October 24th, 2018
Vulcan Minerals Inc. – Exploration Update
St. John’s Newfoundland and Labrador – Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V:VUL) provides the following exploration update:
Lizard Pond Gold
Company geologists were mobilized to the Lizard Pond property in early September to locate, sample and explore several historical areas identified as being anomalous in gold and arsenopyrite and associated with silica flooding textures including breccias and epithermal veining. They were successful in relocating and sampling these anomalous areas and identified boulders containing arsenopyrite, pyrite, quartz breccia and epithermal textures in quartz. In the main Lizard Pond project area the gold showings are typically associated with both sulfide mineralization and a variety of silica alteration textures such as those observed during recent field work. Several samples were collected for analysis and assay results are pending.
In 2017 the Company carried out prospecting work on the five main epithermal ophiolite related gold showings at Lizard Pond to confirm the historic results which included grab samples up to 22 grams per tonne gold. The recent program completes the initial evaluation of the property. The Company is seeking partners to option or joint venture further work on the property.
The property is located approximately 40 kilometers south of the Moosehead project which is currently being drilled by Sokoman Iron Corp. (Sokoman) where recent drilling included a bonanza grade mineralized intersection of 11.9 metres of 44.96 grams per tonne gold (see Sokoman news release of July 24th for full details). Numerous claims have been staked south of Moosehead along the Mount Peyton trend which have linked up with Vulcan’s land position at Lizard Pond demonstrating the perceived prospectively of the area.
Red Cross Lake Nickel
The Company has initiated a review of the Red Cross Lake property in central Newfoundland for its nickel, copper and cobalt potential. The property contains the Red Cross Lake intrusive suite, a layered mafic-ultramafic intrusion which received a preliminary evaluation of its nickel potential by Falconbridge in 2005. The Silurian-Devonian aged intrusion is situated in a dilational portion of the Victoria Lake shear zone of central Newfoundland. This setting is considered favorable for the emplacement of intrusive mafic systems with the potential to form magmatic nickel-copper-cobalt mineralization. The property structurally offsets the Marathon gold deposit to the west which is currently being delineated by Marathon Gold Corp. As such gold was the initial focus of attention on this property and will remain a target of interest based on the positive results of the 2017 soil geochemical survey. However, the nickel potential of the project warrants evaluation. Mr. Patrick Collins P. Geo., exploration manager of the Company, completed a Master of Science thesis on the Red Cross Intrusion in 2007. He identified several factors that highlight the potential for nickel sulphide development including evidence of nickel depletion (in olivine) in certain units of the intrusion. This may indicate that an immiscible sulfide melt could have preferentially extracted this nickel, which is a critical process for forming nickel sulfide mineralization. The ongoing review has included recent inspection and sampling of drill core from historical exploration as well as a compilation and analysis of historic geophysical data. Mr. Collins will be presenting a review of this work at the upcoming Canadian Institute of Mining and Metallurgy Conference in St. John’ s on November 03, 2018.
South Voisey’s Bay Nickel
Fjordland Exploration Inc. (Fjordland) has announced results from their summer drill program at the South Voisey’s Bay nickel project in Labrador. The exploration program was completed in August 2018 and comprised 1,253.2 metres of drilling in 11 holes along with property wide geological mapping. One hole was completed on Vulcan’s claims. The drilling did not encounter ore grade nickel -copper sulfides over any significant width. In part the Fjordland news release stated:
“The geological information from drilling and preliminary mapping will guide the refinement of the intrusion history through classification and quantifying of gabbro breccias that will resolve magma pathways and high priority feeders. This work, to be completed this winter, will guide field programs in 2019. Many attractive targets remain to be tested on this large property.”
Fjordland has advised that sufficient work has been carried out on Vulcan’s claims to keep them in good standing and that the necessary assessment work reports will be filed with the government regulator. As previously reported, the Company has signed a binding Letter of Intent with Fjordland granting Fjordland the option to acquire a 65% working interest in 30 mineral claims located in the South Voisey’s area. Under the terms of the agreement, Fjordland has the option to pay Vulcan $45,000 and incur $150,000 in exploration expenditures over a period of three years. If the option is exercised a joint venture will be formed whereby Vulcan will be carried for 100% of its joint venture expenditures on the claims until Fjordland earns its full interest from Commander Resources Ltd. on surrounding contiguous lands or a minimum expenditure of $7 million on those lands.
Please refer to our webpage www.vulcanminerals.ca for location maps and related information.
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.
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