ST. JOHN’S, Newfoundland and Labrador, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-V: VUL), announces impressive copper - gold assay results from the McNeily drill program carried out in late 2023 as part of the Company’s Colchester project in central Newfoundland. Highlights are as follows:
15 meters of 1.21% copper and 0.51 grams per tonne gold including 6.75 meters of 2.38% copper and 1.01 grams per tonne gold in CL-23-13
13.5 meters of 1.51% copper and 0.95 grams per tonne gold including 7.5 meters of 2.49% copper and 1.55 grams per tonne gold in CL-23-14
A total of 1001 meters (m) were drilled over 6 holes within mafic volcanic rock sequences in the McNeily area. Stringer, disseminated and locally semi - massive sulfide zones were encountered containing chalcopyrite with variable associations of pyrite, pyrrhotite and minor sphalerite. Mineralization is associated with chalcopyrite within sheared and chloritized mafic volcanic rocks. Quartz and quartz/carbonate veining is locally developed.
McNeily Zone
CL-23-13 Hole CL-23-13 was collared approximately 75 m south of CL-21-01 (Vulcan 2021 drill hole) and was drilled to a depth of 143.0 m. Notable intersections include 15.0 m of 1.21% Cu and 0.51 g/t Au from 8.0 m to 23.0 m including 6.75 m of 2.38 % Cu and 1.01 g/t Au from 11.0 m to 17.75 m. Within this interval one 1.5 m sample assayed 3.23% Cu and 1.15 g/t Au from 12.5 m to 14.0 m.
HOLE ID
From (m)
To (m)
Length (m)
Type
Cu %
Au g/t
CL-23-13
8
23
15
Composite
1.21
0.51
Including
11
17.75
6.75
Composite
2.38
1.01
And
12.5
14
1.5
Sample
3.23
1.15
CL-23-14 Hole CL-23-14 was collared approximately 50 metres north of CL-23-13 and was drilled to a depth of 131.0 m. Mineralization consists of disseminated and coarse stringer chalcopyrite and pyrite. Results include 26.0 m of 0.72% Cu and 0.9 g/t Au from 0 to 26.0 m including 4.5 m of 1.25% Cu and 0.19 g/t Au from 9.5 m to 14.0 m. The main mineralized interval in CL-23-14 includes 13.5 m of 1.51% Cu and 0.95 g/t Au from 48.5 m to 62.0 m including 7.5 m of 2.49% Cu and 1.55 g/t Au. One 1.5 m sample from 53.0 m to 54.5 m returned 4.85 % Cu and 3.56 g/t Au.
HOLE ID
From (m)
To (m)
Length (m)
Type
Cu %
Au g/t
CL-23-14
0
26
26
Composite
0.72
0.09
Including
9.5
14
4.5
Composite
1.25
0.19
CL-23-14
33.5
41
7.5
Composite
0.03
0.91
Including
38
39.5
1.5
Sample
0.04
2.08
CL-23-14
48.5
62
13.5
Composite
1.51
0.95
Including
48.5
56
7.5
Composite
2.49
1.55
And
53
54.5
1.5
Sample
4.85
3.56
CL-23-09 Hole CL-23-09 was drilled to a depth of 209 m approximately 25 m across strike from a trenched area where the McNeily zone is exposed. Chalcopyrite is present as narrow stringers and disseminations. Notable intersections include 6.5 m of 0.45% Cu and 0.95 g/t Au from 24.0 m to 30.5 m including 2.5 m of 0.90% Cu and 1.94 g/t Au from 24.0 m to 26.5 m.
HOLE ID
From (m)
To (m)
Length (m)
Type
Cu %
Au g/t
CL-23-09
24
30.5
6.5
Composite
0.45
0.95
Including
24
26.5
2.5
Composite
0.90
1.94
CL-23-10 Stepping out 50 m southwest of CL-23-09, this hole was drilled to 161 m to test mineralization at depth beneath an exposed trench.
The main mineralized zone includes 5.0 m of 0.4% Cu from 35.0 to 40.0 m. A 1.8 m sample includes 2.71 g/t Au from 128 m to 129.8 m.
HOLE ID
From (m)
To (m)
Length (m)
Type
Cu %
Au g/t
CL-23-10
35
40
5
Composite
0.40
0.08
CL-23-10
128
129.8
1.8
Sample
0.06
2.71
CL-23-11 Hole CL-23-11 was collared 50 m southwest of CL-23-10 and drilled to a depth of 150 m. This hole was intended to test the extension of mineralization along strike of the exposed trench mineralization at McNeily. Results include 9.0 m of 0.73% Cu from 62 to 71 m including 3.5 m of 1.22% Cu from 63.0 to 66.5m.
