VG:CC - Volcanic Gold Provides Update on Drilling at Motagua Norte Property and Recent Developments in Guatemala
(TheNewswire)
Vancouver, British Columbia – May 23, 2024 – TheNewswire – VolcanicGold Mines Inc. (TSXV-VG) (“Volcanic” or the “Company”) andjoint venture partner Radius Gold Inc. report on the conclusion of the first passdrilling campaign at the Motagua Norte Project, Guatemala.
As previously reported (April 25th, 2024), the initialdrillholes did not locate the source of the broad area of bonanzagrade gold bearing quartz boulder float discovered by Companygeologists and named the Mila target. The gold-bearing quartz float atMila covers a thin serpentinite package and underlying schistosemetasedimentary rocks which have been cut by a series of east-westtrending structures hosting significant vein zones. The principalstructures, such as the Veta Madre Fault and the Veta Padre structure,are located to the south and uphill from the field of gold-bearingboulders. A strong zone of stockwork veining separates these twolarger structures.
A total of 13 holes were drilled in this first passprogram testing a range of targets. Results have been received for theinitial drill holes that tested for vertical and north-dipping veinsat and near to the Veta Madre Fault. Results indicate that thegold-bearing quartz boulders did not originate from these structures.The last four holes were drilled in the opposite direction, from southto north, to test for south-dipping structures. Several veins ofvarious sizes were intercepted in these drill holes. Assay resultsare pending, however no visible gold was seen in the drill core.Results will be released as soon as they become available.
In other developments inGuatemala, a new Minister of the Environment (MARN) was appointed onApril 12, 2024 and initial public comments from the new Minister werenot positive for mineral exploration and development in the country.Before committing further funds to Guatemala, Volcanic will monitorthe two significant precious metal deposits where developments are onhold: the multi-million ounce gold deposit at Cerro Blanco and thelarge high grade silver-lead-zinc deposit at Escobal. These mines could employ thousands of people, providing jobsto Guatemalans so they can thrive in their own communities.
In the short term the Company is assessing explorationor development opportunities elsewhere.
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 joint venture 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 and property investigationselsewhere. Often, but not always, these forward-looking statements canbe 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 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 beother factors that cause actions, events or results to differ fromthose anticipated, estimated or 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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