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After reviewing the news release from Bluestone,
The Cerro Blanco’s initial 2019 feasibility study, that proposed mining the deposit as an underground mine, provided impressive economics that included an after-tax IRR of 34% and AISC of
Volcanic Gold’s Holly discovery is located on private land about 60 km north of
As has been stated in a previous news release6, Volcanic Gold is committed to engaging with local stakeholders and actively working with communities to further develop and deliver impactful community programs.
In a mining scenario, the Holly project would be mined as an underground operation with processing of the ore remote from the location of the project. More drilling is required to determine the full extent of the underground mineral resource:the deepest hole drilled yet on the La PeñaVeincut 4.58mof 79.84 g/t Au and 5,053 g/t Ag7 (see news release
Volcanic holds the property at Holly under a joint venture agreement with Radius Gold Inc. (TSX-V: RDU). The Company also holds other properties in
News Release,Bluestone Resources Inc: Bluestone Announces Strategic Review Process,
July 6, 2023 .News Release, Bluestone Resources Inc.: Bluestone Announces Updated Resource Estimate at Cerro Blanco; Increases Measured Indicated resources by 18% to 1.41Moz at 10.3 g/t Au,
November 6, 2019 .News Release, Bluestone Resources Inc.: Bluestone Increases Cerro Blanco Mineral Resources to 3.1Moz gold and 13.4Moz silver,
July 19, 2021 .News Release, Bluestone Resources Inc., Bluestone Announces Positive Feasibility Study at
Cerro Blanco Gold Project – 34% After-Tax IRR and AISC ofUS$579 /oz,January 19, 2019 .News Release,
Volcanic Gold Mines Inc. Volcanic files NI 43-101 technical report for Initial Resource Estimate atHolly Project ,Guatemala ,July 27, 2022 .News Release,
Volcanic Gold Mines Inc , Volcanic Gold Commissions Technical Report onHolly Project as Part of Permit Upgrade and Continues with Stakeholder Engagement,February 8, 2023 .News Release,
Volcanic Gold Mines Inc. -Volcanic Gold drills 4.57 meters @ 54.24 g/t Gold 3,925 g/t SilverFebruary 16, 2022 .
Technical Information
* Gold Equivalent (AuEq) values based on
The Holly project mineral resource has an effective date
Resources estimated using a 3.0 g/t Gold equivalent cut-off grade and a top cap grade of 100 g/t Gold and 2,000 g/t Silver and presented on a 100%-basis.
Gold Equivalent Au(eq) values based on Au$1800 and Ag$22 using formula (Au g/t + (Ag g/t*0.01222)).
Mineral Resources which are not Mineral Reserves have not demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The mineral resources in this report were estimated using the
Canadian Institute of Mining , Metallurgy and Petroleum standards on mineral resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council. Notwithstanding, to meet the requirement that the reported Mineral Resources show “reasonable prospects for eventual economic extraction”.The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.
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 silverresources, and by undertaking effective exploration and drill programs, Volcanic intends to become a leading gold-silver company.
For further information, visit our website atwww.volgold.com.
Neither the
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 exploration work in
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 planned exploration work will be 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; risks 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 Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR atwww.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 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.
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