RE: These guysHey Mugs19;
Nothing wrong with being a bit diversified when you're a junior exploration company.Having said that, note that Vulcan appears to be spending most of their energies and monies exploring for oil; it is my view that Patrick's goal is to make Vulcan into a successful oil producing entity.Given Vulcan's recent success in discovering a huge oil bearing formation at Flat Bay, rest assured that there will be many more wells drilled into that large acreage when the final seismic, geophysical, geochemical and technical data are compiled and interpreted.
The Hurricane, Storm and Gale prospects all represent different structures that will undoubtedly yield very interesting results when drilling resumes in the spring.
Further to your comment about whether Vulcan is an oil versus mining
company, you will also note that Patrick has optioned several of the company's mining projects to Nortec Ventures, and Nortec will be the operator of these projects.This disencumbers Vulcan from the day-to-day exploration demands of these properties and enables the Company to focus its energies solely towards oil exploration.As a large shareholder in Vulcan, I will have no complaints at all if Nortec is successful in upcoming exploration programs on the TL/Voisey's Nickel Project and/or the Little River Gold Project.Both are very exciting and potentially rewarding prospects, esp. the TL Nickel project.
The latest results and press release from Nortec endorses what Vulcan has maintained all along...that the source of these conductors is not graphite (Nortec's gravity survey has now ruled out graphite and point towards two potentially large nickel bearing bodies.)Here is the press release which explains the results in detail:
PRESS RELEASE
Two very strong and distinct coincident UTEM and gravity anomalies were identified on the property. The “B” Anomaly is located on the western portion of the claims and the data for the anomaly suggest that it has a dip 30° to the east. Several ultramafic pyroxenite bodies outcrop to the west in places where the anomaly is projected to surface. Drill holes to the east of the anomaly by the previous operator intersected nickel bearing ultramafic dykes (up to 2.10% nickel), which could be small intrusions from a larger nickel bearing body related to this “B” Anomaly. The anomaly strikes 345° on surface for 1600 metres. The gravity anomaly values reach up to 0.31 milligals and, from modeling, the UTEM conductance values are greater than 2000 Siemens at depths from 75 to 130 metres. Extensive drilling is planned to test the easterly extension of this anomaly at depth.
Gravity and UTEM data for the “A” Anomaly located in the northeast of the property also suggest that the source for the anomaly is in a large ultramafic intrusive body. One of the previous operator’s drill holes intersected and bottomed in 80 metres of gabbro in the vicinity of this anomaly. Two drill holes also intersected minor graphite near this anomaly. The anomaly trends north-south with a steep dip and was delineated for a distance of 1800 metres. Gravity anomaly values reach up to 0.28 milligals and the UTEM model conductance values are around 2000 Siemens at 50 to 65 m depth. Drilling is planned to examine the source for this anomaly.
Nortec Ventures Corp. has announced a private placement to fund Phase II drilling on the TL property pursuant to an option agreement with the Company whereby Nortec has rights to earn a 51% interest in the prospect.
Hope this helps to put matters into perspective for you.
With spring-early summer'05 drill programs being planned for gold , nickel, and oil ...all at the same time...Vulcan shareholders ought to be in for one hell of an exciting and prosperous 2005.
Len