Vulcan Minerals Inc. / Labrador Nickel-Copper Airborne Geophysical Surveys Compl
posted on May 30, 2008 02:24PM
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Tasisuak Lake Property
The Tasisuak Lake (TL) property is located approximately 50 kilometers northwest of the Voisey's Bay nickel-copper-cobalt mine. It comprises 219 claims (13529 acres) covering several prominent geophysical anomalies where previous drilling encountered up to 1.09% Nickel, 0.48% Copper over core widths of 6 metres near surface. The claims cover Nain Plutonic intrusive rocks within the Tasiuyak gneiss, a geologic setting with potential for Voisey Bay type magmatic sulphide ore bodies. Nortec is earning a 51% interest in the claims by incurring $1.5 million expenditures by March 17, 2009. If Nortec earns the 51% interest, Vulcan may elect to participate at 49% or allow Nortec to earn additional interests pursuant to prescribed work commitments and payments. The VTEM survey consisted of 600 line kilometres covering the entire claim area. The survey will assist in locating massive sulphide targets and the potential source of the surface nickel-copper mineralization.
On April 1, 2008, the company and Nortec signed a letter of intent whereby Nortec can acquire a 51% interest in the Kingurutik property with an option to earn up to a 100% interest pursuant to certain prescribed work commitments and payments.. Nortec has initiated a technical report of the property authored by a qualified person in compliance with National Instrument 43-101 guidelines as required by the TSX Venture Exchange.
The Kingurutik property is located approximately 90 kilometres northwest of the Voisey's Bay nickel-copper-cobalt mine in Northern Labrador. It covers 234 claims (approximately 15,000 acres) of Nain Plutonic rocks and Tasiuyak gneiss in a geologic setting with the potential for the discovery of Voisey Bay type magmatic sulphide ore bodies. The VTEM survey (400 line kilometres) was designed to delineate sulphide bodies associated with known surface gossans and previously identified geophysical anomalies on the more prospective portions of the property. The Kingurutik area has received renewed exploration interest as a result of surface and drilling intercepts of nickel-copper and platinum group elements last year.
Further to the previous news on April 16, 2008, the purchase and sale agreement with Investcan Energy Corp. has closed. Provincial Ministerial approval of the transfer of certain interests in the petroleum permits to Investcan has been obtained and the TSX Venture Exchange has issued its final approval of the transaction. The TSX Venture Exchange has also given final approval to the recently closed financing described in the Company's news release dated May 9, 2008.
Vulcan is a diversified junior exploration company focussed on petroleum exploration in the under-explored Western Newfoundland area and also holds mineral interests in areas strategic to its operations in Newfoundland and Labrador.
Shares issued: 43,314,301
The TSX Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.