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Vulcan Minerals Inc
Symbol VUL
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Close 2017-03-01 C$ 0.055
Market Cap C$ 3,218,937
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Vulcan Minerals acquires Little Bay property in Nfld.

2017-03-02 10:43 ET - News Release

Mr. Patrick Laracy reports

VULCAN MINERALS INC. - ACQUIRES LITTLE BAY COPPER-GOLD PROJECT IN NEWFOUNDLAND - SAMPLES HIGH-GRADE COPPER

Vulcan Minerals Inc. has acquired, by staking, the Little Bay copper-gold property in north-central Newfoundland approximately 10 kilometres southeast of its existing Colchester project. The property consists of 95 claims (2,400 hectares) covering the past-producing Little Bay and Sleepy Hollow mines. These mines operated from 1961 to 1969. The Little Bay mine produced 2.85 million tonnes at grades ranging from 0.89 per cent to 1.96 per cent copper and 6,300 ounces gold. In the later stages of production, the Sleepy Hollow mine produced 700,000 tonnes at a grade of 1.5 per cent copper.

Vulcan is currently compiling an extensive digital dataset including mining and production models, exploratory drilling, surficial sampling, and geophysical surveys. This will be the first fully digital dataset allowing for the integration of various vintages of information which will facilitate a better understanding of the widespread mineralization on the property. Historical activity generally focused on mine workings with relatively little local exploration. Mining ceased at Little Bay due to the collapse of the crown pillar. The remaining copper resources, if any, at both mines, has not yet been determined. It is Vulcan's intention to evaluate the complete dataset to determine what copper resources may remain in the old workings, but more importantly to evaluate the potential for extensions of the mineralization outside historic workings and to locate possible fault repetitions of the deposits or related deposits of similar origin in favourable geologic horizons.

The Little Bay claim block is adjacent to claims owned by another operator that contain the past-producing Whalesback and Little Deer copper mines which are geologically similar to the Little Bay mine. Whalesback is approximately 600 metres from the Little Bay claim boundary while Little Deer is approximately 1,600 metres from the claim boundary along favourable structural trends. Whalesback produced 3.79 million tonnes at approximately 1 per cent copper (1965 to 1971) and the Little Deer mine produced approximately 75,000 tonnes at approximately 2 per cent copper before depressed market conditions forced closure of the mines. Please refer to the company's webpage for location and general geology maps.

The historical information regarding the Little Bay property and production histories of adjacent mines are taken from assessment reports filed with and compilations by the government of Newfoundland and Labrador Department of Natural Resources as archived in the Mineral Occurrence Data System (MODS).

Vulcan geologists have visited the Little Bay property, selecting four samples from the dump material at the Little Bay mine that assayed high-grade copper as displayed in the table.


   LITTLE BAY MINE SITE
 
Sample   Au (g/t)   Cu (%)
 
PC16131     0.71     19.8
PC16132     0.83     11.1
PC16133     0.08     3.73
PC16134     0.33     20.9

Several other mineral prospects occur on the property as follows.

Hearn gold-copper prospect

The Hearne prospect is approximately 900 metres northwest of the Little Bay mine and consists of shear-hosted quartz-pyrite veins in chloritized schists similar to other locally hosted mineralization. Historical work centred on the outcrop occurrences and related trenching. Several historic grab samples have been reported ranging from less than one gram per tonne gold up to 27.5 g/t along a 100-metre (strike) zone contained within a shear structure exceeding one kilometre in length. Four historic short drill holes did not account for the high-grade gold occurrences. Vulcan believes this zone has not been properly evaluated given its proximity to the Little Bay mine and its favourable geology.

Delaney shaft copper-gold prospect

The Delaney shaft prospect is approximately two kilometres southwest of the Little Bay mine and exhibits similar copper/gold mineralization in volcanic-hosted chloritic schists occurring as semi-massive to massive pyritic sulphides with associated gold. Several historic assays have been reported. Typical of these is a Falconbridge (1989) 1.4-metre chip sample of 1.7 per cent copper and 0.4 gram per tonne gold (g/t).

Shelbird Bight gold prospect

The Shelbird Bight gold prospect is approximately three kilometres south of the Little Bay mine and consists of a one-to-three-metre-wide iron-carbonate shear zone hosting 2 to 3 per cent pyrite which has assayed 1.6 g/t gold in grab samples. Float has been identified assaying 31.8 g/t gold and 38.2 g/t gold in altered volcanic rocks approximately 70 metres along strike from the outcrop showing (Inco 1990). Two shallow drill holes failed to account for the high-grade float. Vulcan believes this mineralized zone has not been properly evaluated given that one of the holes ended adjacent to a gold-bearing quartz vein assaying 2.1 g/t over 0.49 m.

Patrick Laracy, president, noted: "The Little Bay project is a natural extension of our Colchester copper-gold project as they occur in similar geology and represent a growing presence for Vulcan on the Springdale peninsula. This will result in definite cost and execution efficiencies for future exploration. This area has a rich mining history."

The company is in the process of compiling all available information toward designing a 2017 exploration program to evaluate the Little Bay property. The property is accessible by paved road approximately 20 kilometres off the Trans-Canada Highway. The area is serviced by an airport at Deer Lake 110 kilometres to the southwest.

Patrick J. Laracy, PGeo, president, and Patrick Collins, PGeo, exploration manager, 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 and a competent team to operate all exploration activities.

We seek Safe Harbor.

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