Vulcan Minerals Completes Labrador Nickel-Copper-PGE Property Data Evaluation
10 March 2014 - 10:59PM
Marketwired
Vulcan Minerals Completes Labrador Nickel-Copper-PGE Property Data
Evaluation
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Mar 10,
2014) - Vulcan Minerals Inc. ("the Company" - "Vulcan")
(TSX-VENTURE:VUL) has completed an internal report entitled 'Report
on a Review of Geophysical Data, Tasisuak Lake Property, Labrador
(Nickel, Copper, Platinum Group Elements)" authored by Corwin
Northcott, P. Geo., Geophysicist/Exploration Manager for the
Company. The report is not compliant with National Instrument
43-101 Standards as it is designed for internal exploration program
design purposes. A comprehensive review, digitization and database
creation was completed to allow several vintages of geophysical
data to be integrated and correlated with drill results and
geology. The data were internally correlated with historic
information which required geo-referencing and digital editing. As
a result the Company now has an unprecedented database from which
to advance the understanding, exploration and development of this
property.
The Company owns a 100% working interest in the property
covering 219 claims (13,529 acres) in northern Labrador
approximately 50 kilometres northwest of the Voisey's Bay
nickel-copper mine. In excess of $3,000,000 of exploration expenses
have been incurred on the property by previous operators, the bulk
of those expenditures were by parties that had optioned the
property from the Company. The company re-acquired a 100% interest
in the property in 2012 subject to a capped royalty with buyout
rights.
The Property has undergone four rounds of drilling, 2040 metres
(m) in 1995, 1700 m in 1996 (associated with the Voisey's Bay
staking rush), 2300 m in 2005 and 1960 m in 2008. Much of the
drilling focussed on outcrop mineralization and as a result had
relatively shallow depth penetration of less than 150 metres. In
addition to the nickel-copper discoveries, anomalous platinum group
elements and gold were also encountered in the mineralized zones.
Some of the near surface drilling highlights are as follows; Nickel
(Ni), Copper (Cu) Cobalt (Co):
- 14 metres of 1.02% Ni, 0.51% Cu, 0.03% Co, (Hole 08-AA-60)
- 9 metres of 1.02% Ni, 0.55% Cu, 0.04% Co, (Hole 08-LP-55)
- 3 metres of 1.04% Ni, 0.38% Cu, 0.03% Co (Hole 08-LP-56)
- 3 metres of 1.01% Ni, 0.39% Cu, 0.04% Co (Hole 08-AA-62)
The property includes claims covered by three airborne frequency
domain electromagnetic systems spread over three different grids
(1400km) in 1995 and a VTEM time domain system (610km) in 2008.
Ground surveys include three magnetic and HLEM grids, three UTEM
grids, two gravity grids and one induced polarization (IP) grid
dating from 1995-2005.
The property contains disseminated, stringer and semi-massive
pyrrhotite, chalcopyrite (Copper) and pentlandite (Nickel) hosted
in norite intrusives; and massive pyrrhotite (barren) in close
affinity with graphite bearing gneisses. All of the rocks have
anomalous magnetic and electrical properties. The exploration
challenge is to discriminate the nickel-copper sulphides from the
unmineralized pyrrhotite and graphitic gneiss. As a result of the
interpretational work, several matrices were used to identify and
prioritize potential drill targets with geophysical attributes
comparable to the known nickel-copper bearing norite occurrences.
Multiple new drill targets have been identified over trends
exceeding seven (7) km in length. This is in addition to the
delineation targets on the known mineralized zones.
The Company is of the view that the property requires an
extensive drill campaign to systematically evaluate the various
targets, especially given the proven nickel-copper magmatic
sulphides already discovered at surface. The Company plans to
solicit joint venture partners to advance the exploration of the
property. However the Company is currently reviewing the merits of
conducting its own 2014 summer field program to ground check the
various new drill targets identified from the
geophysical/geological review. Plans for a 2014 work program will
be released as formulated.
Patrick J. Laracy, P. Geo, President, and Corwin Northcott, P.
Geo, Exploration Manager, are qualified persons responsible for the
contents of this news release as defined in National Instrument
43-101.
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)
754-3186(709)
754-3946info@vulcanminerals.cawww.vulcanminerals.ca
Vulcan Minerals (TSXV:VUL)
Historical Stock Chart
From May 2024 to Jun 2024
Vulcan Minerals (TSXV:VUL)
Historical Stock Chart
From Jun 2023 to Jun 2024