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Vulcan Minerals Inc. – Colchester Drilling Delivers High Grade Copper in Newfoundland

ST. JOHN’S, Newfoundland and Labrador, June 02, 2022 (GLOBE NEWSWIRE) — Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL), is pleased…

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ST. JOHN’S, Newfoundland and Labrador, June 02, 2022 (GLOBE NEWSWIRE) — Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL), is pleased to provide impressive assay results from the Colchester drill program which encountered significant copper intersections with appreciable gold and zinc credits. Highlights are as follows:

  • 14 meters of 2.31% copper within a wider zone of 28 meters of 1.58% copper at McNeilly
  • 20 meters of 1.23% zinc including 0.5 meter samples up to 6.06% zinc at McNeilly
  • 16.2 meters of 1.04 grams per tonne gold including 1 meter samples up to 5.94 grams per tonne gold at Colchester main
  • 2.8 meters of 1.33% copper within 46 meters of 0.39% copper at Andrews Pit

A total of 1511 meters (m) were drilled over 8 scout holes testing a variety of targets within mafic volcanic rock sequences in the Colchester area. Several stringer, disseminated and locally semi – massive sulfide zones were encountered containing chalcopyrite with variable associations of pyrite, pyrrhotite and sphalerite. Mineralization is associated with abundant pyrite within sheared and chloritized mafic volcanic flows. Quartz and quartz/carbonate veining is locally developed.

McNeilly Zone

CL-21-01
Hole CL-21-01 was drilled to a depth of 146m approximately 100m along strike from a trenched area where the McNeilly zone is exposed. The main mineralized zone occurs between 88m and 116m, and returned assays of 1.58% Copper (Cu) 0.33 grams per tonne gold (g/t Au) over 28m, including several 0.5m samples over 1 g/t Au. Within that wider interval is a higher grade zone of 2.31% Cu, 0.51 g/t Au over 14m.

An interval from 10m to 14m is mineralized, containing a sub-interval of 0.5% Cu, 2.18 g/t Au, and 1.33% Zn over 1m. From 42m to 48m a maximum of 1.7% Cu, and 0.6 g/t Au over 0.5m occurs within a 6m interval of 0.66% Cu. Below the main copper zone is an 8m wide lower interval of mineralization between 138m and 146m that is just above, and continues to, the bottom of the hole. Results from a sub-interval within this zone yields 0.17% Cu and 1.23 g/t Au over 5m including samples containing 0.89% Cu, 1.15% Zn and 4.5 g/t Au over 0.5m. Increased Au content generally correlates with higher Zinc (Zn) grades.

HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t Zn %
CL-21-01 10.5 14 3.5 Composite 0.15 0.76 0.39
Including 11 12 1 Sample 0.50 2.18 1.33
               
CL-21-01 42 48 6 Composite 0.66 0.22 0.02
Including 44 44.5 0.5 Sample 1.68 0.64 0.03
               
CL-21-01 88 116 28 Composite 1.58 0.33 0.02
Including 89.5 90 0.5 Sample 6.28 0.34 0.04
And 102 116 14 Composite 2.31 0.51 0.02
And 105 108.5 3.5 Composite 3.19 0.64 0.02
               
CL-21-01 137 142 5 Composite 0.17 1.23 0.26
Including 138 138.5 0.5 Sample 0.04 4.50 1.15
And 140.5 141 0.5 Sample 0.89 0.18 0.04

CL-21-02
Stepping out 100m north of CL-21-01, this hole was drilled to 164m to test mineralization at depth beneath an exposed trench.

There are three mineralized zones. From 63m to 83m, 1.23% Zn and 0.34 g/t Au occurs over 20m including a 5m interval of 3.26% Zn and 0.67 g/t Au. From 106m to 116m, 0.34% Cu occurs over 10m including 1m samples of up to 0.68% Cu. Assays from the last four meters at the bottom of the hole exhibits enrichment of zinc, including up to 1m of 0.32%, indicating the possibility of mineralization continuing at depth. As in hole Cl-21-01, the Au content generally increases with Zn mineralization.

HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t Zn %
CL-21-02 63 83 20 Composite 0.04 0.34 1.23
Including 78 83 5 Composite 0.03 0.67 3.26
And 79 79.5 0.5 Sample 0.04 1.81 4.71
And 81.5 82 0.5 Sample 0.04 0.39 6.06
               
CL-21-02 106 116 10 Composite 0.34 0.03 0.01
Including 114 115 1 Sample 0.68  0.08 0.01
               
CL-21-02 160 164 4 Composite 0.02 0.00 0.14
  162 163 1 Sample 0.02 0.00 0.32

CL-21-03
Hole CL-21-03 was drilled to a depth of 140m at the same location as CL-21-02, but with a steeper dip of -80 degrees. This hole was intended to test for a northwest dip of the zone at depth and appears to have undercut the zone. Chloritic shears cut the rock units, but not to the extent as in the previous holes. Chalcopyrite and pyrite occur sporadically throughout the core to varying degrees, maximum values are 0.16% Cu from 26m to 27m and 0.12% Zn from 13m to 14m.

Colchester Main

CL-21-04

Hole CL-21-04 was drilled to 230m into the interpreted northern margin of the Colchester main zone along an Induced Polarization (IP) anomaly trend. Rock lithologies are similar to previous holes. Chalcopyrite and pyrite commonly occur both as stringers and as massive crystal aggregates. Significant gold mineralization occurs from 104m to 120.2m. Results include 1.04 g/t Au, 0.25% Cu, and 0.17% Zn over 16.2m, including 1m samples of up to 5.94 g/t Au and 0.61% Zn.

A second chalcopyrite rich zone from 150 to 160m includes a subinterval with values of 0.62% Cu and 0.22 g/t Au over 6.86m, including 0.7m of 1.39% Cu and 0.39 g/t Au.

HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t Zn %
CL-21-04 104 120.2 16.2 Composite 0.25 1.04 0.17
Including 107 108 1 Sample 0.03 5.94 0.61
And 108 109 1 Sample 0.02 4.47 0.17
And 119.7 120.2 0.5 Sample 2.68 1.01 0.11
               
CL-21-04 150.33 157.19 6.86 Composite 0.62 0.22 0.03
Including 152.7 153.4 0.7 Sample 1.39 0.39 0.04
And 154.4 155.4 1 Sample 1.18 0.17 0.03

Andrews Pit

CL-21-05
Hole CL-21-05 tested one of several IP anomalies in the Andrew’s Pit area. It was drilled to 201.5 meters. Disseminated pyrite is common in the core, and chalcopyrite is present once again as both massive and stringer mineralization. Mineralization in CL-21-05 is more pervasive and consistent than the first four holes, with almost the entire length of core exhibiting some level of Cu enrichment.

The upper 13m of the hole contains a Cu mineralized zone including a 1m sample of 0.5% Cu. From 32.5m, the hole intersected 46.1m of 0.39% Cu. Within this interval, several 1m samples contain 1.2% to 2.2% Cu. Below 157.7m, the hole intersected 24.9m of 0.25% Cu and 0.12 g/t Au. Many 0.5 to 1m samples have values of 0.3% to 0.87% Cu. Gold values are elevated in the lower mineralized section. The most significant intersection is 2.11 g/t Au from 161.7m -162.7m. Disseminated copper mineralization occurs in the final 5m of the hole and may suggest the zone continues at depth.

