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Vulcan Minerals Inc. Exploration Update
Vulcan Minerals Inc. Exploration Update.
About this update from Vulcan Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nStock Symbol: TSX: VUL\nShares issued: 35,278,384\n\nST. JOHN'S, June 27 /CNW/ - Vulcan Minerals Inc. (\"the Company\" TSX-V:\nVUL), is pleased to report that it has completed a detailed integration and\ninterpretation of new geophysical data and drilling results from 2005 in the\nBay St. George Basin, Western Newfoundland. These new geophysical data include\n70 line kilometres of conventional seismic, multi-component seismic and 4,400\nline kilometres of high-resolution aeromagnetic data. Drilling results from\n2005 demonstrated that the petroleum system discovered at Flat Bay is also\nactive within the Hurricane area approximately 20 km south. Shallow drilling\non Hurricane in 2005 encountered significant oil and gas shows but the traps\nwere breached. New targets identified deeper within the Hurricane Structure\n(up to 2,500 - 3,500 metres) have better trapping potential in rocks not yet\ndrilled in the basin. Based on local geology these rocks are interpreted to\nhost better reservoir quality rocks than seen in the shallower section and be\ncloser to the source rock depocentre of the basin. More seismic will be\nrequired to sufficiently define these deep targets and optimize drill\nlocations. The Company has laid out the location for this survey and has\ninitiated the permitting of the survey. Subject to ground conditions, the\nsurvey is planned for late summer-fall. Otherwise it should be acquired this\nwinter with plans to drill in 2007. The combined target areas on the structure\ncould exceed over 100 square kilometres in areal size making it the largest\nfeature the Company has explored. Drilling will require a larger rig than the\nCompany currently owns. The Company is monitoring and assessing rig\navailability in Eastern Canada for the project.\nAt the shallow Flat Bay oil deposit, the Company plans to drill a\ncontinuous core through the reservoir section to allow a detailed engineering\nanalysis of the reservoir. That operation initially anticipated for June has\nbeen rescheduled to the third quarter due to the unavailability of a diamond\ncoring rig. The purpose of the drill program is to test an area where\nfracturing of the reservoir is interpreted to be prevalent based on recently\nobtained geophysical data. A detailed core analysis will provide the Company\nwith direction on how to proceed with potenti...