Business
Volcanic Gold Mines Presents Update on Plans for Guatemala and Proposes Extension of Previously Issued Share Purchase Warrants
Vancouver, British Columbia – TheNewswire – July 18th, 2022 - Volcanic Gold Mines Inc. (TSXV:VG), (OTC:VLMZF) (‘Volcanic’ or ‘the Company’) is pleased to provid
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire – July 18th, 2022 - Volcanic Gold Mines Inc. (TSXV:VG), (OTC:VLMZF) (‘Volcanic’ or ‘the Company’) is pleased to provide an update on plans for Guatemala and proposes an extension of previously issued share purchase warrants. Following the publication of the inferred resource (news release June 9, 2022) on the La Pena vein system at the Holly property, the decision has been made to focus on obtaining the exploitation license for the deposit discovered before returning the drill rig to the property to grow the resource. “This we believe is the correct conservative approach,” states Simon Ridgway, President and CEO of Volcanic. “Bluestone’s Cerro Blanco gold deposit to our south is still pending permitting, and while I am confident we will see that happen before this year is out, we want to see that strong endorsement for mining in this area of Guatemala. In the meantime, we will complete the studies needed to obtain an exploitation licence for the Holly property, and work closely with the local communities now that we are in a position to outline the benefits of the high grade gold discovery to all stakeholders.” In other areas of the country Volcanic has been busy evaluating targets identified by the data base of Radius Gold Inc. with some exceptionally strong results being returned from a number of target areas, especially to the north in the Motagua Fault Zone. The Company is in discussion with Radius to potentially enter into option agreements on some of these concession applications and we are pushing to get these concessions granted by the Ministry of Energy and Mines of Guatemala. We expect to have an update on this in the near future. The Company also announces that management has determined the Company should extend the expiry date of certain common share purchase warrants exercisable at $0.30 per share which were issued in July 2020 pursuant to the Company’s private placement financing. Accordingly, subject to TSX Venture Exchange acceptance, the expiry date of 8,813,500 outstanding warrants will be extended by one year, from July 26, 2022 to July 26, 2023. The Company presently has a strong cash position. Terms of Guatemala Radius Gold and Volcanic Gold Mines option Pursuant to an option agreement signed in May 2020 with Radius Gold Inc...