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Vulcan Minerals Inc. (TSXV:VUL) grabs 21.6 grams per tonne gold at Burnt Berry in Newfoundland

Mining
TSXV:VUL
10 May 2021 12:15 (EDT)
Troubadour Resources - Geoff Schellenberg, President and Director

Source: Metals Investor Forum

Vulcan Minerals Inc. provides an update on its activities at its Springdale gold project, Red Cross Lake property, and Gander Belt.

At the Springdale gold project, three trenches were located at Burnt Berry, each approximately 15 meters in length.

A single trench was located at Fallen Tree approximately 45 meters in length. The showings are separated over an area of 3 kilometers and occur in quartz pyrite-sulphide veins hosted in sheared mafic volcanic rocks.

Cursory sampling (19 grabs) yielded elevated to anomalous gold up to 21.6 grams per tonne at Burnt Berry. Fourteen of those samples yielded anomalous copper up to 0.33 per cent.

This information is being integrated into the larger Springdale Colchester field program design.

Vulcan has obtained permits for trenching, drilling and geochemistry on the project.

Given the nature of the mineralization and its location within the historic mining district of Springdale, further work is warranted.

Maritime Resources Corp. is currently redeveloping the Hammerdown gold mine approximately 5 kilometers southwest of the Springdale property in similar style geology.

The Red Cross property covers a trans-tensional zone within a flexure on the Valentine Lake fault containing a mafic/ultramafic intrusion.

This is the first time the property has been flown with a modern time domain electromagnetic system having deep penetration and discerning conductive capability.

The data has been forwarded to a consulting geophysicist with well established expertise in the interpretation of these data.

Vulcan is anticipating further work, Vulcan has obtained permits to carry out geochemical sampling and is applying for a drilling permit.

In February 2021 Vulcan announced that it had optioned its mineral licences in the Gander Belt of central Newfoundland to Sassy Resources Corporation (Sassy) in return for 2.5 million shares, $400 thousand cash and $2.0 million in exploration expenditures over a four year period.

Vulcan is in receipt of 1 million shares and $100,000 in cash as per terms of the agreement and retains a 3 per cent net smelter royalty subject to certain partial buyback provisions as previously disclosed.

Sassy has recently announced further acquisitions and is quickly becoming one of the largest mineral land holders in Newfoundland in addition to its exposure to the Eskay Gold Camp in British Columbia.

Vulcan notes that its subsidiary Red Moon Resources Inc. (TSXV:RMK), of which Vulcan owns 28,891,000 common shares has been successful in raising $4.2 million dollars thus far in 2021 and is currently raising another $3.25 million to fund its various projects and working capital.

Specifically, these funds will enable Red Moon to carry out a feasibility study on its Great Atlantic Salt Deposit over which Vulcan owns a 3 per cent net production royalty.

Vulcan Minerals Inc. is up 7.14 per cent and is trading at C$0.22 at 11:55 am ET.

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