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July 22, 2005
Vulcan Minerals-Exploration Update
St. John’s, Newfoundland (PRWEB) July 22, 2005 -- Vulcan Minerals Inc. (“the Company” TSX-V: VUL) is pleased to announce that drilling has commenced on its Storm #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
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
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.
Posted by Industrial-Manufacturing at July 22, 2005 03:36 AM