VLMZF - Volcanic defines drill targets on Holly Project

(TheNewswire)

February 9, 2021 - TheNewswire - Vancouver, BritishColumbia - Volcanic Gold Mines Inc. (TSXV:VG) is pleased to announcethat ongoing exploration work at the Holly project in Guatemala isdefining several exciting targets.  Volcanic’s exploration teamshave been ground proofing the extensive historic data collected byRadius Gold since initial discovery in 2002, and the reprocessing andreinterpretation of the geophysical data acquired at Holly has led towell defined drill targets. Drill permits are expected to be receivedin Febuary with drilling planned to commence before month end.

The Holly property straddles the regional-scale Jocotan Fault whichforms part of the Motagua Suture Zone, a 400km long and up to 80kmwide deformation zone that separates the North American and Caribbeantectonic plates.

At Holly, the Jocotan Fault forms a well defined east-west trendingridge, separating older metamorphosed, foliated sedimentary rocks tothe north from much younger volcanic rocks to the south.  Explorationprograms conducted by Radius Gold outlined a number of very high gradesilver/gold occurrences along the trace of the ridge.  Initialtrenching and drilling of these targets returned excellent results,however no follow-up work was done on the extension of thesemineralized zones along the ridge and to the north.  These zonesremain open for resource definition.  (see Figure 1 below)

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Figure 1: Exploration Targets and Jocotan Fault Zone

Volcanic gold reprocessed the data from IP surveys conducted on theproperty in 2002 and 2008, and the updated models have improved thedata quality.  Ground proofing of these targets has defined severalexciting drill ready targets:

• - Two NW striking high-resistivity anomalies are identified. Theseanomalies appear to be associated with NW striking faults that hostvery high-grade gold-silver veins:

Selected Trench samples results fromHolly Ridge:

Selected drill results from HollyRidge:

• - A large resistivity high tracks the trace of the Jocotan Fault atdepth and is coincident gold in rock and soil anomaly 1,200m long X400m wide. This indicates a large epithermal system has been emplacedalong the Jocotan Fault system.

Simon Ridgway, Volcanic’s CEO, commented: “Our IP modelling hasrevealed compelling drill targets at Holly.  Three out of fourhistoric drill holes completed at Holly testing the high-grade veinsreturned great gold and silver mineralized intervals, and we’vealways believed that the Jocotan Fault has the potential to host asignificant mineralized system.  No drill holes have tested thestructure at depth, and the coincident restivity high and soil goldgeochemistry is set to be the focus of drilling at Holly.

Volcanic’s geologists have initiated an extensive mapping andsampling program along the 60km strike length of the Jocotan Faultzone that occurs within the properties that Volcanic has optioned fromRadius Gold Inc.  Several other mineralized zones have beenidentified by Radius’ historic sampling programs.”

Technical Information

The technical contents of this press release have beenreviewed by Matthew Booth, a Qualified Person for the purposes of NI43-101.  Mr. Booth has over 17 years of mineral explorationexperience and is a Qualified Person member of the American Instituteof Professional Geologists (CPG 12044).

About Volcanic

Volcanic brings together an experienced and successful mining,exploration and capital markets team focused on buildingmulti-million -ounce gold and silver resources inunderexplored countries.  Through the strategic acquisition ofmineral properties with demonstrated potential for hosting gold andsilver resources, and by undertaking effective exploration and drillprograms, Volcanic intends to become a leading gold-silver company.

For further information, visit our website at www.volgold.com .

Volcanic Gold Mines Inc.

Simon Ridgway, President and CEO

Neither the TSX Venture Exchange nor the Investment IndustryRegulatory Organization of Canada accepts responsibility for theadequacy or accuracy of this release.

Forward-looking statements

Certain statements contained in this news release constituteforward-looking statements within the meaning of Canadian securitieslegislation. All statements included herein, other than statements ofhistorical fact, are forward- looking statements and include, withoutlimitation, statements about the Company’s plans for explorationwork in Guatemala. Often, but not always, these forward lookingstatements can be identified by the use of words such as“estimate”, “estimates”, “estimated”, “potential”,“open”, “future”, “assumed”, “projected”, “used”,“detailed”, “has been”, “gain”, “upgraded”,“offset”, “limited”, “contained”, “reflecting”,“containing”, “remaining”, “to be”, “periodically”, orstatements that events, “could” or “should” occur or beachieved and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any results, performance or achievements expressed or implied byforward-looking statements. Such uncertainties and factors include,among others, whether the Company’s planned exploration work will beproceed as intended; changes in general economic conditions andfinancial markets; the Company or any joint venture partner not havingthe financial ability to meet its exploration and development goals;risks associated with the results of exploration and developmentactivities, estimation of mineral resources and the geology, grade andcontinuity of mineral deposits; unanticipated costs and expenses; andsuch other risks detailed from time to time in the Company’squarterly and annual filings with securities regulators and availableunder the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors thatcould cause actual actions, events or results to differ materiallyfrom those described in forward-looking statements, there may be otherfactors that cause actions, events or results to differ from thoseanticipated, estimated or intended.

Forward-looking statements contained herein are based on theassumptions, beliefs, expectations and opinions of management,including but not limited to: that the Company’s stated goals andplanned exploration and development activities will be achieved; thatthere will be no material adverse change affecting the Company or itsproperties; and such other assumptions as set out herein.Forward-looking statements are made as of the date hereof and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults or otherwise, except as required by law. There can be noassurance that forward-looking statements will prove to be accurate,as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, investors should notplace undue reliance on forward-looking statements.

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