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Gold/Mining/Energy : Vulcan Minerals - C.VUL

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To: NAUGHTY NOTES who wrote (141)	12/1/1998 2:53:00 PM
From: Len Hynes	Read Replies (1) of 415

Hi Naughty Notes: This is the most recent update vis-a-vis Vulcan's exploration in the Alberta diamond hunt:ULCAN MINERALS INC ("VUL-Y;VLCMF-L") - Commences Airborne Magnetic Survey for Diamonds in Alberta Mr. Patrick Laracy, President of Vulcan Minerals Inc. (the company) announces that the company has entered into an agreement with Spectra Aviation Services to conduct a High Resolution Aeromagnetic Survey for kimberlite detection in Alberta. The survey will cover eight townships (approximately 170,000 acres) near Lac la Biche. The area lies within a major northeast-southwest trending geologic structure, the Snowbird Tectonic Zone. This structure may have provided conduits for the emplacement of kimberlites. Several one line circular to elliptical magnetic anomalies occur on the Geological Survey of Canada regional magnetic survey of the area. That survey consists of flight lines spaced approximately 2 kilometres apart. The high resolution survey to be flown will fly at 200 metre spaced flight lines in order to delineate the nature of the magnetic anomalies and locate any new additional anomalies. Based on Alberta Geological Survey data the area is mostly covered by 0 - 50 metres of drift thickness. As well, the area is underlain by favourably aged Upper Cretaceous rocks. In the vicinity of the Snow Bird Tectonic Zone other operators have recently reported the discovery of favourable diamond indicator minerals in till samples near Edmonton (Pure Gold Minerals Inc.) as well as at least one diamond and other indicator minerals in till samples at Calling Lake (Buffalo Diamonds Ltd.), approximately 60 kilometres west of the Lac la Biche block. The survey will commence this week. Vulcan owns a 100% interest in metallic and industrial mineral permits covering approximately 2.1 million acres of Alberta. TEL: (709) 754-3186 Mr. Patrick Laracy, President FAX: (709) 754-3946

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