VG:CC - Volcanic Gold provides further update on drilling at Motagua Norte property Guatemala
(TheNewswire)
April 3, 2024 – TheNewswire – Vancouver, British Columbia – Volcanic GoldMines Inc. (TSXV-VG) (“Volcanic” or the “Company”) and jointventure partner Radius Gold Inc. are pleased to present a furtherupdate on the ongoing drilling campaign at the Motagua NorteProject.
As previously reported, drilling to date has confirmedthat the broad area of boulder float with abundant bonanza grade assayresults discovered by Company geologists is underlain by aserpentinite package, and that all of the colluvial boulders of quartzand schists bearing the high-grade gold values have likely moveddownslope from a major structural corridor that we have named the VetaMadre Fault Zone.
To date two drill holes cutting across the broad VetaMadre Fault Zone have been completed. Both holes have cut wide zonesof quartz veining and quartz stockwork at the fault contact betweenserpentinite in the hanging wall to the north, and schistose rock inthe footwall to the south. The wide stockwork zones with associatedintense silica-sericite alteration of the host rock appear to be bestdeveloped in the footwall schist, although stockwork veining has beenrecognized on both sides of the vein.
Hole MIDD-24-004 targeted the Veta Madre above thecentral part of the colluvial field, drilling through 98 m ofserpentinite before reaching the fault zone at a depth ofapproximately 120 m below surface . The hole remained in veining and stockworkschists for 63 m before entering unaltered schistose rocks at 161 m.The hole was drilled at an inclination of -45 degrees; true width ofthe mineralized zone is yet to be confirmed as the dip of the fault,while thought to be steep, is as yet unknown.
Hole MIDD-24-005 was drilled 100 m along strike to thewest of MIDD-24-004, collared closer to the fault zone so that itintersected the fault at a slightly shallower depth of approximately80 m below surface. This hole passed through 73 m of serpentinitebefore entering the targeted structure. A wide zone, some 39 m ofaltered rock with strong stockwork quartz veining, was intersectedbefore passing into unaltered schistose rock at 112 m drill depth.This hole was also drilled at an inclination of -45 degrees, andagain, true width of the zone is at present unknown.
Map showing the extent of thecolluvial fan of bonanza-grade gold mineralized quartz boulders at thefoot of a broken section of the Veta Madre Fault Zone. Drill pads(black circles) indicate location and trace of holes MIDD-004 and 005which targetted the Veta Madre fault.
Half-core samples from both drill holes have been sentfor analysis at ALS Laboratory, Vancouver and assay results areexpected in early May. The present plan is to test the Veta MadreFault Zone with a panel of holes, cutting the structure on 50 mhorizontal and vertical grid spacing to a depth of up to 200 m belowsurface. Drilling will initially concentrate on a 250 m strike lengthimmediately uphill of the thickest and most extensive concentration ofgold-bearing colluvium. Drilling through the boulder colluvium istechnically challenging. Two attempts to drill into the structure at ashallower depth to test the weathered zone have been abandoned due tothe rods getting stuck in the thicker colluvium pile adjacent to thefault zone (drillholes MIDD-006 and 007). In order to avoid theseproblems, the remainder of this drilling program will be restricted tofresh rock well below the colluvium, targeting mineralization 50 m ormore below surface.
Simon Ridgway, Volcanic Gold Mines President and CEO,commented:
“ Thedrilling of the Veta Madre at the Motagua Norte project hasintersected a broad zone of quartz veins, vein breccia and microstockwork in two drill holes, located 100 m apart. Two other holeswere lost by setting up too close to the fault zone, intersectingthick piles of colluvium before entering the stockwork veining. Future holes will be set up further back from the fault zone. Abovethe Veta Madre fault zone, veining carrying visible gold had beenmapped in the Schistose bedrock between the Veta Madre and a secondlarge structure, named Veta Padre. These gold-bearing veins appear todip to the south so drill holes orientated south to north are plannedlater in the program to test this area.
Drilling has now re-commencedfollowing the break for Semana Santa. A good working relationship hasbeen developed with the local communities. Meetings are held on aregular basis updating the leaders of the communities on theCompany’s plans and we are assisting where possible with communityprojects.”
About the Motagua Norteproject
The Motagua Norte project is a gold system hosted byschists of the Motagua suture zone, an east-west striking belt ofmetamorphic rocks that outcrops at the line of collision between theNorth American and Caribbean tectonic plates.
Volcanic Gold Mines has an option agreement with RadiusGold Inc. to earn a 60% interest in the Cirilo I exploration licenceand other licences under applications and negotiation within theMotagua Norte project, as well as the Holly Project where the J/V hasestablished a high-grade epithermal gold resource 60km north of theCerro Blanco Gold Deposit. (See news release Sept. 18, 2023).
Technical Information
Luc English PhD, who is a Chartered Geologist andFellow of the Geological Society of London, is the Company’sQualified Person as defined by National Instrument 43-101 - Standardsof Disclosure for Mineral Projects. Dr English has reviewed andapproved the technical information contained in this newsrelease.
About Volcanic
Volcanic brings together an experienced and successfulmining, exploration and capital markets team focused on buildingmulti-million-ounce gold and silver resources in underexploredcountries. Through the strategic acquisition of mineral propertieswith demonstrated potential for hosting gold and silver resources, andby undertaking effective exploration and drill programs, Volcanicintends 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 i ts Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Forward-looking statements
Certain statements contained in this news releaseconstitute forward-looking statements within the meaning of Canadiansecurities legislation. All statements included herein, other thanstatements of historical fact, are forward- looking statements andinclude, without limitation, statements about the Company’s plansfor its property interests in Guatemala. Often, but not always, theseforward-looking statements can be identified by the use of words suchas “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 negativevariations.
Forward-looking statements involve known and unknownrisks, uncertainties and other factors which may cause the actualresults, performance or achievements of the Company to be materiallydifferent from any results, performance or achievements expressed orimplied by forward-looking statements. Such uncertainties and factorsinclude, among others, the uncertainties inherent in the mineralresource estimates; whether the Company’s planned exploration workwill be proceed as intended; whether the Company’s plan for itsproperty interests in Guatemala will proceed as intended; changes ingeneral economic conditions and financial markets; the Company or anyjoint venture partner not having the financial ability to meet itsexploration and development goals; risks associated with the resultsof exploration and development activities, estimation of mineralresources and the geology, grade and continuity of mineral deposits;unanticipated costs and expenses; and such other risks detailed fromtime to time in the Company’s quarterly and annual filings withsecurities regulators and available under the Company’s profile onSEDAR+ at www.sedarplus.ca . Although the Company hasattempted to identify important factors that could cause actualactions, events or results to differ materially from those describedin forward-looking statements, there may be other factors that causeactions, events or results to differ from those anticipated, estimatedor intended.
Forward-looking statements contained herein are basedon the assumptions, 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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