First results for the Vulcain property

Matamec Explorations Inc. («Matamec») announces the first results of a high resolution helicopter-borne geophysical survey on Vulcain, a property of 5,200 ha, rich in nickel-copper mineralization and located 165 km southeast of Val d’Or. Carried out by Aeroquest Ltd over 947.5 km of lines at 75 m spacing, the aeroTEM-type geophysical survey was subject to an interpretation, both geophysical and geological, by Cygnus Consulting. Thus, an EM anomaly of approximately 700 m long by 100 m wide is clearly visible. This anomaly covers the two main known mineralized zones and extends well beyond toward the south. Several other EM anomalies were also detected and demonstrate a strong potential for the discovery of other Ni-Cu mineralization elsewhere on the property. It appears as well that all of the EM anomalies are associated with massive sulphide, semi-massive and veined-textured masses located within a 100 m from surface. The Vulcain property is the site of a past producing open pit Ni-Cu mine operated from 1969 to 1972 at Renzy Lake. The mineralization is contained within tabular shaped ultramafic intrusions injected into paragneiss of the Grenville Supergroup. Recently, inferred resources of 259,400 metric tones were estimated by Systems Geostat International Inc. with an average grade of 0.94% Cu and 0.87% Ni using a cutoff grade of 0.5% Ni equivalent on the two mineralized zones that were partially mined at the time. As well as finding massive, semi-massive, disseminated and pegmatitic sulphide mineralization, there is also the presence of breccias previously interpreted as having a tectonic origin. However, the descriptions done in the past and samples of the breccias recently collected in the mining heaps rather suggests a magmatic origin. Such breccias generally imply the presence of sulphurous feeder dykes with elevated nickel grades and important vertical extensions. This exploration program was conducted under the supervision of Aline Leclerc, geologist, vice-president Exploration and qualified person for Matamec, in accordance with directive 43-101. Additional geological and geophysical data is awaited for shortly for the entire property which has seen little exploration since the 1960’s in order to rapidly put into place a suitable drilling program.