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Volcanic Gold Mines and Radius Gold announce modification to Option Agreement to include the Motagua Norte project
(TheNewswire) September 18, 2023 – TheNewswire - Vancouver, British Columbia &#x...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"Volcanic Gold Mines and Radius Gold announce modification to Option Agreement to include the Motagua Norte project \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n September 18, 2023 – TheNewswire -\n \n \n Vancouver, British Columbia – Volcanic Gold Mines Inc.\n(TSXV:VG) (“Volcanic” or the “Company”) and\n \n \n Radius Gold Inc.\n \n \n (“Radius”)\n \n \n are pleased to announce that they have modified\nthe Option Agreement signed in 2020\n \n \n (see\nVolcanic News Release September 3, 2020)\n \n \n to\ninclude the Motagua Norte project in exchange for the Banderas\nproject.\n \n \n The work that the Volcanic team has\ncompleted to date has demonstrated that\n \n \n Motagua\nNorte\n \n \n is a high grade orogenic gold system with\ncompelling drill targets.\n \n \n \n \n Highlights\n \n \n \n \n \n \n Under the modified Option Agreement, Volcanic has an\noption to earn a 60% interest in the Holly and Motagua Norte projects\nif Volcanic spends US$7M on exploration of the properties within 48\nmonths from March 2021, being the date drilling permits were granted\nfor the Holly project.\n \n \n \n \n \n \n \n \n Volcanic has invested ~US$4.29M in exploration on\nHolly, and under the modified Option, a minimum of $2.0M will be\ndirected at the exploration and drilling of Motagua Norte.\n \n \n \n \n \n \n \n \n Volcanic’s geological team spent considerable time\nand resources evaluating Radius’s 340,000 ha regional applications\nin eastern Guatemala and identified the Motagua Norte prospect as high\ngrade orogenic gold system with compelling drill targets.\n \n \n \n \n \n \n The modified Option Agreement is subject to approval by\nthe TSX Venture Exchange.  As Volcanic and Radius have a common\ndirector and two common officers, Radius is a “non-arm’s length\nparty” to Volcanic within the meaning of TSX Venture Exchange Policy\n5.9.  The modified option agreement is not, however, a “related\nparty transaction” as defined in Multilateral Instrument 61-101,\nProtection of Minority Security Holders in Special Transactions (“MI\n61-101”) and therefore the requirements of the Exchange’s Policy\n5.9 and MI 61-101 do not apply.\n \n \n \n \n Technical Information\n \n \n \n \n Luc E...