VLMZF - Volcanic Gold receives drill permits for Holly project Guatemala
(TheNewswire)
March 18, 2021 - TheNewswire - Vancouver, BritishColumbia – Volcanic Gold Mines Inc. (TSXV:VG) is pleased to announcethat it has received final approval from the Ministerio de Ambiente yRecursos Naturales (Ministry of Environment and Natural Resources)to conduct drilling on the Holly Project in eastern Guatemala.
Simon Ridgway, Volcanic’s CEO, commented: “TheMinistry of Environment and Natural Resources has granted anenvironmental permit for the planned exploration program and we arevery pleased to have received the drill permits for the HollyProject.”
Mr. Ridgway continued: “In 2003 a shortscout drill program intersected several high-gradeAu-Ag veins, including 10.6m at 7.7 g/t gold and 263 g/t silver. Thesehigh grade drill intercepts never received follow-up drilling. Thehigh grade veins strike perpendicular to the large altered andmineralized Jocotán fault zone. The Jocotan fault or the veinintersections with the fault have never been drill tested. We arefinanced for a significant program and the team is motivated to testthese highly prospective targets.”
The Company will now move forward with logisticsplanning and drill contractor selection with a plan to commencedrilling shortly after the Easter break. The emphasis will be onexploring for high grade shoots associated with the intersection ofthe Jocotan Fault Zone zone and the NW-SE trending high gradevein systems, El Pi ñ o and La Pe ñ a. Sampling at El Pino has returned grades of upto 2m at 110.3 g/t Au and 3508 g/t Ag, and the La Pe ñ a vein, which crops out 620m to the west, samplinghas returned 2m at 44 g/t Au and 88 g/t Ag. Surface rock and soilgeochemistry indicates these two parallel quartz veins each have overa 600m strike potential.
Figure 1: Holly Exploration Targetsand historic drill-holes
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 exploration experienceand is a Qualified Person member of the American Institute ofProfessional Geologists (CPG 12044).
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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