Volcanic Gold Mines Exploration Update
200 Burrard Street, Suite 650 Tel: 604.801.5432
Vancouver, BC V6C 3L6 Fax: 604.662.8829
TSX-V: VG
NEWS RELEASE
Volcanic Gold Mines Exploration Update
November 16, 2020 – Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic” or
the “Company”) is pleased to report on progress on its Guatemala property package. Since completing
the agreement with Radius Gold for an option on Radius ’s large land holdings in Eastern Guatemala, the
Company has raised sufficient funds for an ag gressive exploration cam paign in this highly prospective
gold/silver district.
Operations and Permitting
Since Guatemala’s international borders opened in September, the Company has made significant
progress establishing a presence in the country. Mr. Pedro Garcia has been appointed Country Manager
to oversee the permitting and social development in the regi on. Drill planning and corresponding
environmental reports for drilling at Holly and Banderas projects have recently been completed and drill
permit applications for Holly submitted to the responsible authority . Banderas drill permit applications
will be filed in the coming days. The Company has conducted formal meetings with the municipalities
covering the Holly and Banderas targe ts which have been positively received. Access agreements with
private land owners are ongoing, with a majority already signed at Holly and agreements at Banderas to
follow. With a new geological, community relations, logistics and administrative team, Volcanic is building
capacity for a large multi-target drill program in early 2021.
Holly Project: Drill Targets
Volcanic has defined compelling drill targets at Holly Ridge zone through analysis of all historic geological
and geophysical data and comparison with recent discoveries in the region.
The Holly Ridge target is an east-west orientated topographic high at the fault boundary between Tertiary
volcanics to the south and Paleozoic meta-sediments to the north. The Jocotan fault zone outcrops as an
approximately 2km long by 50m wide zone of intensely clay /silica altered and stockwork veined breccia
and conglomerate. A high grade gold in soil anomaly is co-incident with this target. The Jocotan fault at
Holly is cut by a series of NE orientated high-grade gold and silver veins and veinlets. It was these NE veins
and their extensions to the south of the ridge in the Volcanic rocks that were targeted by former explorers.
This work resulted in several high-grade intercepts, including:
HDD-001 14.2 m @ 4.14 g/t Au, 151 g/t Ag
HDD-005 3.6 m at 22.03 g/t Au, 697 g/t Ag
-2-
Of the 15 short historic drill holes at Holly project, 14 drill holes were drilled entirely within the volcanic
rocks to the south of the Jocotan fault. Only one drill hole was located in the Jocotan fault conglomerate
/ breccia zone. This hole cut 23 meters of silicified and veined conglomerate / breccia that graded 3.78 g/t
Au and 133 g/t Ag. No follow-up holes have been conducted to date and no drilling has tested the main
structure or targeted the intersection of the EW orientated fault breccia zone and the NE orientated high
grade veins/stockworks. Recent geophysical modelling has shown strong resisters at depth directly below
the trace of the fault zone. A 5,000 meter drill program is planned for Holly and will commence upon
granting of the permit, which is expected in 45 working days.
Property Package
Volcanic Gold is earning a 60% interest in the Holly and Banderas projects in Guatemala and has an
exclusive option to evaluate Radius Gold’s 240,000 hectares of applications for mineral concessions. The
property package covers a majority of the highly prospective terrain between Pan American Silver’s world
class Escobal Mine and Bluestone Resource’s Cerro Blanco development project, where recent bonanza
grade drill results continue to highlight the potential of the district. Holly and Banderas projects host high
grade epithermal gold-silver drill ready targets.
Technical Information
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is the Company’s
Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Mr. Smith has prepared 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, Vo lcanic intends to become a
leading gold-silver company.
For further information, visit our website at www.volgold.com.
Volcanic Gold Mines Inc.
Charles Straw, Director/CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada 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 inc lude, without li mitation, statements about the proposed Private Placement . Often, but
not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”,
-3-
“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 expressio ns, 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, whether the Company’s exploration plans in Guatemala will proceed as anticipated; 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 reso urces 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.sedar.com. 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 c ause 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 Com pany’s exploration plans in Guatemala will proceed as
anticipated; 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 tha t 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.