Volcanic Data Compilation Reveals Significant Copper Mineralization Reported Historically
April 21 2010 - 9:30AM
Marketwired
Volcanic Metals Corp. ("Volcanic") (TSX VENTURE: VOL) -
Announcement Highlights:
-- historical data recently received by Volcanic includes reports of
significant Copper mineralization in Southern Block of District
-- interpretation of Volcanic airborne geophysical data from the Southern
Block underway
-- multiple new targets now identified, early into examination of data from
Southern Block
Volcanic Metals Corp. is pleased to report that an evaluation of
the southern portion of the company's wholly owned 200 sq km
Gjegjan exploration permit has commenced. Early into this
examination, several targets of interest are developing including
high priority targets in the south-central part of the land
holdings, namely the Arrmolle-Pregjelura area, where several
sulphide showings were discovered in the 1970's.
Volcanic recently completed a high-resolution
magnetic-electromagnetic airborne geophysical survey that covered
the northern and southern blocks of the exploration permit. While
data from the northern block has been assessed and compiled,
resulting in the identification of multiple high priority
exploration targets, data from the southern block is being compiled
now and is not yet complete. A full compilation of geophysical
targets in the south is expected in a few weeks.
While the northern block was home to a significant past
producer, the Gjegjan mine, the southern block remains relatively
under explored with little or no drilling in most key areas.
Topography is more challenging in the southern block and this posed
difficulty for past state-run exploration programs which did not
have the benefit of modern exploration equipment. Also, it is
important to note that the geological enterprise that historically
had jurisdictional control of key areas in the southern block had a
chromite focus so very limited work was focused on copper and other
metals despite the highly prospective setting for these metals.
Volcanic has obtained information as a result of data
compilation work that has been initiated. This information has
brought attention to multiple under-explored areas in the south
along the continuation of the prospective stratigraphy that hosts
the Gjegjan deposit. These areas are best described in a historical
report prepared in the mid-90's by Southampton Associates Inc. The
report, and other historical information, is not compliant with NI
43-101 reporting standards but the company believes serves as a
useful guide for modern exploration efforts. In part, the report
reads;
"Mineralization has also been discovered in outcrop at Surroj,
which lies nine kilometers south-southwest of Gjegjani. Here the
geology is severely complicated by thrusting, and the
mineralization consists of three occurrences of angular blocks or
clasts of Gjegjani-type sulphides lying at the same stratigraphic
horizon as Gjegjani, spread over approximately 500 meters. These
were discovered in the early 1970s, and one deep hole was drilled,
mainly for stratigraphic purposes, in the southern part of the area
in 1976. Drilling has not been able to confirm the surface geology
as originally interpreted, but it did find scattered sulphide
mineralization in the section.
Starting some 15 kilometers south-southwest of Surroj, a belt
some 20 kilometers long stretching from Arren through Arrmolle and
Pregjelura to Mbasdeje has yielded showings of similar
Gjegjani-type sulphides in appropriate stratigraphy directly
underlying the thrust plane. This mineralization has been
encountered in outcrop, trenches and drill holes, and in limited
underground work, and is usually present as clasts within the
stratigraphy. In Armolle, however, the sulphides (discovered in
1970) extend for at least 100 meters along strike, may reach four
meters in thickness and up to 15 per cent Cu in grade locally. Over
the total four meter thickness, GJEOALBA reports that grades vary
from two to seven per cent Cu, averaging approximately three per
cent Cu. Underground work has confirmed the mineralization ten
meters below the outcrop, but the area is within the jurisdiction
of the Bulqiza Geological Enterprise whose main focus is chromite,
so only limited follow-up work has been carried out.
At Pregjlura, some 40 kilometers south-southwest of Gjegjani,
clasts of sulphides are found in outcrop over a 600 x 250 meter
area, grading up to four per cent Cu. The sulphides are less
tectonically deformed than at Arrmolle and are locally continuous
over distances of 20-60 meters. Drill follow-up in two holes has
demonstrated continuity of the sulphides over 100 meters, in a two
meter thick zone along the thrust plane.
GJEOALBA believes that the clasts of sulphides discovered in
these areas are the result of tectonic dismembering of a discrete
sulphide body. At Mbasdeje, for example, a 2,000 tonne block of
sulphides grading five per cent Cu was discovered over 30 years
ago, and it was mined and shipped to the Rubiku processing plant.
The area as a whole has seen limited follow-up work, partly due to
political difficulties in Albania."
Volcanic technical team members will be combining results from
the airborne geophysical data interpretation with the historical
data compilation that is ongoing in the southern block. The team is
developing a significant inventory of high priority geological,
geophysical and geochemical exploration targets in both the north
and the south of this large and historically prolific Copper Mining
District. In addition to copper, Volcanic will be conducting the
first ever exploration for other metals of focus including gold and
silver.
Renmark Financial Communications Inc.
Volcanic is also pleased to announce that it has retained the
services of Renmark Financial Communications Inc. to handle its
investor relations activities.
"We are pleased to announce that we have selected Renmark to
reinforce Volcanic's profile in the financial community and enhance
the visibility of our project portfolio. We chose Renmark because
its standards and methodologies fit best with the message we wish
to communicate to the investing public," noted John LaGourgue,
President and Chief Operating Officer of Volcanic.
About Volcanic Metals Corp.
Volcanic Metals Corp. is a mineral exploration company
headquartered in British Columbia, Canada. The company's focus is
on the discovery of base and precious metal deposits of economic
value in Albania. The Company is currently conducting the first
ever geological evaluation by modern exploration methods of the
Gjegjan Mining District located in northeastern Albania. The
Company is listed on the Toronto Venture Exchange under the symbol
VOL.
Rock Lefrancois, P.Geo., Director of Volcanic and Qualified
Person as defined by National Instrument 43-101, has verified the
technical content of this News Release.
ON BEHALF OF THE BOARD
VOLCANIC METALS CORP.
John LaGourgue, President, Chief Operating 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 President, Chief
Operating Officer and Director (604) 568-6312 (604) 357-1419 (FAX)
www.volcanicmetals.com Renmark Financial Communications Inc.
Christine Stewart (514) 939-3989 or (416) 644-2020
cstewart@renmarkfinancial.com Renmark Financial Communications Inc.
Barry Mire (514) 939-3989 or (416) 644-2020
bmire@renmarkfinancial.com www.renmarkfinancial.com
Volatus Aerospace (TSXV:VOL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Volatus Aerospace (TSXV:VOL)
Historical Stock Chart
From Jul 2023 to Jul 2024