bluestone properties

Volcanic extends Pyramid Hill and Zapote vein systems

(TheNewswire)



March 2, 2021 TheNewswire - Vancouver, British Columbia Volcanic G old Mines Inc. (TSXV:VG) is pleased to announce results from its continuing exploration program being conducted on the Banderas Project in Eastern Guatemala.

Exploration Highlights:

  • - Pyramid Hill vein systems extended for over 1,800 meters along strike. Mapping and sampling defined a NW/SE broad zone of stockwork and brecciation hosting multiple quartz veins of up to 3m width with both shallow and vertical dips. Rock chip and sub crop sampling returned grades up to 6.2 grams per tonne ("g/t") Au and 273 g/t Ag.

  • - Zapote mineralization identified 1,500m along strike to the southeast beyond extensive cover, returning up to 2.7 g/t Au and 14.7 g/t Ag from surface vein outcrop sampling. Zapote zone now mapped along a 3,100m strike length.

The Banderas property is located in eastern Guatemala, 35km north of Bluestone's Cerro Blanco gold deposit and 7 km south of Volcanic's Holly Property (see release Feb 9, 2021 ). Pre vious work on the Banderas property has identified two extensive gold/silver bearing vein systems, the Pyramid Hill and the Zapote Zones.

The Pyramid Hill zone consists of two northwest trending sub-parallel vein zones located approximately 500m apart, called the Pyramid Hill ("PH") and the "M28" zones. Each zone hosts several 1- to 5-meter-wide quartz veins.  At the PH zone, the veins dip steeply to the northeast and are surrounded by a prominent alteration zone with an approximate 20m wide zone of stockwork veining and brecciation, and at M28, the veins dip shallowly to the west.

Recent mapping has extended both vein systems by 1.5km to the southeast, extending them both to nearly 3.5km in length. Initial results received from 96 samples submitted for analysis in December, returning grades up to 6.2 g/t Au and 273 g/t Ag; significant results are summarized in table 1 below:

Table 1: Initial sample results Banderas and Zapote prospects

Sample_ID

Width

Au (g/t)

Ag (g/t)

Zone

RDU_GT_16936

Float

6

54.3

M28

RDU_GT_16945

Sub crop

1.8

129.6

M28

RDU_GT_14153

Float

2.2

79.1

M28

RDU_GT_16944

Float

3.7

60.8

M28

RDU_GT_16943

Float

1.7

41.8

M28

RDU_GT_16942

Float

4.5

273.1

M28

RDU_GT_16965

Float

0.8

121

M28

RDU_GT_17136

Float

5.3

77.4

PH

RDU_GT_17137

Float

6.2

110

PH

RDU_GT_16961

Sub crop

1.1

9.6

PH

RDU_GT_16952

Sub crop

1.8

19.1

PH

RDU_GT_60172

1.5

1.7

18.7

PH

RDU_GT_17153

3.0

1.7

3.9

PH

RDU_GT_18740

Float

2.4

34

PH

RDU_GT_11116

Float

0.7

4.4

Zapote

RDU_GT_16212

1.0

0.5

1.6

Zapote

RDU_GT_16214

3.0

0.6

7.6

Zapote

RDU_GT_11160

Sub crop

1.1

9.3

Zapote

RDU_GT_11115

Float

2.7

14.7

Zapote

RDU_GT_14003

Float

1.1

9.1

Zapote

RDU_GT_12226

Float

1.3

8.3

Zapote

RDU_GT_13344

5.0

0.1

205.5

Zapote

Figure 1:  Banderas Prospect Au rock samples


Click Image To View Full Size

Figure 2:  Banderas prospect Ag rock samples


Click Image To View Full Size

Historically, over 40 shallow drill-holes have explored the PH and M28 systems and returned broad zones of low-grade gold/silver mineralization in both mineralized corridors including:

Hole_ID

From

To

Interval (m)

Au (g/t)

Ag (g/t)

AuEq* (g/t)

Zone

BDD-003

12.2

38.1

25.9

0.74

33.7

1.19

M28

BDD-004

53.1

74.7

21.6

1.25

29.6

1.64

M28

BDD-005

24.4

40.2

15.8

0.89

22.1

1.18

M28

BDD-007

67.1

83.7

16.6

1.22

22.3

1.52

M28

BDD-008

81.7

114

32.3

1.25

29.6

1.64

M28

BDD-014

36.3

58.5

22.2

0.9

48.3

1.54

PH

BDD-015

79.2

114.3

35.1

0.5

7.3

0.60

PH

BDD-016

126.5

156.1

29.6

0.7

3.2

0.74

PH

BDD-018

65.2

89.9

24.7

0.68

41.6

1.23

M28

BDD-019

74.7

94.5

19.8

1.05

42

1.61

M28

BDD05-031

152.5

188.8

36.3

1.03

2.3

1.06

PH

BDD11-013

61.5

82.3

20.8

2.1

38.1

2.61

M28

BRC04-024

167

171.5

4.5

24.6

185.3

27.1

M28

BRC04-027

67.5

85.5

18

0.4

5.4

0.47

PH

BRC04-028

85.5

129

43.5

0.4

6.1

0.48

PH

*AuEq calculated using a 75:1 Ag to Au ratio

Simon Ridgway, Volcanic' s CEO stated, "The results of the recently completed mapping and sampling program have extended the PH and M28 vein systems by a further 1km to the southeast beyond the historic drilling.  Of note, the zones appear to be trending together and importantly we are starting to see elevated mercury, arsenic and antimony indicating that the historic drilling appears to have explored the upper part of the epithermal system above the potential bonanza gold-silver zone. These new anomalies represent significant potential for discovery at Pyramid Hill. We are also very excited about the Zapote system, where a robust 1.5km long epithermal system has been outlined and which is completely undrilled. Drill permits have been submitted to the Ministry of Environment and Natural Resources for these targets and we are optimistic that we will be able to test them later in the year following the completion of the drilling at the Holly Project."

