Vulcan Minerals suspends drilling at Carbonear

Executive Summary

• Vulcan Minerals Inc. has suspended its drilling program at the Carbonear Zinc-Lead SEDEX project in Newfoundland after completing only the first hole due to weather-related access issues.
• The company provides extensive technical data supporting the project's potential, including magnetic, geochemical, and gravity surveys that identify a compelling drill target in the Gull Pond area.
• Infill sampling of historic drill holes confirms consistent anomalous zinc and lead mineralization, with specific high-grade intervals identified in holes CP-97-08 and CP-97-10.

Key Details

• Drilling Status: The initial program planned for approximately 1,200 metres in six holes was suspended after the first hole was completed. The program will resume in the spring when access conditions improve.
• Project Geology: The Carbonear property is prospective for sedimentary exhalative (SEDEX) zinc, lead, and other metals, situated within a thick sequence of marine basinal shale, siltstone, and sandstone.
• Magnetic Data: An airborne high-resolution magnetic survey (1,267 line kilometres) identified a distinct magnetic trend extending approximately 12 kilometres along strike with an average width of 1.5 kilometres. This feature is conformable with regional sedimentary bedding and contains cross-faults interpreted as favourable mineral fluid conduits.
• Geochemistry:
  • Soil sampling (1,879 samples) in the Gull Pond area showed strongly anomalous zinc and lead values.
  • Lead: 125 samples exceed the 90th percentile (78 ppm); 13 samples exceed the 99th percentile (298 ppm). Maximum value: 1,630 ppm (0.1630%).
  • Zinc: 126 samples exceed the 90th percentile (72 ppm); 13 samples exceed the 99th percentile (207 ppm). Maximum value: 628 ppm.
• Gravity Survey: A ground gravity survey (17 line kilometres, 2.25 sq km coverage) identified a positive Bouguer gravity and residual anomaly coincident with the magnetic and soil anomalies, constituting a compelling drill target.
• Historic Drill Hole Re-sampling (Infill Sampling):
  • Hole CP-97-08: 23 historic samples and 31 new infill samples (42.5 metres) were analyzed. Weighted average: 0.23% Zn and 0.17% Pb. High-grade interval: up to 1.2 metres of 4.1% Pb and 1.5% Zn.
  • Hole CP-97-10: 10 historic samples and 26 new infill samples (47 metres) were analyzed. Weighted average: 0.10% Zn and 0.05% Pb.
  • Mineralization consists of disseminated sulphides in turbiditic siltstones and secondary fracture fillings.
• Grant Assistance: The company acknowledges a junior exploration assistance grant from the provincial government for past work on the Colchester Springdale project and has applied for further grants for work on the Carbonear project.

Notable Quotes

• "The Carbonear property represents an exciting grassroots exploration project. Given the weather-related access issues, we decided not to keep the drill rig on an extended standby but will return to finish the program when access conditions improve." — Patrick Laracy, President