Vulcan Minerals Completes Labrador Nickel-Copper-PGE Property Data Evaluation
March 10, 2014 (Source: Marketwired) — Vulcan Minerals Inc. (“the Company” – “Vulcan”) (TSX VENTURE:VUL) has completed an internal report entitled ‘Report on a Review of Geophysical Data, Tasisuak Lake Property, Labrador (Nickel, Copper, Platinum Group Elements)” authored by Corwin Northcott, P. Geo., Geophysicist/Exploration Manager for the Company. The report is not compliant with National Instrument 43-101 Standards as it is designed for internal exploration program design purposes. A comprehensive review, digitization and database creation was completed to allow several vintages of geophysical data to be integrated and correlated with drill results and geology. The data were internally correlated with historic information which required geo-referencing and digital editing. As a result the Company now has an unprecedented database from which to advance the understanding, exploration and development of this property.
The Company owns a 100% working interest in the property covering 219 claims (13,529 acres) in northern Labrador approximately 50 kilometres northwest of the Voisey’s Bay nickel-copper mine. In excess of $3,000,000 of exploration expenses have been incurred on the property by previous operators, the bulk of those expenditures were by parties that had optioned the property from the Company. The company re-acquired a 100% interest in the property in 2012 subject to a capped royalty with buyout rights.
The Property has undergone four rounds of drilling, 2040 metres (m) in 1995, 1700 m in 1996 (associated with the Voisey’s Bay staking rush), 2300 m in 2005 and 1960 m in 2008. Much of the drilling focussed on outcrop mineralization and as a result had relatively shallow depth penetration of less than 150 metres. In addition to the nickel-copper discoveries, anomalous platinum group elements and gold were also encountered in the mineralized zones. Some of the near surface drilling highlights are as follows; Nickel (Ni), Copper (Cu) Cobalt (Co):
- 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 property includes claims covered by three airborne frequency domain electromagnetic systems spread over three different grids (1400km) in 1995 and a VTEM time domain system (610km) in 2008. Ground surveys include three magnetic and HLEM grids, three UTEM grids, two gravity grids and one induced polarization (IP) grid dating from 1995-2005.
The property contains disseminated, stringer and semi-massive pyrrhotite, chalcopyrite (Copper) and pentlandite (Nickel) hosted in norite intrusives; and massive pyrrhotite (barren) in close affinity with graphite bearing gneisses. All of the rocks have anomalous magnetic and electrical properties. The exploration challenge is to discriminate the nickel-copper sulphides from the unmineralized pyrrhotite and graphitic gneiss. As a result of the interpretational work, several matrices were used to identify and prioritize potential drill targets with geophysical attributes comparable to the known nickel-copper bearing norite occurrences. Multiple new drill targets have been identified over trends exceeding seven (7) km in length. This is in addition to the delineation targets on the known mineralized zones.
The Company is of the view that the property requires an extensive drill campaign to systematically evaluate the various targets, especially given the proven nickel-copper magmatic sulphides already discovered at surface. The Company plans to solicit joint venture partners to advance the exploration of the property. However the Company is currently reviewing the merits of conducting its own 2014 summer field program to ground check the various new drill targets identified from the geophysical/geological review. Plans for a 2014 work program will be released as formulated.
Get our daily investorintel update
Patrick J. Laracy, P. Geo, President, and Corwin Northcott, P. Geo, Exploration Manager, are qualified persons responsible for the contents of this news release as defined in National Instrument 43-101.
Vulcan is a diversified junior exploration company with mineral exploration and petroleum interests in Canada.
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. We seek safe harbour.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>