June 01, 2022 10:56 ET | Source: Vulcan Minerals Inc.
St. John's, Newfoundland and Labrador, CANADA
ST. JOHN’S, Newfoundland and Labrador, June 01, 2022 (GLOBE NEWSWIRE) — Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL) announces that it has purchased a 100% interest in twenty (20) mineral claims from a prospector at Red Cross Lake in central Newfoundland. These claims are adjacent to the Company’s existing Red Cross Lake property and were covered by the Company’s 2021 airborne VTEM plus time-domain EM and magnetic survey (flown by Geotech).
The acquisition cost for the claims is $10,000 cash and 100,000 common shares subject to TSX Venture Exchange approval. The vendor retains a 1% net smelter returns royalty over which the Company has complete buy back rights.
The Red Cross Lake property covers a trans-tensional zone within a flexure on the Valentine Lake fault containing a mafic/ultramafic intrusion. The VTEM survey was designed to test for the geophysical signature of a magmatic nickel-copper deposit and secondly to delineate detailed structure and geology to direct gold exploration immediately offsetting Marathon Gold Corp’s claims to the west where a gold mine is currently under development. Further details regarding the geophysical interpretation of this area will be forthcoming.
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.
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.
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.