HOLE ID From (m) To (m) Length (m) Type Cu % Au g/t Zn %
CL-21-05 9.3 13.4 4 Composite 0.18 0.03 0.01
Including 11.4 12.4 1 Sample 0.50 0.10 0.01
               
CL-21-05 32.5 78.6 46.1 Composite 0.39 0.04 0.01
Including 37 45.6 8.6 Composite 0.66 0.06 0.01
And 37 37.6 0.6 Sample 1.31 0.06 0.02
And 43.6 44.6 1 Sample 1.23 0.01 0.02
And 67.8 70.6 2.8 Composite 1.33 0.06 0.02
And 68.6 69.6 1 Sample 2.19 0.10 0.02
And 69.6 70.6 1 Sample 1.49 0.08 0.02
               
CL-21-05 157.7 182.6 24.9 Composite 0.25 0.12 0.02
Including 158.7 159.7 1 Sample 0.87 0.24 0.02
And 161.7 162.7 1 Sample 0.36 2.11 0.02
And 164.7 165.7 1 Sample 0.67 0.04 0.02
               
CL-21-05 194.6 195.2 0.6 Sample 0.43 0.08 0.05

CL-21-06
Hole CL-21-06 targeted another IP anomaly and was drilled to a depth of 173m. Pyrite is variably disseminated throughout the core, and also as discrete stringers. Chalcopyrite is present as narrow stringers. Notable intersections include 8.8m of 0.1% Cu from 38.5m to 47.3m and 5m of 0.21% Cu from 71.7m to 76.7m.

CL-21-07
Hole CL-21-07 was drilled to a depth of 251m. Semi-massive patches and stringers of pyrite and pyrrhotite are present, along with chalcopyrite and magnetite. Disseminated copper and zinc mineralization occur throughout the hole.

A 5.5m interval from 19.4 to 24.9m averaged 0.1% Cu including 0.23% Cu over 1m. A Zn mineralized zone occurs from 31.1 to 49.8m. This 18.7m interval averages 0.14% Zn including 1m samples containing 0.61% and 0.51% Zn.

CL-21-08
Hole CL-21-08 was drilled to a depth of 206m. From 151.5-155.5m, a mineralized interval averages 0.16% Cu over 4m including a 1m sample of 0.48% Cu. From 189.2 to 193.3m, 0.2% Cu occurs over 4.1m, including a sample of 0.48% Cu over 1m. Zinc mineralization reaches 0.11% at 151.5-152.5m.

Notes:
True widths are uncertain at this time as 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. Individual sample widths do not exceed 1 meter. Only assayed intervals were included in the composites. A total of 621 samples were cut and submitted for assay. Significant assays are reported herein.

Drill Hole Coordinates:

HOLE ID East North Elevation Azimuth Dip Length
CL-21-01 5497966 566016 168 120 -65 146
CL-21-02 5498033 566024 175 120 -65 164
CL-21-03 5498033 566024 175 120 -80 140
CL-21-04 5499126 566372 144 120 -65 230
CL-21-05 5499401 566081 151 315 -68 201.5
CL-21-06 5499655 566126 167 135 -68 173
CL-21-07 5499722 566196 170 135 -75 251
CL-21-08 5499798 565987 128 135 -65 206
Coordinates are UTM NAD83 Zone 21

The drill program was successful in intersecting copper sulphide intervals similar to, or better than mineralization historically reported in the Colchester area. The scout nature of this program was primarily intended to calibrate an IP survey to the intensity of sulphide mineralization in the Andrew’s Pit area and to test the nature of mineralization at the McNeilly zone.

President Patrick Laracy notes, “Given the impressive drill results, the McNeilly and Andrew’s Pit areas will be the focus of more detailed exploratory drilling to delineate the identified mineralized intervals and test additional related targets from IP and geologic data. These were the first holes drilled at Andrew’s Pit and the results definitely warrant further work in this area.”

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. 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 map and core photos are available at www.vulcanminerals.ca/colchester-drilling-2021

Quality Control:
Vulcan used Eastern Analytical Ltd. (Eastern) for all sample assaying in this drilling program. Eastern Analytical 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. Vulcan employed the use of standard reference materials for quality control at a rate of 5% of total samples. Eastern also 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 36% of the shares in Atlas Salt Inc. (TSXV: SALT). Atlas Salt is an industrial minerals company that is carrying out a feasibility analysis on its Great Atlantic Salt deposit.

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.

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.

For information please contact:
Patrick J. Laracy, P.Geo.
President
(709) 754-3186
[email protected]
www.vulcanminerals.ca 

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