VG:CC - Volcanic Gold provides update on drilling at Motagua Norte property Guatemala
(TheNewswire)
News Release
Shares issued 45,551,210
VG close - C$0.205
April 25, 2024 – TheNewswire - Vancouver, British Columbia – Volcanic Gold Mines Inc.(TSXV-VG) (“Volcanic” or the “Company”) and joint venturepartner Radius Gold Inc. are pleased to report on the ongoing drillingcampaign at the Motagua Norte Project.
As previously reported(April 3, 2024), drilling confirmed that the broad area of boulderfloat with abundant bonanza grade assay results discovered by Companygeologists at the Mila target is underlain by a serpentinite package,and the colluvial boulders of quartz and schists bearing high-gradegold values have likely moved downslope from a major structuralcorridor, that includes the Veta Madre Fault.
Initial results have been received for the first twodiamond drill holes (MIDD-24-04 & 05) drilled to the south thatcut the broad Veta Madre Fault. The results indicate the gold bearingcolluvium fields did not originate from the Veta Madre structure as noanomalous samples were returned from these two holes. Geologicalmapping further upslope, south of Veta Madre, has identified anotherlarge quartz structure (Veta Padre). Between the two main structuresvisible gold in outcrop in narrow south dipping veins has beenobserved.
Drilling is now focused on the veins to the south ofthe Veta Madre and testing the stockwork zones.
Map showing the Mila prospect:
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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