Vulcan Minerals Inc.: 14 Metres of 1.02% Nickel Drilled at the Tasisuak Lake Property in Labrador
07 Octobre 2008 - 8:19PM
Marketwired Canada
Vulcan Minerals Inc. (the Company) (TSX VENTURE:VUL) is pleased to announce that
it has been advised by Nortec Ventures Corp. (Nortec), the operator, that the
recent summer drill program at Tasisuak Lake in Labrador has encountered
significant Nickel (Ni), Copper (Cu), Cobalt (Co) mineralization highlighted as
follows:
- 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 drill program consisted of 1960 metres of diamond coring over 18 holes. The
program was designed to test a variety of surface showings and VTEM geophysical
anomalies.
2008 Drill Locations
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Easting Northing Eleva Total
Hole_ Pros (m) (m) -tion Azimuth Dip Depth
ID -pect NAD27_z20 NAD27_z20 (m) (degrees) (degrees) (m)
--------------------------------------------------------------------------
Long
08-LP-55 Pond 512372 6270033 484 105 -50 137.2
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Long
08-LP-56 Pond 512372 6270033 484 130 -80 107.84
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Long
08-LP-57 Pond 512413 6270013 476 320 -80 156.6
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All
About
08-AA-58 -it 512310 6270400 508 108 -50 39.63
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All
About
08-AA-59 -it 512310 6270400 508 108 -80 28.05
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All
About
08-AA-60 -it 512266 6270635 534 140 -50 118.9
--------------------------------------------------------------------------
All
About
08-AA-61 -it 512266 6270635 534 140 -80 86.57
--------------------------------------------------------------------------
All
About
08-AA-62 -it 512283 6270628 533 320 -45 64.02
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08-BZ-63 B-Zone 512550 6271400 500 80 -85 287.15
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No
08-NB-64 Baccy 512233 6270947 542 75 -45 79.9
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No
08-NB-65 Baccy 512250 6270952 544 255 -60 51.21
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No
08-NB-66 Baccy 512251 6270920 540 80 -45 100.5
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08-BZ-67 B-Zone 512752 6270667 502 270 -60 140.24
--------------------------------------------------------------------------
08-BZ-68 B-Zone 512883 6269979 493 270 -75 115.85
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08-BZ-69 B-Zone 512921 6269998 491 260 -45 82.32
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08-FZ-70 F-Zone 513355 6268989 496 270 -60 109.76
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08-AZ-71 A-Zone 513639 6269988 515 270 -60 118.9
--------------------------------------------------------------------------
08-BZ-72 B-Zone 512497 6271773 470 350 -80 136.28
--------------------------------------------------------------------------
Generally, the holes testing geological targets along the C-zone (holes 56-66,
except 63) proved to contain the best mineralization with disseminated to
semi-massive sulphide textures, as follows:
2008 Drill Results
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Platinum,
Palladium+
Hole_ID From To Interval Nickel Copper Cobalt Gold
(m) (m) (m) % % % g/t
--------------------------------------------------------------------
08-LP-55 7 21 14 0.80 0.85 0.03 0.36
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Incl. 10 19 9 1.02 0.55 0.04 0.40
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incl. 7 13 6 1.02 1.59 0.05 0.30
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WITH 7 8 1 0.55 4.02 0.03 0.30
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08-LP-56 8 25 17 0.41 0.15 0.02 0.16
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incl. 8 14 6 0.69 0.24 0.02 0.21
--------------------------------------------------------------------
incl. 9 12 3 1.04 0.38 0.03 0.28
--------------------------------------------------------------------
08-LP-57 NSI
--------------------------------------------------------------------
08-AA-58 8 13 5 0.11 0.05 0.07 0.05
--------------------------------------------------------------------
08-AA-59 NSI
--------------------------------------------------------------------
08-AA-60 3 42 39 0.57 0.28 0.02 0.25
--------------------------------------------------------------------
incl. 6 20 14 1.02 0.51 0.03 0.35
--------------------------------------------------------------------
WITH 13 14 1 2.15 0.38 0.05 0.36
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08-AA-61 2 31 29 0.42 0.21 0.02 0.15
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incl. 5 6 1 1.62 0.66 0.05 0.35
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incl. 8 10 2 1.23 0.34 0.04 0.41
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08-AA-62 5.5 41.5 36 0.42 0.19 0.02 0.19
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incl. 7.5 10.5 3 1.01 0.39 0.04 0.63
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incl. 11.5 13.5 2 1.09 0.25 0.06 0.53
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08-NB-64 5.50 11.5 6 0.75 0.22 0.02 0.32
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incl. 5.50 7.5 2 1.47 0.28 0.03 0.46
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08-NB-65 7.70 8.7 1. 1.21 1.04 0.03 0.03
--------------------------------------------------------------------
08-NB-66 15.25 16.25 1 0.29 0.07 0.01 0.08
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Drill holes 63, 67-72 tested a series of VTEM Anomalies in the B, F and A zones
and did not encounter any significant nickel-copper mineralization. However,
three of the holes did encounter a massive pyrrhotite zone up to 3 meters in
thickness with gold enrichment of 1 gram/tonne over 2 metres in hole 68. As
well, some zones of anomalous platinum (Pt) and palladium (Pd) were encountered.
