ST. JOHN’S Newfoundland and Labrador, Aug. 09, 2018 (GLOBE NEWSWIRE) — Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V:VUL) announces that it plans further prospecting work on its Lizard Pond gold property in central Newfoundland particularly in light of the recent results announced by Sokoman Iron Corp. (Sokoman) on its Moosehead project which included a bonanza grade mineralized drill intersection of 11.9 metres of 44.96 grams per tonne gold (see Sokoman news release of July 24th for full details). The Lizard Pond property covers 233 claims (5,825 hectares) including prospective ground for gold deposits in Paleozoic sediments and related intrusives along the margins of the Mount Peyton pluton. This is a similar geologic setting to the Moosehead project which lies 40 kilometers north of Lizard Pond. Numerous claims have been staked in response to Sokoman’s announcement south of Moosehead along the Mount Peyton trend and have now linked up with Vulcan’s land position at Lizard Pond demonstrating the perceived prospectively of the area.
In 2017 the Company carried out prospecting work on the five main epithermal ophiolite related gold showings at Lizard Pond to confirm the historic results which included grab samples up to 22 grams per tonne gold (see Vulcan news release dated July 12, 2016). The current program will complete the initial evaluation of the property and focus on two underexplored quartz breccia occurrences situated in the northwest corner of the claim block. Previous workers describe epithermal mineralogy and textures with cursory grab samples yielding up to 983 parts per billion gold. Several trains of large silicified boulders heavily mineralized with arsenopyrite have been reported in the area. Arsenopyrite is a known associated mineral with quartz bearing gold occurrences near the Mount Peyton contact, including the historic Moosehead occurrences. The Lizard Pond quartz breccias warrant further investigation to understand their significance. The Company is seeking partners to option or joint venture further work on the property.
The property is adjacent to the Baie d’Espoir highway approximately 40 kilometres south of the Town of Grand Falls-Windsor. Please refer to our webpage www.vulcanminerals.ca for location maps.
Patrick J. Laracy, P. Geo, President, is the qualified person responsible for the contents of this news release as defined in National Instrument 43-101.
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.