Vulcan Minerals Inc. – Colchester/McNeily Drilling and Exploration Update, Newfoundland
ST. JOHN’S, Newfoundland and Labrador, Oct. 23, 2023 (GLOBE NEWSWIRE) — Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL), is pleased to provide an exploration update on its activities in Newfoundland and Labrador as follows:
- Drilling successfully encounters McNeily copper sulphide zone – assays pending
- New geochemical soil sampling completed at Red Cross Lake
Further to the August 01, 2023 new release, 7 holes totalling 1001 meters have been drilled at the McNeily zone within the Colchester project of north-central Newfoundland. Drilling focussed on further delineating mineralization encountered in previous drilling.
Copper and gold mineralization at McNeily is hosted in several stringer, disseminated and locally semi – massive sulfide zones outcropping at surface and continuing at depth and along strike. Mineralization is associated with abundant chalcopyrite with variable pyrite, pyrrhotite and sphalerite within sheared and chloritized mafic volcanic flows. Increased gold content generally correlates with higher zinc grades. The current drill program successfully encountered the McNeily zone. All mineralized samples have been shipped to the laboratory for analysis, with results pending.
Red Cross Lake
At Red Cross Lake in central Newfoundland, the company has completed a soil geochemical survey with the collection of 761 samples. The survey area covers several electromagnetic anomalies identified in the company’s 2021 airborne VTEM survey. These anomalies have the potential to be related to magmatic nickel – copper deposits. The property’s nickel potential was first recognized by Falconbridge in 2005 who carried out a cursory shallow drill program to test electromagnetic conductors derived from ground surveys. Disseminated nickel and copper were intersected but there is no record of follow up by Falconbridge. Inspection and sampling of that historical drill core by the company indicates sulfide textures and characteristics favorable for magmatic sulphide concentration.
Also, the soil grid location will test some of the geologic structures on the property which immediately offset Marathon Gold Corp’s (Marathon) property to the west where Marathon is currently constructing a new gold mine. The Red Cross property is favorably located for cross cutting structures extending eastward from the Marathon property. Angular float was discovered on the property by Falconbridge in 2005 which assayed 5.8 grams gold per tonne.
All geochemical samples have been sent to the laboratory with assay results pending. Results will determine the nature of the next round of exploration on the property.
President Patrick Laracy commented “The Company continues to advance exploration on all of it key properties in 2023. At Colchester/Springdale, we are delineating the historic copper-gold prospects such as McNeily while generating new prospects for gold. We fully expect the geochemical survey data at Red Cross Lake and Carbonear (previously announced) to light up new exploration targets with the prospects for new discoveries.”
Vulcan Minerals is a precious and base metals exploration company based in St. John’s NL, with strategic land positions in multiple active Newfoundland gold exploration and development belts. The Company has leveraged its exploration exposure in most of this land position through equity ownership of other explorers obtained by way of option and royalty agreements. It also holds approximately 30.5% of the outstanding shares in Atlas Salt (TSXV: SALT). Atlas Salt is developing the Great Atlantic salt deposit in western Newfoundland strategically located in the robust road de-icing market of eastern North America.
Patrick J. Laracy, P. Geo. President, is the qualified person responsible for the technical contents of this news release as defined in National Instrument 43-101.
We seek safe harbour.
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion, delivery and timing of the referenced exploration program and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.