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Volcanic Gold Mines Files NI 43-101Technical Report for Initial Resource Estimate at Holly Project, Guatemala
July 27, 2022 – TheNewswire - Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV:VG) (OTC:VLMZF) (“Volcanic” or “the Company”) is pleased to advise th
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"July 27, 2022 – TheNewswire - Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV:VG) (OTC:VLMZF) (“Volcanic” or “the Company”) is pleased to advise that it 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 (see news release June 9, 2022). The mineral resource estimate is effective June 7, 2022 and is reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards (2014) incorporated by reference in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Highlights A maiden Inferred Mineral Resource has been estimated for the first target, La Peña vein at the Holly project, Guatemala. The high grade La Peña vein remains open to expansion along strike and importantly at depth, where exceptionally high grade results have been returned. Multiple other drill targets remain un-tested at Holly with potential for new discoveries. Table 1: Holly, Peña Vein Resource Estimate(Effective date 7th June, 2022) Category Cut-off grade AuEq(2) (g/t) Tonnes above cutoff (millions) Gold (g/t) Silver (g/t) Gold (oz) Silver (oz) Gold Equivalent(2) (g/t) Gold Equivalent(2) (oz) Inferred 3.00 1.32 6.46 256 272,110 10,913,360 9.57 406,316 Notes: Resources 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 presented on a 100%-basis Gold Equivalent Au(eq) values based on Au US$1800 and Ag US$22 using formula (Au g/t + (Ag g/t*0.01222)) Mineral Resources which are not Mineral Reserves have not demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The mineral resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum standards on mineral resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council. Notwithstanding, to meet the requirement that the reported Mineral Resources show “reasonable prospects for eventual economic extraction”. The quantity and grade of reported Inferred resources in this estimation are unc...