Vulcan Minerals Inc. – Acquires claims adjacent to the Marathon Gold deposit claims in Central Newfoundland
St. John’s Newfoundland and Labrador – Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL) announces that, consistent with its strategy of generating mineral exploration projects, it has acquired additional claims in central Newfoundland. The properties consist of an extension to the company’s existing Lizard Pond property and the new Red Cross Lake property adjacent to the Marathon Gold deposit claims.
The original property consisted of 62 claims (1550 hectares) covering the main gold showings, which occur in a hydrothermally altered major fault zone within the Gander belt of east central Newfoundland. Subsequent to this acquisition Palisade Resources Corp staked approximately 3000 claims immediately adjacent to the Lizard Pond claims extending northeastward along the Gander belt. Vulcan acquired an additional 217 claims over strategic western and northern extensions of the favourable Lizard Pond geology based on compilation work which was ongoing at the time. These claims include gold-bearing breccias that were discovered by a previous operator, the significance of which will await field evaluation.
Red Cross Lake
Marathon Gold Corporation (Marathon) has been an active and very successful explorer in the Valentine Lake Belt of west central Newfoundland for several years and has discovered and delineated multiple gold deposits. Deep drilling at the Marathon deposit has encountered thick sections of gold-bearing quartz-tourmaline-pyrite veins with impressive grade and depth continuity. Marathon recently (March 28, 2017) announced an updated Mineral Resource Report for its Valentine Lake Project which identified in excess of 2.0 million ounces of gold in all resource categories. As such the Valentine Lake Project has emerged as the largest active gold camp in Newfoundland, extending in excess of 20 km. Much of the strike extent of the belt and associated structures have been staked and are expected to be the site of significant exploration activity in 2017 and beyond.
Vulcan has acquired through staking, a property (60 claims) immediately adjacent to the claims containing the Marathon Gold deposit (3.8 km east of the actual deposit). Vulcan’s claims are situated along a favourable east-west structure. Based on geological compilation and interpretive work Vulcan believes that certain cross-cutting structures may be prospective for gold-bearing quartz-tourmaline-pyrite veins similar to those on the Valentine Lake project. In 2005 Falconbridge Ltd. carried out a drilling program in an ultramafic intrusion that covers a portion of the Red Cross Lake property in search of nickel. They reported the occurrence of angular float of meta-sedimentary rock (not the intrusion) which assayed 5.82 grams per tonne gold. The significance of this occurrence will await field evaluation.
The Company is in the process of compiling all available information towards designing a 2017 exploration program to evaluate the new claims. For a map of the central Newfoundland properties please visit www.vulcanminerals.ca.
Patrick Laracy, President noted “We continue to put together a high quality portfolio of mineral properties and look forward to adding value and leveraging this value into joint venture opportunities. Based on the successful work of explorers in central Newfoundland the area is attracting well-financed groups which are expected to increase gold exploration in 2017. We are excited to be part of it.”
Patrick J. Laracy, P. Geo, President, and Patrick Collins, P. Geo, Exploration Manager, are qualified persons responsible for the contents of this news release as defined in National Instrument 43-101.
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 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