Vulcan Completes Evaluation Report on Athabasca Uranium Permits
27 February 2014 - 3:31AM
Marketwired
Vulcan Completes Evaluation Report on Athabasca Uranium Permits
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Feb 26,
2014) - Vulcan Minerals Inc. ("the Company" - "Vulcan")
(TSX-VENTURE:VUL) announces that it has commissioned an evaluation
report entitled 'Geological Orientation Report Athabasca Border
Property, Northeastern Alberta' ("The Report") by APEX Geoscience
Ltd of Edmonton, Alberta in respect to its Athabasca area uranium
Permits. The Company owns 100% interest in ten (10) Metallic and
Industrial Mineral Permits covering 227,398 acres in northeastern
Alberta along the Saskatchewan border approximately 50 km east of
Ft. McMurray.
The Report reviews and interprets previous work highlighting the
prospectivity of the Permits for uranium mineralization in the
western Athabasca region. Of particular significance is the revised
interpretation of the Precambrian basement domain contacts between
the Taltson and Clearwater domains. The recently discovered
Patterson Lake South uranium deposit, the Cluff Lake mine (produced
62 million pounds of yellowcake uranium between 1980-2002) and the
Shea Creek uranium deposit are interpreted to lie along these
domain boundaries. The boundary extends along the eastern portion
of the Permits where it is intersected by a prominent northeast
lineament known as the High Hill River Fault. This confluence of
structures is seen as a priority exploration target. Depth to
crystalline basement is expected to be less than 300m.
The Report recommends a Phase I airborne time-domain
electro-magnetic survey along favourable structures at an estimated
cost of $500,000. Contingent upon positive results, a Phase II
program of ground work and drilling is recommended with an
estimated budget of $850,000.
The Report containing relevant maps and figures is posted in its
entirety on the Company's website
(http://vulcanminerals.ca/media/uploads/Vulcan_-_Athabasca_Border_-_Orientation_Report_-_FINAL_-_25_Feb_2014.pdf).
It was not intended to be compliant with National Instrument 43-101
reporting standards, but rather represent an early stage
orientation report. No mineral reserves or resources are known to
exist on the Permits. The Permits are considered to be relatively
underexplored for uranium mineralization.
Management is encouraged by the prospectivity of the Permits
based on their structural and geological setting which has
favourable characteristics to other uranium discoveries in the
area. Given the increasing exploration activity generated by the
Patterson Lake South uranium discoveries, it is the Company's plan
to solicit partners to advance exploration of the Permits.
Vulcan is a diversified junior exploration company with mineral
exploration and petroleum interests in Canada.
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. We seek safe harbour.
Vulcan Minerals Inc.Patrick J. LaracyPresident(709)
754-3186info@vulcanminerals.cawww.vulcanminerals.ca
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