Volcanic reports bonanza grade gold discovered across wide areas at Mila target, Guatemala
200 Burrard Street, Suite 650 Tel: 604.801.5432
Vancouver, BC V6C 3L6 Fax: 604.662.8829
TSX-V: VG
FOR IMMEDIATE RELEASE October 11, 2023
Volcanic reports bonanza grade gold discovered across wide areas
at Mila target, Guatemala
News Release
Shares issued 45,551,210
VG close - C$0.165
Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV -VG) (“Volcanic” or the “Company”) is
pleased to provide an exploration update on the high-grade Mila prospect in the Motagua Norte project
in Guatemala.
Highlights of the gold discoveries at the Mila prospect:
• Concentration of bonanza-grade and visible gold in quartz veins over a 250 x 570 m area.
• Continuous line rock chip sampling across mixed outcrop, subcrop, boulder fields of 34 m
averaging 42 g/t gold and 24 m averaging 54 g/t gold.
• High-grade gold in both quartz veins and stockwork quartz in the wallrock suggests wide zones of
gold mineralization.
• Visible gold in quartz veins identified in new areas to the south and west of Mila.
• Orogenic gold-silver deposit with significant depth potential.
• Trenching and drilling planned to establish the geometry, width and grade of the gold
mineralization.
The Company’s initial prospecting samples re turned exceptional gold grades at Mila prospect (see news
release Sept 1, 2022). In order to determine whether the very high gold grades (many samples above 1 oz
gold / tonne) were the result of selective sampling or widespread across the target zones, a program of
continuous 2 m chip sampling was conducted across mixed terrain of outcrop, subcrop and float boulders.
In these areas it is not possible to be sure of true widths, and sampling was conducted to define the
distribution of gold mineralization and target trench and drill priorities.
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Map of the Cirilo 1 exploration licence showing the location and gold grade of 513 rock chip samples collected during initial
prospecting.
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High-grade gold assays and visible gold occur in both quartz veins, and in wallrock quartz stockwork zones.
Multiple quartz veins with at least two different orientations are recognized; north-south and northwest-
southeast striking. The principal mineralized quartz veins form prominent mounds and ridges of collapsed
outcrop boulder piles with quartz boulders up to 2 m in diameter and outcrops up to 4 m or more in width.
Continuous chip channel sampling across one prominent ridge has returned average grades of up to 95
g/t gold across a 10 m width of collapsed quartz vein boulders, each sample representing a 2 m long
segment of the line . Significantly wider quartz boulder fields occur where multiple, close-spaced veins
reach surface. Continuous lines of 2 m long chip channel samples of mixed outcrop and colluvium have
returned average grades 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 one boulder field at the centre of the prospect area.
The distribution of mineralized boulder float, supported by limited outcrop data, suggests that the high-
grade gold minerali zation in the Mila prospect is concentrated in two north -south structures
approximately 200 m apart, each structure at least 250 m strike in length. The current interpretation is
that one or both structures support multiple quartz veins across a width of at least 25 to 50 m. Trenching
and drilling will be required to look beneath the quartz boulder cover and establish the true geometry,
width and grade of the mineralized veins and wallrock stockwork zones in the Mila prospect.
TOP: High -grade gold minerali zed
quartz boulders cover large areas at
the Mila prospect with lines of
continuous chip channel sampling of
mixed outcrop and colluvium
returning average grade s such as 42
g/t gold along a 34 m line, and 54 g/t
gold along a 24 m line of samples
BOTTOM: A r idge of collapsed high -
grade gold -quartz vein outcrop and
boulders at the Mila prospect which
returned an average of 95 g/t gold
across a 10 m width from 2 m chip
channel samples of outcrop and
boulder float.
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Additional gold vein discoveries
Beyond the Mila prospect o ngoing prospecting and rock chip sampling continues to identify additional
mineralized veins within the licence area:
1. Two gold quartz veins have already been identified approximately 500 m to the south of the Mila
prospect with two high-grade rock chip samples of 9.34 g/t and 29.6 g/t gold some 280 m apart.
2. Quartz veins grading up to 60.2 g/t gold have also been identified at a couple of locations further
along the regional Motagua Norte trend between 800 and 1700 m to the west of the Mila
prospect.
Gold mineralization and geology
The mineralized quartz veins and stockwork zones are hosted by biotite schist and phyllite of the Motagua
Suture Zone, an east-west striking belt of metamorphic rocks that formed at the line of collision between
the North American and Caribbean tectonic pl ates. Gold mineralization appears to be hosted by north -
south and east to southeast-striking veins.
High-grade assays have been returned from both sulphide -bearing quartz veins and quartz stockwork in
the wallrock. The mineralized quartz veins are enriched in gold, silver, lead and minor copper and have
textures and a geological host consistent with emplacement from a mesothermal system in an orogenic
setting. The mineralization appears to be zoned with quartz veins at the eastern end of the licen ce area
at Mila and to the south of Mila containing the highest gold values, and veins to the west of Mila with
generally lower gold but higher silver and lead values.
Exploration potential and way forward
The Mila prospect is a new discovery with a sizeable footprint of abundant high-grade quartz at surface,
pointing to a significant gold sy stem. The abundance of high -grade quartz vein and quartz stockwork
spread across a 250 x 570 m area, the identification of multiple cross-cutting gold mineralized quartz veins
at surface, and the demonstration that high -grade quartz is not confined to the quartz veins but also
occurs in the wallrock , point to a broad, high-grade and extensive gold system. The minerali zation is
orogenic style, with mineralization at mesothermal depths within a major transform structure. These
systems and structures typically support mineralization over significant vertical distances, and so there is
potential for mineralization to continue to significant depths.
Trenching and drilling is planned to map out individual veins, vein sets, and stockwork zones, quantify the
width and grade of mineralization, and explore the gold mineralization to depth.
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.
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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 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 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 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 o ther 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 proce ed 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 deve lopment 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.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 cause actions, events or results to differ from those
anticipated, estimated or intended.
Forward-looking statements contained herein ar e based on the assumptions, beliefs, expectations and opinions of
management, including but not limited to: that the Company’s stated goals and planned exploration 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.