Volcanic Gold provides update on drilling at Motagua Norte property, and recent developments in Guatemala
200 Burrard Street, Suite 650 Tel: 604.801.5432
Vancouver, BC V6C 3L6 Fax: 604.662.8829
TSX-V: VG
May 23, 2024
Volcanic Gold provides update on drilling at Motagua Norte property, and
recent developments in Guatemala
News Release
Shares issued 45,551,210
VG close - C$0.12
Vancouver, British Columbia – 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 s erpentinite
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 th e 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.
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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 Cer ro 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”,
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“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 pl an 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; risk s
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 Com pany’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 t o 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.