Volcanic Gold Mines – Update On Mineral Resource And Community Discussions At Holly Project And Progress On New Concessions Along The Motagua Gold Belt
Simon Ridgway, President and CEO of Volcanic Gold Mines (TSX.V:VG – OTC:VLMZF), joins us to outline the key takeaways from the news out July 27th, that the Company has filed on SEDAR a NI 43-101 technical report in support of the recently announced maiden Inferred Mineral Resource Estimate for the Holly property, Guatemala. The maiden Inferred Mineral Resource Estimate of 406,316 oz at 9.57 g/t gold equivalent and was 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 based on the 30 drill holes released after the Phase 1 exploration program. The project is still very open for expansion at depth and along strike.
Simon is still very constructive on how things are developing at Holly Project where the community and government has reached out to Volcanic Gold to better understand the benefits to all stakeholders and he is on site at present with more roundtable discussions set up for next week. Another positive we highlighted for this Holly Project is that a mill will not be needed with 2 nearby projects, Escobal and Cerro Blanco, that will have mills in operations. Both Pan American Silver and Bluestone are also seeing more positive community and government engagement over the last few months on their projects, that were previously stalled, so the sentiment is shifting more positively in Guatemala overall.
We wrap up by also reviewing that there are 3 more additional Projects under option and review from Radius mining, along the Motagua gold belt, and the company is seeing very impressive gold in soil anomalies and visible gold at surface at Motagua Norte, that will be a key focus to start trenching and drilling as the year progresses. Simon is constructive that they’ll get things negotiated soon with Radius and the local stakeholders to get those concessions granted in the next month or so.
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