Long sections of previous drilling and surface sampling at PH and M28 can be found on the Volcanic Gold website.

The Zapote Zone is located 1,500m to the west of the Pyramid Hill zone on the opposite side of a large Dacitic Dome that creates a broad barren area. The mineralized zone at Zapote lies at the contact of the Dacite flow rocks and the intruded Andesite/Rhyolite host rocks. Historic rock chip sampling over an area 150m wide along 800m of this contact has returned strongly anomalous gold/silver mineralization. At the southeast end the zone disappears under an extensive area of large Dacite boulders.  This target has never been drill tested.

Recent sampling has picked up the trend 850m to the southeast, directly on strike with the original Zapote trend. A group of 38 samples were collected from the Zapote South vein system  extending it 1.5km to the southeast, returning values up to 2.7 g/t Au and 14.7 g/t Ag

Follow-up Exploration

A geophysics program is being planned to be conducted in March and April to help guide proposed drill programs for both the Pyramid Hill and the Zapote mineralized systems. Volcanic's geologists have collected a further 484 samples from these target areas and the results are pending.

Technical Information

The technical contents of this press release have been reviewed by Matthew Booth, a Qualified Person for the purposes of NI 43-101. Mr. Booth has over 17 years of mineral exploration experience and is a Qualified Person member of the American Institute of Professional Geologists (CPG 12044).

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 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 exploration work 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 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 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 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.

Copyright (c) 2021 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

The Conversation (0)
Volcanic Gold Mines

Volcanic Gold Mines

Overview

Volcanic Gold Mines Inc. (TSXV:VG, FWB:CKC1) is a Canadian exploration company focusing on high-yield precious metals exploration and development in a mining-friendly region of Central America. Volcanic Gold’s primary projects are located in the highly favorable jurisdiction of Guatemala, with involved mining experience and regional expertise in the country since 1998. The company’s management consists of a highly experienced mining and capital markets team that intends to leverage its deep domain expertise to identify favorable acquisition targets.

Guatemala shares the same geological belt as Mexico and the same world-class potential for precious metals discoveries. With minimal investment into this highly favorable jurisdiction, high-grade discoveries, such as Escobal and Cerro Blanco, have led to increased excitement and funding through a new wave of mining investments.

Keep reading...Show less

Focused on Discovering World-Class Precious Metal Deposits

Gold nuggets beside text: "5 Top Australian Mining Stocks This Week."

Top 4 Australian Mining Stocks This Week: Zenith Minerals Strikes Gold at Red Mountain

Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia's resource sector.

Companies focused on a mix of minerals and resources once again form this week’s top stocks list, including ones searching for gold, rutile, graphite, lithium and oil.

Significant news, including broad mineralisation discoveries and new acquisitions, drove the top performers this week, which you can learn more about in the list below.

Looking at the bigger picture, Australian lithium stocks took a hit this week following the announcement of Chinese battery giant Contemporary Amperex Technology's (SZSE:300750,HKEX:3750) reported production restart at its Jianxiawo lithium mine in Yichun. Lithium prices and mining companies had previously been lifted in mid-August after the mine was suspended.

Keep reading...Show less
Hands holding eco-themed puzzle pieces with green symbols.

ESG Headwinds Threaten to Shake Global Gold Industry: Report

Gold miners are under intensifying scrutiny over their environmental and social footprints as progress in cutting emissions was overshadowed by worsening sustainability risks in 2024.

The findings of the latest Gold ESG Focus 2025 review highlight a sector struggling to reconcile profitability with the global shift toward climate accountability and responsible resource use.

Keep reading...Show less
Toronto Stock Exchange sign on a stone wall.

Newmont to Exit Toronto Stock Exchange as Cost Cuts Deepen

Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) is preparing to withdraw from the Toronto Stock Exchange later this month, the latest in a string of moves to streamline operations and rein in costs following its US$15 billion takeover of Newcrest Mining in 2023.

The Denver-based miner said Wednesday it has applied for a voluntary delisting of its common shares from the TSX, effective at the close of trading on September 24.

Keep reading...Show less
Clem Chambers, gold bars.

Clem Chambers: Gold's Top Driver Now, Silver's Coming Boom Phase

Clem Chambers, CEO of aNewFN.com, shares his outlook for gold and silver.

He also shares his thoughts on the broader US economy.

Keep reading...Show less
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security.

And each time the gold price rises, there are calls for even higher record-breaking levels.

Keep reading...Show less
Hand labeled "BRICS" cutting paper money with scissors.

How Would a New BRICS Currency Affect the US Dollar?

The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, have had many discussions about establishing a new reserve currency backed by a basket of their respective currencies.

A BRICS currency was a topic at the 2024 BRICS Summit that took place October 22 to 24 in Kazan, Russia. At the summit, the BRICS nations continued their discussions of creating a potentially gold-backed currency, known as the "Unit," as an alternative to the US dollar.

At the 2024 BRICS summit, Russian President Vladimir Putin appeared on stage holding what appeared as a prototype of a possible BRICS banknote. However, he seemed to back away from previous aggressive calls for de-dollarization, stating the goal of the BRICS member nations is not to move away from the US dollar-dominated SWIFT platform, but rather to deter the "weaponization" of the US dollar by developing alternative systems for using local currencies in financial transactions between BRICS countries and with trading partners.

"We are not refusing, not fighting the dollar, but if they don't let us work with it, what can we do? We then have to look for other alternatives, which is happening," he stated.

The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.

Keep reading...Show less

Latest Press Releases

Related News

×