19:35:17 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Vulcan Minerals Inc
Symbol VUL
Shares Issued 58,526,129
Close 2017-01-17 C$ 0.055
Market Cap C$ 3,218,937
Recent Sedar Documents

Vulcan drills 0.77 m of 8.79% Cu at Colchester

2017-01-17 09:14 ET - News Release

Mr. Patrick Laracy reports

VULCAN MINERALS INC. DRILLS 5.10 M OF 1.6% COPPER AT COLCHESTER COPPERGOLD PROJECT IN NEWFOUNDLAND

Vulcan Minerals Inc. has received final assay results from the recently completed drilling program at the Colchester copper/gold project in north-central Newfoundland. As previously reported, four holes totalling 824 metres were drilled at the Old English zone to explore the possible extensions of historical drill intersections of copper and gold mineralization. Vulcan assayed 127 samples from this drilling program. The program was very successful in reaching its objectives of confirming mineralization tenor and geology, as well as providing initial calibration of the recently completed high-resolution induced polarization survey.

OE1601 was designed to twin historical hole CC0309, drilled in 2003 by a previous operator. OE1601 was successful in confirming a general correspondence in major lithological units and mineralized zones. Mineralization intersected in OE1601 was primarily disseminated to stringer sulphides, with local massive sulphides composed of up to 8.79 per cent copper and 1.75 grams per tonne gold over 0.77 metre (core thickness). At depth, a broad zone of silicified, foliated chalcopyritepyritechert stringers were intersected over approximately 19 metres (core thickness), highlighted by 5.99 metres of 1.05 per cent copper and 231 parts per billion gold.

OE1602 (120 m northeast of OE1601) was designed to step out from historical holes H76 and H78, drilled in 1970 by a previous operator. It intersected zones of foliated quartz porphyry that were not intersected in the historical holes. Narrow intervals of strongly foliated mafic volcanics hosting disseminated to locally stringerstyle banding of pyrite with minor chalcopyrite are interspersed within the unmineralized porphyry. At depth, a quartz-chalcopyrite vein with surrounding disseminated pyrite and chalcopyrite assayed 5.07 per cent copper over 1.03 m. Zones of disseminated sulphides occur throughout the hole.

OE1603 (190 m northeast of OE1601) was designed to undercut historical holes CC0307 and CC0308, drilled in 2003 by a previous operator. This hole intersected the same copper-zinc zones as the historical drilling. These zones differ from OE1601, 02 and 04 in that they are not hosted by chlorite schist but by silica-flooded, foliated mafic volcanics bearing disseminated to commonly stringer chalcopyritepyritechert or pyritesphaleritechert mineralization. This area of Old English appears to be a distinct structural sliver relative to the holes farther southeast.

OE1604 (200 m south of OE1601) was not specifically located in reference to any historical holes but was designed to test a chargability anomaly from the induced polarization geophysical survey completed by Vulcan in late 2016. This hole intersected a broad zone of disseminated sulphide mineralization that was dominated by pyrite and minor chalcopyrite and hosted by chlorite schist, assaying 0.22 per cent Cu over 16.54 m. It is believed that this sulphide mineralization at least partially explains the chargability anomaly targeted by this hole. Near the bottom of the hole, several strongly silicified altered felsic dikes with quartz carbonatepyrite veins were intersected.

                                     DRILLING RESULTS

Hole         From (m)             To (m)       Length (m)        Cu (%)      Au (g/t)

OE1601         48.52              65.27            16.75          0.69          0.16
Including subintervals
OE1601         52.85              53.62             0.77          8.79          1.75
OE1601         48.52              53.62             5.10          1.60          0.32
OE1601         83.00              85.76             2.76          0.75          0.11
OE1601         89.30              92.26             2.96          0.84          0.09
OE1601        170.64             176.63             5.99          1.01          0.23
OE1602        146.36             147.39             1.03          5.07          0.11
OE1603         70.73              84.18            13.45          0.65          0.24
Including subinterval
OE1603         76.73              84.18             7.45          1.02          0.32
OE1603         93.50              96.50             3.00          0.60          0.08
OE1604         16.00              32.54            16.54          0.22          0.08

The attached table summarizes composited assay intervals described herein. These intervals are length-weighted averages of core thickness intervals. Individual sample widths do not exceed two metres. Internal dilution occurs in the OE1601 interval from 48.52 to 65.27 m and comprises 3.88 m of unassayed core and in OE1603 from 70.73 to 84.18 metres, including subinterval 76.73 to 84.18 metres comprising an interval of 0.73 m. In each instance, the unassayed interval is assigned a copper value of zero part per million (that is, the unassayed interval does not contribute positive value to the overall composite).

Vulcan used Eastern Analytical Ltd. for all sample assaying in this drilling program. Eastern Analytical is located in Springdale, Nfld., and is an ISO/IEC 17025-accredited laboratory. Vulcan employed Eastern's ICP34 multielement analysis package grouped with gold by fire assay package, and, for base metals assaying greater than detection limits (10,000 ppm), an ore grade multiacid digestion package by atomic absorption was used to finish the analysis. Vulcan employed the use of standard reference materials for quality control and quality assurance at a rate of 7 per cent of total samples. Preliminary inspection of these control samples shows them to be within the expected limits.

Patrick J. Laracy, president, commenting on the program, noted: "We acquired this project in May, 2016, and moved quickly to undertake an extensive digital compilation of historic data, a preliminary geologic field assessment, a high-resolution IP geophysical program and an introductory round of confirmation drilling by December, 2016. I am very pleased with the drilling results and the significant progress made at Colchester. Given the extensive nature of mineralization on this property, we will continue to carry out a serious evaluation with further drilling planned for 2017."

The Colchester property is owned 100 per cent by Vulcan and is accessible by paved road approximately 25 kilometres off the TransCanada Highway. The area is serviced by an airport at Deer Lake 110 kilometres to the southwest. Please refer to the company's web page for location and geology maps. The 2016 work program is eligible for financial assistance from the junior exploration assistance program of the government of Newfoundland and Labrador.

Mr. Laracy, PGeo, president, and Patrick Collins, PGeo, 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 focused on project generation, value addition and partnering. Vulcan has projects available for option, including Colchester, and a competent team to operate all exploration activities.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.