191 0 Kommentare Vulcan Minerals Inc. Grabs 21.6 grams per tonne Gold at Burnt Berry in Newfoundland - Seite 2

Gander Belt

In February 2021 the Company announced that it had optioned its mineral licences in the Gander Belt of central Newfoundland to Sassy Resources Corporation (Sassy) in return for 2.5 million shares, $400,000 cash and $2.0 million in exploration expenditures over a four year period. The company is in receipt of 1,000,000 shares and $100,000 cash as per terms of the agreement and retains a 3% net smelter royalty subject to certain partial buyback provisions as previously disclosed. Sassy has recently announced further acquisitions and is quickly becoming one of the largest mineral land holders in Newfoundland in addition to its exposure to the Eskay Gold Camp in British Columbia.

Red Moon Resources

The company notes that its subsidiary Red Moon Resources Inc. (TSXV:RMK), of which Vulcan owns 28,891,000 common shares (42.6 % of the issued and outstanding) has been successful in raising $4.2 million dollars thus far in 2021 and is currently raising another $3.25 million to fund its various projects and working capital. Specifically, these funds will enable Red Moon to carry out a feasibility study on its Great Atlantic Salt Deposit over which Vulcan owns a 3% net production royalty.

Patrick J. Laracy, P.Geo, President is the qualified person responsible for the contents of this news release as defined in National Instrument 43-101.

Vulcan Minerals is a precious and base metals exploration company based in St. John’s Newfoundland. The company has a strategic land position in three active Newfoundland gold exploration and development belts. It also holds 42.6 % of the shares in Red Moon Resources Inc. (TSXV: RMK), an industrial minerals company that is carrying out a feasibility study on its Great Atlantic Salt deposit in western Newfoundland containing a NI 43-101 compliant resource of 908 million tonnes of rock salt suitable for road de-icing purposes. Red Moon also produces gypsum from its Ace Mine in western Newfoundland.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.