Alpha Minerals Inc. at Paterson Lake South approximately 50 miles northeast. The Paterson Lake South discovery is one of the most significant new mineral discoveries in the world and has attracted significant market interest and a staking rush in the western margins of the Athabasca Basin. The proposed permits lie along a major basement magnetic lineament connecting to the Paterson Lake area. Based on regional and local geology the prospective Precambrian basement rocks are overlain by a veneer of Phanerozoic cover sediments. These cover rocks have provided a degree of protection from erosion to any underlying deposits and a potential trapping mechanism for any rejuvenated mineralized fluids. The Company continues to compile all available technical information in the area to formulate a detailed exploration program in anticipation of the issuance of the permits.
The Alberta Department of Energy has indicated that the applications should be processed by October. There is no guarantee the permits will be issued though numerous such permits are issued in this area of Alberta, held by various parties including Fission Uranium Corp.
Red Moon Potash, a subsidiary of the Company, has released positive drilling results on its salt/potash project in western Newfoundland. The release is available at www.redmoonpotash.com.
Patrick J. Laracy, P.Geo., President and CEO, a qualified person as defined by National Instrument 43-101, is responsible for the preparation of this release.
Vulcan is a diversified junior exploration company with mineral and petroleum exploration interests in Newfoundland and Labrador.
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.
