ST. JOHN’S, Newfoundland and Labrador, Oct. 26, 2020 (GLOBE NEWSWIRE) — Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL), provides the following exploration update.
Springdale Gold Project
A reconnaissance visit has been made to the Springdale project in north central Newfoundland to scout the access to the Maple Leaf gold showings via woods roads and trails, and to locate the site of previously constructed trenches. Access was identified and the trenches located. The trenches were back filled but two samples were taken from adjacent outcrop. One sample assayed 8.4 grams per tonne (g/t) gold from a quartz sulphide rich stringer in mafic volcanics.
This visit was not designed to be a comprehensive prospecting venture but a reconnaissance trip to confirm historical locations and access. Historic results from this showing yielded up to 54 g/t gold in grab samples, 840 g/t gold in heavy mineral concentrates (stream sample) and visible gold in tills (Noranda work assessment 1988 report 12 H/9 /1092 filed with government). The Maple showing is on structural trend with the Burnt Berry prospect, approximately 3 kilometers (km) southwest, where historic work has reported 6.6 g/t gold over 7.2 meters in channel sampling (Noranda 1988 assessment report 012H/0963 filed with government). Work is ongoing, compiling and interpreting previous geochemical sampling in the area towards designing a comprehensive exploration program for these showings. The Company notes that historic results may not be indicative of current and future exploration results.
Gander North Gold
The Gander North claims are situated along the east side of the Gander structural belt which has become the location of a gold staking rush in light of recent, quartz vein hosted high grade gold drill intersections in the area by NewFound Gold Corp. Two prospecting trips have been made to the property to confirm the historic prospector reports of an extensive silica zone which yielded elevated gold assays up to 0.5 g/t gold in grab and float samples. Ground inspection verifies the occurrence of a significant zone of quartz vein flooding and related silica alteration in a chloritized belt of metamorphosed sediments exhibiting variable schistose deformation indicative of proximity to the Gander GRUB line structural suture. The zone contains pervasive disseminated to stringer sulphides and has been traced in outcrop over 400 meters along strike and up to 80 meters in width and open in both directions. The zone has been sampled on an initial basis to obtain a baseline for the various rock types present. Assays are pending. Further work will be required to adequately sample and delineate this zone.
Patrick Laracy P. Geo., President notes “ This zone appears to have had more than one episode of quartz veining all of which were observed to be sulphide bearing to varying degrees. Given the elevated gold assays from cursory historic work, we hope to confirm that the system is gold bearing. This will encourage an intensive evaluation of this mineralized zone. We have found no reported trenching or drilling in government assessment