ST. JOHN’S, Newfoundland and Labrador, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Vulcan Minerals Inc. (the “Company”, “Vulcan” TSX-V:VUL) announces that a binding Letter of Intent has been signed with Fjordland Exploration Inc. (“Fjordland”) granting Fjordland the option to acquire a 100% working interest in 30 mineral claims (750 hectares) located in the South Voisey’s Bay area, Labrador. Under the terms of the agreement, Fjordland has the option to pay Vulcan 1,350,000 common shares, $70,000 cash and incur $250,000 in exploration expenditures over a period of three years, of which $25,000 cash and 600,000 common shares are payable upon signing the agreement. Vulcan reserves a 2% net smelter return royalty on the claims subject to Fjordland’s right to buy back 50% of that royalty by paying Vulcan $2,000,000 cash.
The property is contiguous to mineral tenure held by Fjordland as part of their ongoing South Voisey’s Bay nickel-copper-cobalt Project. The South Voisey’s Bay project area contains the Pant’s Lake mafic intrusive complex which was first explored for nickel following the 1993 discovery of the Voisey’s Bay nickel-copper-cobalt mine, approximately 80 kilometers north. Several rounds of drilling and geophysics have established the intrusion’s potential for significant accumulations of massive magmatic sulphides.
About Fjordland Exploration
In collaboration with Ivanhoe Electric Inc. (formerly High Power Exploration Inc.) and Commander Resources Ltd., Fjordland is exploring the South Voisey’s Bay “Pants Lake Intrusive” target which is in a geologic setting analogous to the nearby nickel-cobalt-copper Voisey’s Bay deposit.
About Vulcan
Vulcan Minerals is a precious and base metals exploration company based in St. John’s Newfoundland. The company has strategic land positions in multiple active Newfoundland gold exploration and development belts. It also holds approximately 38 % of the shares in Atlas Salt Inc. (TSXV: SALT) (formerly Red Moon Resources Inc.). Atlas Salt Inc. is the new name for Red Moon Resources Inc. which commenced trading under the new stock symbol SALT on September 01. Atlas Salt is an industrial minerals company that is carrying out a feasibility analysis on its Great Atlantic Salt deposit. It also produces gypsum from its Ace Mine and owns the mineral rights to the Fischell’s Brook salt dome and other strategic salt claims. All of Atlas’s projects are located in western Newfoundland.
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.
We seek Safe Harbor.
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.
For information please contact:
Patrick J. Laracy, P.Geo. President
(709) 754-3186
info@vulcanminerals.ca
www.vulcanminerals.ca
