The property package consists of three claim groups including the Gander East property (1124 claims) covering prospective areas along the suture contact between the Gander and Avalon tectonic zones in a trend parallel to New Found Gold Corp’s Queensway project in central Newfoundland
Vulcan Minerals expands its equity interest in Newfoundland gold exploration. (Credit: PublicDomainPictures from Pixabay)
Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL), is pleased to announce that it has entered into a property divestment agreement with Rocky Island Gold Corp. (Rocky Island) in Newfoundland.
- Vulcan sells 2440 mineral claims (61,000 hectares) to Rocky Island a subsidiary of Sassy Resources Corporation (Sassy)
- Vulcan receives $250,000 cash and 3,000,000 common shares of Sassy in exchange for a 100% working interest in the claims subject to a 1% net smelter return royalty
The property package consists of three claim groups including the Gander East property (1124 claims) covering prospective areas along the suture contact between the Gander and Avalon tectonic zones in a trend parallel to New Found Gold Corp’s Queensway project in central Newfoundland. The Triple Pt / Long Range project (1062 claims) straddles the Cabot Fault suture in western Newfoundland where gold exploration is occurring over a 200 km belt from Cape Ray in the south to the Baie Verte Peninsula in the north. Also along this trend is the Glover Island claim group (254) which covers ground prospective for gold.
President Patrick Laracy, commented “As part of our ongoing project generation activities, we are pleased to have completed this deal with a strong partner providing us with increased equity exposure to the mineral exploration boom in Newfoundland.”
Source: Company Press Release