Volcanic Gold Mines notes that Aura Minerals has received a construction license for the nearby Era Dorado project in Guatemala, which may de-risk the social environment for Volcanic's Holly project. The company restates its inferred mineral resource for the Holly project, which contains 270,000 oz of gold and 11 Moz of silver.
Volcanic Gold is raising up to $1.5 million through a non-brokered private placement to fund exploration at the Holly Property in Guatemala. The company also restated its 2022 mineral resource of 410,000 oz gold equivalent, which is currently open to expansion.
Radius Gold Inc. and Volcanic Gold Mines Inc. are restarting exploration at their Holly Property in Guatemala, focusing on expanding the high-grade gold-silver resource. The decision follows positive community engagement after a previous suspension of activities, with the aim to extend known mineralization and upgrade resource confidence. The property hosts an inferred resource of 1.32 million tonnes at 6.46 g/t Au and 256 g/t Ag, supported by strong historical drill intercepts.
Volcanic Gold Mines Inc. is restarting exploration activities at its Holly Property in Guatemala, focusing on expanding its high-grade gold-silver resource. The company plans to target extensions of the La Peña vein and further define the Pino vein, building on historical drill results from 2021-2022 that include significant high-grade intercepts. This renewed exploration aims to upgrade the confidence level of the existing inferred resource and bring additional veins into the resource envelope.
Volcanic Gold is restarting exploration at its Holly Property in Guatemala following positive political developments in the region. The company highlighted high-grade historical drill intercepts and an existing inferred resource of 1.32 million tonnes at 9.6 g/t AuEq.
Volcanic Gold has completed its earn-in requirements for a 60% interest in the Holly and Motagua Norte properties in Guatemala after spending US$7 million. The Holly project hosts an inferred epithermal gold-silver resource, though exploration is currently on hold pending jurisdictional clarity.
Volcanic Gold reported that its first-pass drilling at the Motagua Norte project failed to locate the source of the Mila target's gold-bearing quartz boulders. Additionally, the company is monitoring political developments in Guatemala following the appointment of a new Environment Minister whose comments were unfavorable to mining.
Volcanic Gold reported that initial diamond drilling at the Motagua Norte property (holes MIDD-24-04 and MIDD-24-05) failed to return anomalous gold grades, suggesting the Veta Madre fault is not the source of nearby high-grade boulders. However, the company identified a new quartz structure, Veta Padre, and observed visible gold in outcrop between the two structures.
Volcanic Gold has intersected wide zones of quartz veining and stockwork at the Veta Madre Fault Zone in two new drill holes, MIDD-24-004 and MIDD-24-005. While the structural target is confirmed, assay results are not yet available and are expected in early May. Technical difficulties with colluvium led to the loss of two previous holes.
Volcanic Gold provides a geological update on the Mila Gold Discovery in Guatemala, noting that high-grade gold-bearing boulders likely moved from the Veta Madre Fault Zone. Surface rock chip sampling has returned exceptional grades, including up to 692 g/t gold, supporting the ongoing drilling campaign targeting the underlying structure.