Hole 63 encountered the thickest gabbroic body over 69.4 metres though no
significant mineralization was encountered.
The Tasisuak Lake property is situated approximately 50 kilometres northwest of
the world class Voisey Bay nickel-copper-cobalt mine. The property covers
significant outcrops of Tasiuyak gneisses hosting mafic intrusions which contain
the nickel-copper mineralization. The genesis and style of mineralization
remains unexplained in the context of the regional setting and timing of
emplacement. The Company plans to carry out geochemical and petrographic
analysis of the mineralization and host rocks to answer these questions and
assist in further exploration of the property. The property contains many
untested geophysical anomalies and surface showings. The C-zone mineralization
remains open in a north-south direction in excess of 5 kilometers based on its
geophysical signature. The Company is encouraged by these drill results and
notes that they are some of the highest grade over width nickel-copper
intersections drilled in Labrador outside of Voisey's Bay.
Kingurutik Property
As part of the recently signed agreement between Nortec and Vulcan, Nortec
commissioned Geotech Ltd. ("Geotech") to carry out a 417 line-km
helicopter-borne geophysical survey for Nortec over the Kingurutik River
Property, 70km north of the Tasisuak Lake property. The airborne geophysics
consisted of a versatile time domain electromagnetic ("VTEM") survey and total
magnetic intensity ("TMI") using a cesium magnetometer.
There are 5 main anomalies identified from the geophysical survey. Three of
these anomalies are located in the north central part of the claim and have E-W
trending conductors with coincident magnetic highs possibly related to metallic
mineralization in the form of mixed magnetite and pyrrhotite dominated
sulphides.
As part of a first pass exploration drill program, 3 holes were drilled for a
total of 321metres. The holes targeted the potential near-surface
mineralization and coincident geophysical anomaly on Prospect A. Though
sulphide mineralization was encountered it did not contain any significant
nickel and copper. Geological and geophysical interpretation of the property is
ongoing towards delineation of further drill targets.
Drillhole Collar co-ordinates on the Kingurutik River Property
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Easting Northing Eleva Total
Hole_ Pros (m) (m) -tion Azimuth Dip Depth
ID -pect NAD27_z20 NAD27_z20 (m) (degrees) (degrees) (m)
--------------------------------------------------------------------------
08-KG-01 A 504162 6317813 555 270 45 121
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08-KG-02 A 504010 6318762 480 320 45 100
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08-KG-03 A 504300 6318912 391 320 45 100
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All core samples were cut in half by diamond saw, packaged and sealed in the
field before being shipped to Accurassay Laboratories receiving facility in
Gambo South, NL where they were prepared and forwarded to the main lab in
Thunder Bay, ON. Samples were tested for 30 elements (including base metals)
with an ICP (Inductively Coupled Plasma) process. Samples exceeding detection
limits were processed for ore grade analysis with an AA (Atomic Absorption)
process. All samples were also analyzed for Au, Pt and Pd with a fire assay
process. QA/QC was maintained by the laboratory by running duplicates and
repeats, and also with blind duplicates inserted into the sample stream directly
from the field.
Further information on the TL and Kingurutik River Properties is available on
Vulcan's website www.vulcanminerals.ca and also on Nortec's website at
www.nortecventures.com. Mr. Mohan Vulimiri, P.Geo., President & CEO and Director
of Nortec, is the Qualified Person responsible for the supervision of the field
programs and the results provided in this news release.
Vulcan is a diversified junior exploration company focussed on petroleum
exploration in the under-explored Western Newfoundland and Labrador area and
also holds mineral interests in areas strategic to its operations in
Newfoundland and Labrador.
The statements made in this News Release may contain certain forward-looking
statements. Actual events or results may differ from the Company's expectations.
Certain risk factors may also affect the actual results achieved by the Company.
There can be no assurance that forward-looking information will prove to be
accurate. Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from any conclusions, forecasts or projections described in the
forward-looking information. Accordingly, readers are advised not to place undue
reliance on forward-looking information. Except as required under applicable
securities legislation, the Company undertakes no obligation to publicly update
or revise forward-looking information, whether as a result of new information,
future events or otherwise.
A map is available at the following address:
http://file.marketwire.com/release/vul1007_map.pdf
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