Vancouver, British Columbia – May 23, 2024 – TheNewswire – Volcanic Gold Mines Inc. (TSXV-VG) (“Volcanic” or the “Company”) and joint venture partner Radius Gold Inc. report on the conclusion of the first pass drilling campaign at the Motagua Norte Project, Guatemala.

 

As previously reported (April 25th, 2024), the initial drillholes did  not locate the source of the broad area of bonanza grade gold bearing quartz boulder float discovered by Company geologists and named the Mila target. The gold-bearing quartz float at Mila covers a thin serpentinite package and underlying schistose metasedimentary rocks which have been cut by a series of east-west trending structures hosting significant vein zones. The principal structures, such as the Veta Madre Fault and the Veta Padre structure, are located to the south and uphill from the field of gold-bearing boulders. A strong zone of stockwork veining separates these two larger structures.

 

A total of 13 holes were drilled in this first pass program testing a range of targets. Results have been received for the initial drill holes that tested for vertical and north-dipping veins at and near to the Veta Madre Fault. Results indicate that the gold-bearing quartz boulders did not originate from these structures. The last four holes were drilled in the opposite direction, from south to north, to test for south-dipping structures. Several veins of various sizes were intercepted in these drill holes.  Assay results are pending, however no visible gold was seen in the drill core. Results will be released as soon as they become available.

 

In other developments in Guatemala, a new Minister of the Environment (MARN) was appointed on April 12, 2024 and initial public comments from the new Minister were not positive for mineral exploration and development in the country. Before committing further funds to Guatemala, Volcanic will monitor the two significant precious metal deposits where developments are on hold: the multi-million ounce gold deposit at Cerro Blanco and the large high grade silver-lead-zinc deposit at Escobal.  These mines could employ thousands of people, providing jobs to Guatemalans so they can thrive in their own communities.

 

In the short term the Company is assessing exploration or development opportunities elsewhere.

About the Motagua Norte project

 

The Motagua Norte project is a gold system hosted by schists of the Motagua suture zone, an east-west striking belt of metamorphic rocks that outcrops at the line of collision between the North American and Caribbean tectonic plates.

 

Volcanic Gold Mines has an option agreement with Radius Gold Inc. to earn a 60% interest in the Cirilo I exploration licence and other licences under applications and negotiation within the Motagua Norte project, as well as the Holly Project where the joint venture has established a high-grade epithermal gold resource 60km north of the Cerro Blanco gold deposit.  (See news release Sept. 18, 2023).

Technical Information

 

Luc English PhD, who is a Chartered Geologist and Fellow of the Geological Society of London, is the Company’s Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Dr. English has reviewed and approved the technical information contained in this news release.

 

About Volcanic

 

Volcanic brings together an experienced and successful mining, exploration and capital markets team focused on building multi-million-ounce gold and silver resources in underexplored countries.  Through the strategic acquisition of mineral properties with demonstrated potential for hosting gold and silver resources, and by undertaking effective exploration and drill programs, 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 its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Forward-looking statements

 

Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Company’s plans for its property interests in Guatemala and property investigations elsewhere. Often, but not always, these forward-looking statements 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”, or statements that events, “could” or “should” occur or be achieved 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 different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, the uncertainties inherent in the mineral resource estimates; whether the Company’s planned exploration work will be proceed as intended; whether the Company’s plan for its property interests in Guatemala will proceed as intended; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

 

Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals and planned exploration and development activities will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.