ST. JOHN’S, Newfoundland and Labrador, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-V: VUL), is pleased to provide the following exploration update on its 100% owned projects.
- Carbonear SEDEX Zinc/Gold project acquired – Magnetic, LIDAR and geochemical surveys completed
- Springdale Gold - geochemical survey completed over high grade gold trend
New Project Generation – Carbonear
The Company continues to generate and stake new gold and base metal projects as part of its ongoing strategy to leverage its geologic knowledge base in Newfoundland. As part of that strategy, the Company has staked the Carbonear Property in eastern Newfoundland consisting of 777 claims (19,425 hectares) for both sedimentary hosted zinc and gold potential. The area was originally identified (1980) for its sedimentary exhalative base metal potential (SEDEX) by Cominco, who operated the giant Sullivan SEDEX mine in British Columbia, one of the largest zinc/lead mines in the world. The Carbonear property contains one of the highest multi-element lake sediment geochemical anomalies in Newfoundland hosted in a favorable Late Proterozoic age sedimentary sequence.
As part of the 2022 exploration program Vulcan has flown the entire property with a high resolution magnetic and VLF electromagnetic survey. Initial results have identified a kilometer- scale, magnetically anomalous zone that may relate to the multi-element geochemical signatures on the property. Additionally, the company flew a high-resolution LIDAR survey over the entire property. LIDAR provides a very detailed topographic image of the area allowing geologic faults and related structures to be mapped. The company has also carried out a soil geochemical sampling survey of the property. A total of 636 samples have been taken and submitted to the laboratory for analysis. Combined with the geophysical results these data will help direct exploration efforts in 2023.
Patrick Laracy, President noted “The Carbonear project is an early-stage quest for a world class mineral deposit. Several favorable geologic factors have led us to this underexplored area at a time when global primary zinc sources are projected to be in decline. Gold indicators in this area are also very intriguing.”
The Springdale property hosts numerous historic copper and gold deposits and showings including the Colchester project. The 2022 exploration program focused on the Pine Pond – Maple Leaf area gold potential.
Historic results from the Maple Leaf showing yielded up to 54 grams/tonne (g/t) gold in grab samples, 840 g/t gold in heavy mineral concentrates (stream sample) and visible gold in tills. The showing is on structural trend with the Burnt Berry prospect, approximately 3 kilometers (km) southwest, where historic work has reported 6.6 g/t gold over 7.2 meters in channel sampling (Noranda 1988 assessment report filed with the provincial government). The Company notes that historic results may not be indicative of current and future exploration results.
Current exploration work consists of soil geochemical sampling along this trend. A total of 443 samples have been taken and shipped to the laboratory for analysis. A crew is currently in the field delineating ground access along the northern extension of the trend to facilitate further detailed exploration.
Patrick Laracy, President commented “The Pine Pond – Maple Leaf trend requires an intense exploration effort given the high-grade gold values reported from cursory historic work. As a follow up to our 2022 geochemical program, we are currently re-establishing old trails to allow for continuous access to the area for detailed investigation.”
Property maps are available in the corporate presentation at the company’s website landing page, www.vulcanminerals.ca.
Vulcan Minerals is a precious and base metals exploration company based in St. John's, 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 33 per cent of the shares in Atlas Salt Inc. (TSXV: SALT). Atlas Salt is carrying out a feasibility analysis on its 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.
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.