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Volcanic Gold Mines announces non-brokered financing of $1.5 million to fund restart of drilling at Holly Property, Guatemala
May 8, 2025 – TheNewswire - Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic” or “the Company”) is pleased to announce that it inten
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"May 8, 2025 – TheNewswire - Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic” or “the Company”) is pleased to announce that it intends to complete a non-brokered private placement financing to raise up to $1.5 million to fund the resumption of exploration activities on the Holly Property located in Guatemala. The offering will consist of up to 12.5 million units at $0.12 per unit. Each unit will consist of one common share of the Company and one warrant which will entitle the holder to purchase one additional common share at a price of $0.16 for 24 months. The warrants will have an exercise acceleration clause such that following the statutory hold period, if the closing price of the Company’s shares exceeds $0.25 for any 10 consecutive trading days, the Company will have the right to accelerate the expiry date to 30 calendar days. Spectacular grades were obtained in the previous drilling at Holly where north-west trending epithermal veins cut the regional-scale east-west trending Jocotán structure. Drilling has defined a mineral resource of 410,000 ounces gold equivalent at a grade of 9.6 Au equivalent grams per tonne (see Technical Information below). The resource is open to potential expansion. Drill permits are in place and the Company now has the social licence to operate. Future drilling will aim to extend and define the depth and strike extent of mineralization and tighten drill spacing to upgrade the confidence level of the current mineral resource. Figure 1: Vertical long section along the Pena vein looking 040° northeast showing drill intercepts and interpreted geology. The deeper level area between and along strike of high-grade intercepts in drillholes HDD-21-027 (labelled 27) and HDD-21-023 (labelled 23) is targeted for infill and extension drilling. Technical Information Luc English PhD, who is a Chartered Geologist and Fellow of the Geological Society of London, is the Company’s Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Dr English has reviewed and approved the technical information contained in this news release. The Holly project mineral resource is 1.3 Mt at 6.5 g/t for 270,000 oz contained gold and 11 Moz at 260 g/t contained silver, which equates to 9.6 g/t at 410,000 oz gold equivalent (...