Exploration licence granted on the high-grade Motagua Norte project in Guatemala
200 Burrard Street, Suite 650 Tel: 604.801.5432
Vancouver, BC V6C 3L6 Fax: 604.662.8829
TSX-V: VG
FOR IMMEDIATE RELEASE September 26, 2023
Exploration licence granted on the high-grade Motagua Norte project in
Guatemala
News Release
Shares issued 45,551,210
VG close - C$0.15
Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSX V-VG) (“Volcanic” or the “Company”) is
pleased to announce that the Cirilo I exploration licence, covering a 13.5 km² (4.5 x 3 km) area including
the highly prospective Mila gold discovery i n the Motagua Norte project area of Guatemala, has been
granted by the Ministry of Mines of Guatemala.
The Mila prospect is an area of bonanza-grade quartz float, subcrop and outcrop discovered by Company
geologists during regional prospecting along the Motagua Norte schist belt in Central Guatemala . A
significant gold footprint has already been mapped -out with a pproximately one hundred rock chip
samples spread over a 250 metre by 570 m etre area returning assays exceeding 10 g/t gold, including
twenty of over 100 g/t gold and a maximum of 692 g/t gold.
The abundance of high-grade quartz over a significant area point to an important high-grade gold system.
A thorough geological assessment and continued prospecting throughout the licence area is ongoing, and
the Company intends to start trench and drill testing as soon as the necessary permitting procedures are
completed.
The Cirilo 1 exploration licence is the first to be granted out of a set of four exploration licence applications
that comprise the Motagua Norte project. The other three applications cover an additional 72.68 km² of
the highly prospective Motagua Norte orogenic gold corridor. The Company is working with the permitting
authorities and local government to expedite the permitting process.
Simon Ridgway, Volcanic Gold Mines President and CEO, commented:
“This is an impressive discovery and the Company has worked hard for many months to complete all the
necessary requirements to get concessions granted in Guatemala. It is no simple matter and I want to
congratulate the team, both on the exploration front and on the social side. Now we can approach this
discovery with a mind to testing the third dimension. The mineralized veins have size, continuity, and
high grades at surface. I’m excited to see a drill turning on the project.”
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The Mila prospect is an area of high-grade quartz float, subcrop and outcrop covering a 250 metre by 570 metre area discovered
by Company geologists. Approximately one hundred rock chip samples exceeding 10 g/t gold collected across the area to-date:
LEFT: Visible and high-grade gold occurs in both veins (43.4 g/t gold in gold-sulphide-quartz vein), and RIGHT: in the wallrock
(94 g/t gold in gold-sulphide-quartz stockwork hosted by sericite-altered schist):
About the Cirilo 1 exploration licence
The Cirilo 1 exploration licence grants local company Minerales Sierra del Pacifico S.A. , a wholly-owned
subsidiary of Radius Gold Inc. (TSXV-RDU), the right to explore for gold and silver over a 13.5 km² (4.5 x 3
km) licence area in the department of El Progreso in Guatemala. Volcanic has an option to earn a 60%
interest in the Motagua Norte and Holly projects subject to spending $7M on exploration of the properties
within 48 months from the date drilling permits at Holly were granted (see News Release September 18,
2023). To date Volcanic has spent just over US$4.5 million of the earn-in.
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Location map of the Motagua Norte project in Eastern Guatemala:
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 successfu l 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 pot ential 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
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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. 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 will acquire any new property interests
in Guatemala; 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 asso ciated 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 o r 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.