Volcanic Metals Corp.: Property Update
September 21 2010 - 3:59PM
Marketwired
Volcanic Metals Corp. (TSX VENTURE: VOL) ("Volcanic") is pleased to
announce the following update on the exploration program at its
Gjegjan Property located in Albania.
Volcanic has completed the compilation and interpretation of all
available historic data from the Albanian Geological Survey, as
well as 85% of its high-resolution Mag/EM airborne geophysical
survey on the 200km(2) North and South blocks. Interpretation of
the geophysical data has identified several geophysical anomalies
of potential sulphide source.
North Block:
Volcanic has conducted a ground investigation on all EM
anomalies identified from the airborne survey. Geological mapping,
rock and soil sampling, and induced polarization and self potential
EM geophysical surveying was conducted over the prominent Perbreg
anomaly, located 1.5km southeast of the former Gjegjan copper
mine.
South Block:
Copper showings in the Surroj and Prej Lure areas were
prospected and surveyed. All geophysical data from the airborne
survey was interpreted with the following recommendations:
-- Eleven VTEM conductive zones have been interpreted as probable bedrock
conductors with a potential for base or Ni/PGM/Cr mineralization, of
which six are rated as top priority targets;
-- Initial follow up using a combination of prospecting, mapping and
geochemistry and limited MaxMin HLEM coverage (supplemented by SP and
magnetics as determined to be useful) on small grids is recommended;
-- Detailed ground geophysical surveys, including possible use of large-
loop TDEM surveys for deeper targets, are required for suitable
delineation of the various inferred conductive targets before any
drilling decision;
-- The AEM and aeromagnetic data provide new insights into the geology and
structure of the poorly mapped South Block; in particular, the data
outlines a series of semi-continuous mafic/ultramafic assemblages
separated by indicated oblique cross faults;
-- Continued close interaction and collaboration with local experts in
terms of evaluating the VTEM targets as well as reassessing any past
geophysical and other exploration data in this region is strongly
advocated; this may lead to other weaker VTEM anomalies being identified
as possibly interesting secondary targets.
Volcanic's technical team believes there is potential for
additional Gjegjan-style VMS deposits in the area. Volcanic is
currently evaluating the results of its exploration program in
order to delineate an appropriate follow up program of possible
ground work, evaluation, and drilling on potential targets.
Mr. Rock Lefrancois, P.Geo., Director of Volcanic and Qualified
Person as defined by National Instrument 43-101, has reviewed the
technical information on the Gjegan Property contained in this News
Release.
Aldon and Brownstone Projects / Financing
Volcanic has entered into a letter of intent with Aldon Oils
Ltd. ("Aldon") to participate in the drilling of an initial
horizontal test well on Aldon's 320-acre Viewfield Property located
in the heart of the Bakken play in Southeastern Saskatchewan.
Volcanic will fund 25% of the drilling, completion and equipping
costs in order to earn a 15% working interest in the well.
Following the completion of the test well, Volcanic will have the
option to continue to participate in the further drilling of
additional wells on the property with the same net ownership.
Volcanic has entered into a second letter of intent with
Brownstone Resources Ltd. ("Brownstone") to participate in the
drilling of an initial horizontal Bakken zone test well on
Brownstone's 6400-acre Moosomin Property (the "Moosomin Property")
located near the town of Moosomin in Southeastern Saskatchewan.
Volcanic will fund 12.5% of the drilling, completion and equipping
costs in order to earn a 12.5% working interest in the well.
Following the completion of the test well, Volcanic will have the
option to continue to participate in the further testing and
evaluation of the property.
Mr. John LaGourgue, President of Volcanic, states, "Together
with the ongoing exploration of the Gjegjan Property, we are very
pleased at the opportunity to participate in the evaluation of
these two prospective, early stage projects and the opportunity
they represent, specifically in the Saskatchewan Bakken play, in
potentially expanding and diversifying our interests in the natural
resource sector."
To fund these new projects, Volcanic will undertake a
non-brokered private placement of up to 3,333,333 flow-through
common shares at a price of $0.15 per share for gross proceeds of
up to $500,000. The securities issued pursuant to the private
placement will be subject to a four month hold period from closing.
Completion of the private placement remains subject to the receipt
of all necessary regulatory approvals, including the approval of
the TSX Venture Exchange.
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 (604) 568-6312
(604) 357-1419 (FAX) www.volcanicmetals.com
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