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Volcanic Gold Commissions Technical Report on Holly Project as Part of Permit Upgrade and Continues with Stakeholder Engagement
(TheNewswire) Vancouver, B C - TheNewswire - February 8, 2023 - Volca...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"Volcanic Gold Commissions Technical Report on Holly Project as Part of Permit Upgrade and Continues with Stakeholder Engagement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, B\n \n \n C - TheNewswire -\n \n \n February 8, 2023 -\n \n \n Volcanic Gold Mines Inc. (TSXV:VG) (“\n \n \n Volcanic\n \n \n ” or the\n“\n \n \n Company\n \n \n ”) is pleased to announce it has continued to advance\nmining studies on the flagship Holly Project in preparation to upgrade\nthe exploration license to an exploitation license.\n \n \n The Holly project has an inferred Mineral Resource of 1.3 Mt\nat 6.5 g/t for 270,000 oz contained gold and 260 g/t silver for 11 Moz\ncontained silver, which equates to 9.6 g/t at 410,000 oz gold\nequivalent* (see news release July 27, 2022).\n \n \n The mineral resource is supported by excellent infrastructure\nwith a paved road passing through the project area and is located less\nthan 70 km from Bluestone Resources’ Cerro Blanco gold mine\ndevelopment project. Resource drilling and sub-surface exploration is\nat an early stage: the mineralization remains open along strike and at\ndepth, and there are several\n \n \n additional\nmineralized veins identified at surface that have not yet been drill\ntested.\n \n \n \n \n The Company considers that the demonstrated high-grade\nand good access to a nearby mine development project means that the\nHolly Project has a good chance of being developed. Further drilling\nwill determine whether Holly will support a stand-alone mill, or if\nthe ore should be processed elsewhere. Based on this positive outlook\nthe Company is applying to upgrade the Holly exploration license to an\nexploitation license.\n \n \n \n \n Technical studies to support the application are\nunderway.\n \n \n Volcanic is continuing to monitor and\nbuild environmental, hydrogeological, and social baseline studies for\nthe Holly property.\n \n \n Guatemalan and Mexican-based\nengineering companies have been commissioned to compile the technical\nstudies and civil engineering design for an underground mining\nproject, with assumed processing off-site. This study is expected to\nbe completed in the first Quarter. The mine design will be an\nearly-stage concept for permitting purposes and will not meet the\nrequirements of...