VG:CC - Volcanic Reports Bonanza Grade Gold Discovered Across Wide Areas at Mila Target Guatemala
(TheNewswire)
News Release
Shares issued 45,551,210
VG close - C$0.165
October 11, 2023 – TheNewswire - Vancouver, British Columbia – Volcanic Gold Mines Inc.(TSXVVG) (“Volcanic” or the “Company”) is pleased to provide an exploration update on the high-grade Milaprospect in the Motagua Norte project in Guatemala.
Highlights of the gold discoveries at the Milaprospect:
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Concentration of bonanza-grade and visible gold inquartz veins over a 250 x 570 m area.
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Continuous line rock chip sampling across mixedoutcrop, subcrop, boulder fields of 34 m averaging 42 g/t gold and 24m averaging 54 g/t gold.
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High-grade gold in both quartz veins and stockworkquartz in the wallrock suggests wide zones of goldmineralization.
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Visible gold in quartz veins identified in new areas tothe south and west of Mila.
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Orogenic gold-silver deposit with significant depthpotential.
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Trenching and drilling planned to establish thegeometry, width and grade of the gold mineralization.
The Company’s initialprospecting samples returned exceptional gold grades at Mila prospect(see news release Sept 1, 2022 ). In order todetermine whether the very high gold grades (many samples above 1 ozgold / tonne) were the result of selective sampling or widespreadacross the target zones, a program of continuous 2 m chip sampling wasconducted across mixed terrain of outcrop, subcrop and float boulders.In these areas it is not possible to be sure of true widths, andsampling was conducted to define the distribution of goldmineralization and target trench and drill priorities.
Map of the Cirilo 1 exploration licence showing thelocation and gold grade of 513 rock chip samples collected duringinitial prospecting.
High-grade gold assays and visible gold occur in bothquartz veins, and in wallrock quartz stockwork zones. Multiple quartzveins with at least two different orientations are recognized;north-south and northwest-southeast striking. The principalmineralized quartz veins form prominent mounds and ridges of collapsedoutcrop boulder piles with quartz boulders up to 2 m in diameter andoutcrops up to 4 m or more in width. Continuouschip channel sampling across one prominent ridge has returned averagegrades of up to 95 g/t gold across a 10 m width of collapsed quartzvein boulders, each sample representing a 2 m long segment of theline. Significantly wider quartz boulder fields occur where multiple,close-spaced veins reach surface . Continuous lines of 2 m long chipchannel samples of mixed outcrop and colluvium have returned averagegrades of 42 g/t gold along a 34 m line, and 54 g/t gold over a 24 m line from two parallel lines 70 m apart in oneboulder field at the centre of the prospect area.
The distribution of mineralized boulder float,supported by limited outcrop data, suggests that the high-grade goldmineralization in the Mila prospect is concentrated in two north-southstructures approximately 200 m apart, each structure at least 250 mstrike in length. The current interpretation is that one or bothstructures support multiple quartz veins across a width of at least 25to 50 m. T renching and drilling will be requiredto look beneath the quartz boulder cover and establish the truegeometry, width and grade of the mineralized veins and wallrockstockwork zones in the Mila prospect.
Additional gold veindiscoveries
Beyond the Mila prospect ongoing prospecting and rockchip sampling continues to identify additional mineralized veinswithin the licence area:
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Two gold quartz veins have already been identifiedapproximately 500 m to the south of the Mila prospect with two high-grade rock chip samples of 9.34 g/t and 29.6g/t gold some 280 m apart .
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Quartz veins grading up to 60.2 g/t gold have also beenidentified at a couple of locations further along the regional MotaguaNorte trend between 800 and 1700 m to the west of the Mila prospect.
Gold mineralization andgeology
The mineralized quartz veins and stockwork zones arehosted by biotite schist and phyllite of the Motagua Suture Zone, aneast-west striking belt of metamorphic rocks that formed at the lineof collision between the North American and Caribbean tectonic plates.Gold mineralization appears to be hosted by north-south and east tosoutheast-striking veins.
High-grade assays have been returned from bothsulphide-bearing quartz veins and quartz stockwork in the wallrock.The mineralized quartz veins are enriched in gold, silver, lead andminor copper and have textures and a geological host consistent withemplacement from a mesothermal system in an orogenic setting. Themineralization appears to be zoned with quartz veins at the easternend of the licence area at Mila and to the south of Mila containingthe highest gold values, and veins to the west of Mila with generallylower gold but higher silver and lead values.
Exploration potential and wayforward
The Mila prospect is a new discovery with a sizeablefootprint of abundant high-grade quartz at surface, pointing to asignificant gold system . The abundance ofhigh-grade quartz vein and quartz stockwork spread across a 250 x 570m area, the identification of multiple cross-cutting gold mineralizedquartz veins at surface, and the demonstration that high-grade quartzis not confined to the quartz veins but also occurs in the wallrock,point to a broad, high-grade and extensive gold system. Themineralization is orogenic style, with mineralization at mesothermaldepths within a major transform structure. These systems andstructures typically support mineralization over significant verticaldistances, and so there is potential for mineralization to continue tosignificant depths.
Trenching and drilling is planned to map out individualveins, vein sets, and stockwork zones, quantify the width and grade ofmineralization, and explore the gold mineralization to depth.
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.
Volcanic brings together an experienced andsuccessfu l mining, exploration and capitalmarkets team focused on building multi-million -ounce gold and silver resources in underexplored 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 websitea t 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 its propertyinterests 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, the uncertainties inherent in the mineralresource estimates; whether the Company’s planned explorationwork will be proceed as intended; changes in general economicconditions and financial markets; the Company or any joint venturepartner not having the financial ability to meet its exploration anddevelopment goals; risks associated with the results of explorationand development activities, estimation of mineral resources and thegeology, grade and continuity of mineral deposits; unanticipated costsand expenses; and such other risks detailed from time to time in theCompany’s quarterly and annual filings with securities regulatorsand available under 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 activities will be achieved; that there will be nomaterial adverse change affecting the Company or its properties; andsuch other assumptions as set out herein. Forward-looking statementsare made as of the date hereof and the Company disclaims anyobligation to update any forward-looking statements, whether as aresult of new information, future events or results or otherwise,except as required by law. There can be no assurance thatforward-looking statements will prove to be accurate, as actualresults 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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