Vulcan Exploration UpdateVulcan Minerals Inc. - Exploration Update
Stock Symbol: TSX: VUL
Shares issued: 28,398,385
ST. JOHN'S, July 20 /CNW/ - Vulcan Minerals Inc. ("the Company" TSX-V:
VUL) is pleased to announce that drilling has commenced on its Storm No. 1
location in Western Newfoundland. The well has a projected depth of
1,000 metres and will test Carboniferous aged strata for petroleum and
evaporites (salt-potash). The petroleum target is younger than the reservoir
previously encountered on the Flat Bay discovery. The target consists of a
seismically anomalous package in an anticlinal (domal) feature with potential
for sandstone and limestone reservoirs. Based on existing seismic data the
Storm Structure could exceed 20 square kilometers in size. Terralliance
Technologies Canada Inc. has farmed-in on the Storm Structure and has
contributed 66 2/3rds of the drilling costs to earn a 50% working interest in
a portion of the structure with an option to earn two other locations on the
structure on similar terms. Vulcan is the operator and drilling contractor,
utilizing its recently purchased drilling rig.
Appointment
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The Company also reports it has appointed Phonse Fagan, P.Geo to the
position of Senior Geophysicist. Mr. Fagan is a professional geoscientist with
25 years of experience in the petroleum industry, having worked with Amoco
Canada and most recently with the Government of Newfoundland and Labrador. He
has extensive knowledge of petroleum activities, both onshore and offshore
Newfoundland. The Company proposes to issue Mr. Fagan 50,000 incentive stock
options at an exercise price of $0.50 for a period of two years subject to
approval of the TSX Venture Exchange.
TL Nickel Property Labrador
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Drilling has commenced on the TL Nickel project approximately 50 km
northwest of the Voisey's Bay nickel/copper mine in Labrador. Several
geophysical targets will be tested in a geologic setting which hosts nickel
sulphide bearing gabbroic intrusive rocks. Up to 4,000 metres of drilling is
expected. Nortec Ventures Corp. is the operator and has an option to earn a
51% interest in the project from Vulcan Minerals Inc.
Vulcan is a junior exploration company focused on exploring for petroleum
in Western Newfoundland. The Company has an experienced management group and
is well funded to carry out a multi-well program in 2005. Vulcan owns
interests in approximately 250,000 acres in the Bay St. George Basin, which
has the potential to be a new petroleum basin in North America.
The TSX Venture Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information: please contact Mr. Patrick Laracy, President of
Vulcan Minerals Inc. at Phone: (709) 754-3186, Fax: (709) 754-3946 or Email:
info@vulcanminerals.ca, Website: www.vulcanminerals.ca