July 14, 2020
Vulcan Minerals Inc. – Expands Gander Belt Gold Claims in Newfoundland
St. John’s Newfoundland and Labrador – Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V:VUL) is pleased to announce that it has acquired, through staking, an additional 214 mineral claims in the Gander Belt of central Newfoundland. The claims contain or are on trend with known gold showings, epithermal mineralization characteristics or favorable geochemical signatures from regional lake and till samples. Additional details will be forthcoming. The Gander Belt extends over 100 kilometers from the north coast of Newfoundland to the south-central part of the island and is constrained by two regional structures, the Dog Bay Line to the west and the GRUB Line to the east. Newfound Gold Corp. has reported drill results within the belt of up to 92.86 grams/tonne gold over 19.0 meters including 285.2 g/t gold over 6.0 meters (Queensway project) as per a news release dated January 28, 2020. This, combined with other gold developments in the province and the rising price of gold, has resulted in a staking rush through out the belt. Vulcan’s new claims are accessible by paved and woods roads. These claims are in addition to the Lizard Pond project (42 claims) in the south part of the belt. Previous work by the company at Lizard Pond confirmed the historic gold potential of the area.
The Company now has exposure to three of the most active gold exploration belts in the province, including the Valentine Lake trend and the Green Bay fault trend. At Valentine Lake, Marathon Gold Corp is developing Newfoundland’s largest gold deposit with estimated resources exceeding 4 million ounces gold in all categories (per news release dated April 06, 2020). Vulcan’s Red Cross Lake project is adjacent to and is within 4 km of the main marathon deposit along a favorable structural corridor. At Green Bay, Maritime Resources Corp. is in the process of reactivating the Hammerdown gold mine and related deposits. Vulcan’s Colchester/Springdale project lies immediately northeast of Maritime’s acreage. It includes the Burnt Berry prospect which has returned historic channel samples by Noranda of 6.67 grams per tonne gold over 7.2 meters from quartz carbonate veining in a volcanic sequence (as per work assessment reports filed with the provincial government).
The Company has already commenced its 2020 exploration season with a scouting trip to Springdale to prospect and investigate optimal access to several known gold occurrences including the Maple Zone which has reported historic grab samples of 66 grams per tonne gold and up to 850 grams per tonne gold in heavy mineral concentrates from stream sediments. Further exploration work in all three belts is planned for this year subject to financing.
Patrick Laracy, President commented “Its encouraging to see the increasing interest in gold exploration in Newfoundland. We have assembled strategically located properties over the last couple of years and look forward to an accelerated rate of exploration as the equity markets improve for the junior mining sector. Our local knowledge of Newfoundland geology and exploration history helps us generate selective exploration projects.”
A location map for the newly acquired Gander Belt claims is attached to this news release and can be accessed at www.vulcanminerlas.ca
Patrick J. Laracy, P. Geo, President, is the qualified person responsible for the contents of this news release as defined in National Instrument 43-101.
We seek Safe Harbor. 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