ST. JOHN'S, NEWFOUNDLAND and LABRADOR / ACCESSWIRE / March 21, 2024 / Vulcan Minerals Inc. ("the Company" - "Vulcan" TSX-V:VUL) is pleased to provide the following exploration update on its Springdale Copper-Gold project in north central Newfoundland.
Highlights:
- Newly discovered Teapot Prospect - Quartz veins assay up to 6.65 g/t Au and up to 1.4% copper in separate samples
- Gold and copper soil geochemical anomalies at Pine Pond and West Brook highlight new exploration targets
Teapot Prospect
In 2023 the Company discovered a new zone of shear-zone hosted gold bearing quartz veins at the "Teapot" prospect while conducting ground follow up on soil geochemical sampling completed in 2022. Mineralization at Teapot consists of gold in chalcopyrite, galena and sphalerite bearing quartz veins hosted in sheared mafic volcanic rocks. Sheared mafic rocks are traceable for up to 500 metres in discontinuously exposed outcrop.
Thirty-three (33) rock samples were collected in the Teapot area. Eight (8) samples assayed greater than 100 parts per billion (ppb) gold with highlights of 6.65 grams per tonne (g/t) Au and 1.3 g/t Au. The showing requires prospecting along the full extent of the shear trend to evaluate its significance.
Soil Geochemical Surveys
GroundTruth Exploration Inc. (GroundTruth) conducted soil geochemical surveys over two grids in the Springdale project namely at Pine Pond and West Brook. A total of 923 soil samples were collected over the two grids. Sampling was carried out on 100m spaced grid lines with 50m sample intervals. Maps with grid locations and sampling results are available at https://vulcanminerals.ca/springdale-gold-copper-2023/
Pine Pond Grid
The Pine Pond soil grid covers the Maple Leaf North, Maple Leaf South and Oak Leaf Prospects. Historical sampling at Maple Leaf North and Maple Leaf South include 55.4 g/t Au and 33.5 g/t Au in grab samples. Historical sampling at Oak Leaf includes 31.5 g/t Au and 19.3 g/t Au in grab samples and 840 g/t Au in heavy mineral stream concentrates.
Results for 409 soil geochemical samples taken over the Pine Pond Grid indicate a linear, northeast-southwest oriented, gold in soil anomaly in the immediate vicinity of the Maple Leaf North prospect extending over 300m. The highest gold value in this anomaly is 125 ppb Au. A second northeast-southwest trending gold in soil anomaly extends over 200m approximately 100m south of the Oak Leaf prospect with a high value of 73 ppb Au. A 100m gold in soil anomaly with a high value of 73 ppb also occurs on the south end of the grid near Pine Pond Brook.
Copper in soil anomalies are widespread at Pine Pond with the values concentrated near the Maple Leaf North (259 parts per million (ppm)) and to the southwest of Oak Leaf. The copper in soil anomaly at Oak Leaf is continuous over 300m with a high value of 514 ppm Cu.
An historic trail was rehabilitated in 2023 providing access to the Pine Pond area which will facilitate further exploration work including ground follow up of all soil anomalies.
West Brook Grid
The West Brook soil grid is located at the northern extent of the Springdale project. Results from 473 samples identify several gold in soil anomalies with 4 samples assaying between 50 - 100 ppb most notably along the West Brook valley fault.
Copper in soil anomalies along this valley are more pronounced on the northwest side of the grid with 15 samples above the 98th percentile of 150 ppm.
President Patrick Laracy commented, "The Springdale project continues to provide very encouraging exploration results. These results focus on new prospect areas outside of the advanced Colchester copper-gold deposits and demonstrate the potential for more copper-gold accumulations on the property. Our objective is to identify new targets while enlarging the historic deposits which will contribute to the regional critical mass of tonnage needed to re-establish the production potential of this historic copper mining camp. We are currently formulating our 2024 exploration work program as we continue to add value to the project."
Quality Control
Vulcan used Eastern Analytical Ltd. (Eastern) and SGS Canada Inc. for analysis of rock samples in 2023. Eastern is located in Springdale, NL and is an ISO/IEC 17025 accredited laboratory. Vulcan employed Eastern's ICP-34 multi-element analysis package grouped with their gold by fire assay package and, for base metals assaying greater than detection limits, an "ore-grade" multi-acid digestion package by atomic absorption was used to finish the analysis. SGS Canada Inc. (SGS) 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. Rock samples were delivered by Vulcan to SGS in Grand Falls-Windsor for preparation prior to analysis at the SGS Burnaby laboratory.
Vulcan contracted GroundTruth Exploration Inc. to complete the soil geochemical survey at the Springdale Gold Project. Soil traverses were carried out on 100m spaced grid lines with 50m stations. Samples were collected using hand augers to target C horizon soil. GroundTruth collected 4 field duplicate samples per 100 samples. Samples were delivered by GroundTruth to SGS in Grand Falls-Windsor for preparation prior to analysis at the SGS Burnaby laboratory. Vulcan employed SGS' two-acid leach / ICP-MS multi-element analysis. SGS's analytical laboratories operate under a Quality Management System that complies with ISO/IEC 17025 and undertake 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 currently developing the Great Atlantic Salt deposit in western Newfoundland. It recently filed an environmental registration document with the provincial government, a critical step towards permitting mine construction and development.
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.
For information please contact:
Patrick J. Laracy, P.Geo.
President
(709) 754-3186
[email protected]
www.vulcanminerals.ca
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.
SOURCE: Vulcan Minerals Inc.