HOLE ID
From (m)
To (m)
Length (m)
Type
Cu %
Au g/t
CL-23-11
13.5
17.5
4
Composite
0.32
0.60
Including
15.5
17
1.5
Composite
0.62
1.13
And
15.5
16
0.5
Sample
0.89
2.84
CL-23-11
62
71
9
Composite
0.73
0.24
including
63
66.5
3.5
Composite
1.22
0.24
And
64.15
64.65
0.5
Sample
2.81
0.46
CL-23-11
79.7
82
2.3
Composite
0.61
0.16
CL-23-12 Hole CL-23-12 was drilled 90 m southeast of CL-23-11 and 40 m southeast of CL-21-01. This hole was drilled towards the northwest to scissor hole CL-21-01 (14 meters of 2.31% Cu within a wider zone of 28 meters of 1.58% Cu). CL-23-12 was abandoned at 22 m due to hole conditions. Chalcopyrite occurs as coarse stringers and veinlets. Results include 0.87% Cu and 0.33 g/t Au over 5.5 m from 5 m to 10.5 m including 2.53% Cu and 0.70 g/t Au over 1.5 m from 5.5 m to 7.0 m. A 10 m interval from 12.0 m to 22.0 m includes 0.89 % Cu and 0.23 g/t Au including 2.80% Cu and 0.86 g/t Au over 1.5 m from 12.5 m to 14.0 m.
HOLE ID
From (m)
To (m)
Length (m)
Type
Cu %
Au g/t
CL-23-12
5
10.5
5.5
Composite
0.87
0.33
Including
5.5
7
1.5
Composite
2.53
0.70
And
6
6.5
0.5
Sample
4.19
1.26
CL-23-12
12
22
10
Composite
0.89
0.23
Including
12.5
14
1.5
Composite
2.80
0.86
And
12.5
13
0.5
Sample
5.19
2.13
CL-23-12A Hole CL-23-12A was drilled approximately 5 m northeast CL-23-12. It was drilled to 185.0 meters. Mineralization includes 0.26% Cu and 0.19 g/t Au over 7.5 m from 12.5 m to 20.0 m, 0.35% Cu over 4.5 m from 24.5 m to 29.0 m and 0.23% Cu over 10.5 m from 98.0 m to 108.5 m.
HOLE ID
From (m)
To (m)
Length (m)
Type
Cu %
Au g/t
CL-23-12A
12.5
20
7.5
Composite
0.26
0.19
CL-23-12A
24.5
29
4.5
Composite
0.35
0.03
CL-23-12A
89
92
3
Composite
0.37
0.04
CL-23-12A
98
108.5
10.5
Composite
0.23
0.03
Notes: True widths are uncertain and more drilling is required to ascertain proper orientation of the mineralized zones. The tables summarize composited assay intervals described for the reported holes. These intervals are length-weighted averages of core-thickness intervals. Only assayed intervals were included in the composites. A total of 614 samples were cut and submitted for assay. Significant assays are reported herein, remaining samples represent lower grade envelopes around the mineralized zones and samples without significant mineralization taken for stratigraphic-calibration purposes.
Drill Hole Coordinates:
HOLE ID
East
North
Elevation
Azimuth
Dip
Length
CL-23-09
566050
5498271
191
120
-65
209
CL-23-10
566003
5498238
180
120
-65
161
CL-23-11
565967
5498200
172
120
-65
150
CL-23-12
566056
5498166
173
300
-65
22
CL-23-12A
566049
5498176
176
300
-65
185
CL-23-13
566038
5498111
168
300
-60
143
CL-23-14
566023
5498158
166
120
-60
131
Coordinates are UTM NAD83 Zone 21
The drill program was successful in delineating and extending the McNeily zone to the south.
President Patrick Laracy notes “The McNeily zone is proving to have continuity along strike, though structurally we expect minor lateral offsets. As such we are evaluating the need for further geophysics to prioritize drill targets for 2024. The high-grade copper with appreciable gold credits warrants further delineation towards adding tonnage to the overall Colchester project.”
The Colchester project is part of the larger Springdale property which hosts numerous historic copper and gold deposits and showings, none of which have been adequately explored with the benefit of modern digital geophysical and geological modelling. These prospects occur within close proximity to each other and provide excellent advanced exploration targets towards resource definition. The Springdale property is road accessible and near significant mining services.
A review of the relevant data with maps is available in the corporate presentation at the company’s website landing page, www.vulcanminerals.ca . Drill location maps are available here.
Quality Control: Vulcan used SGS Natural Resources (SGS) for all sample assaying in this drilling program. SGS Natural Resources analytical laboratories operate under a Quality Management System that complies with ISO/IEC 17025. Vulcan employed SGS’ four-acid digestion / ICP-OES multi-element analysis package grouped with 30 g, fire assay, AAS finish for gold. A four-acid digestion / ICP-OES “ore-grade” analysis package is utilized for base metals assaying greater than detection limits. Vulcan employed the use of standard reference materials for quality control at a rate of 5% of total samples. SGS undertakes their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Preliminary inspection of these control samples shows them to be within the expected limits.
About Vulcan Vulcan Minerals is a precious and base metals exploration company based in St. John’s Newfoundland. The company has strategic land positions in multiple active Newfoundland gold and base metal exploration and development belts. It also holds approximately 30.5 % of the shares in Atlas Salt Inc. (TSXV: SALT). Atlas Salt is an industrial minerals company that is currently developing the Great Atlantic Salt deposit in western Newfoundland.
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.
