Volcanic Initiates First Ever Airborne Geophysical Survey Over the Gjegjan Mining District with 1,248 Line Kilometers to Be Flow
February 01 2010 - 1:26PM
Marketwired
Volcanic Metals Corp. (TSX VENTURE: VOL) ("Volcanic") is pleased to
announce that it has initiated operations and is conducting the
first ever airborne geophysical survey over the Gjegjan Mining
District in Albania.
Volcanic's Gjegjan project encompasses the former Gjegjan Mine.
The Gjegjan volcanogenic massive sulfide (VMS) deposit was
estimated to contain 4.4Mt of ore at an average grade of 3.3%
copper (Albanian Geological Survey) and was mined by open pit and
underground methods from 1961 to 1993. The deposit is reported to
be Albania's largest copper deposit hosted within a distinct
volcano-sedimentary sequence exposed in the northeast and northwest
parts of Albania.
Volcanic holds a 100% interest in a 200km2 Exploration License
that covers a 65 kilometre stretch of the prospective
volcano-sedimentary sequence in northeastern Albania. Outside the
immediate surroundings of the Gjegjan deposit, no systematic and
sustained exploration for additional VMS deposits was conducted by
the Albanian Geological Survey (AGS) over the southwestern extent
of the prospective volcano-sedimentary sequence. Despite the
limited amount of past work, several copper-(zinc)-(gold) bearing
sulfide occurrences were discovered in the south-central portion of
the Exploration License by the AGS.
Initial ground induced polarization (IP) geophysical surveying
over an area conducted two kilometers to the northeast of the
Gjegjan Mine identified several chargeability anomalies interpreted
to trace sulfide bearing horizons. The geophysical anomalies
represent targets of immediate interest and additional ground
geophysical surveying and drill testing is planned.
Geotech Airborne Ltd. ("Geotech") has been contracted to conduct
a combined high-resolution helicopter-borne magnetic and
electromagnetic (EM) geophysical survey for approximately 1,248
line-kilometres in two survey grids. Line spacing will be 125m on
the North grid (Gjegjan deposit survey area), and 200m spacing on
the South grid. Geotech will be utilizing their Versatile Time
Domain Electro Magnetic System ("VTEM") in order to identify
massive sulfide concentrations. The Geotech VTEM system provides
the latest in deep penetrating EM geophysical surveying technology
and exhibits significant advantages over other commercially
available systems. Cougar Mining (now a 100% owned subsidiary of
Volcanic) commenced operations in early January and Volcanic is
awaiting the processing and geophysical modeling from the first
flights. Approximately 60% of the property has been flown to date.
The contract is a CDN$300,000 commitment. More information about
the technology is available at Geotech's website
www.geotechairborne.com.
About Volcanic Capital Corp.:
Volcanic Metals Corp. is a mineral exploration company focused
on exploring the historic Gjegjan Mining District in northeastern
Albania. The Gjegjan project consists of a 200 km2 Exploration
License covering a volcano-sedimentary sequence exposed on the
eastern edge of the Mirdita Ophiolite Belt. The volcano-sedimentary
sequence is deemed by Volcanic to be highly prospective for the
discovery of copper-rich volcanogenic massive sulfide (VMS)
deposits. Within the belt, significant copper production has come
from the Gjegjan Mine located in the northeast portion of the
Exploration License and east of the town of Kukes (mine area
excluded from Volcanic's Exploration License). The Gjegjan copper
mine is recognized as the largest historical VMS deposit in Albania
hosted within the volcano-sedimentary sequence. No modern mineral
exploration techniques were utilized on the property before
Volcanic's airborne Geophysical Survey. Results from the first ever
airborne EM survey on the property will be used to identify massive
sulfide bodies for exploration. These bodies, along with previously
identified bodies, will be immediate targets for ground follow-up
and potential drilling in 2010.
ON BEHALF OF THE BOARD
Michael Iverson, President, Chief Executive Officer and
Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Volcanic Metals Corp. John LaGourgue (604) 568-6312
(604) 357-1419 (FAX) www.volcanicmetals.com
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