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Volcanic provides further detail with respect to disclosure of Historic Mineral Resources in relation to the La Debo property in the Ivory Coast
VANCOUVER, British Columbia, March 12, 2018 (GLOBE NEWSWIRE) -- Volcanic Gold Mines Inc. (“Volcanic”) (TSXV:VG) hereby provides clarification with respect to th
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, March 12, 2018 (GLOBE NEWSWIRE) -- Volcanic Gold Mines Inc. (“Volcanic”) (TSXV:VG) hereby provides clarification with respect to the disclosure of Mineral Resources in its March 5 News Release, “Volcanic enters into option agreement to acquire gold properties in the Ivory Coast”. Specifically, it is noted the Inferred Mineral Resource (the “Historic Estimate” cited in the aforementioned News Release (9.5 million tonnes at a grade of 1.3 g/t for 396,000 ounces of gold) is derived from an unpublished report entitled “Feasibility Study in Support of a Mining Exploitation Permit in Accordance with the requirements of LAW No. 2014-138 of 24 March 2014 containing the Mining Code” (the “Report”), dated June 10, 2016, prepared by The MSA Group (Pty) Ltd, 20B Rothesay Avenue, Craighall Park, Johannesburg, South Africa on behalf of JOFEMA Mineral Resources SARL, with an effective date of May 31, 2016. Per the Report, the Historic Estimate incorporates drillhole, assay and geological data obtained by JOFEMA Mineral Resources SARL (“JOFEMA”) available as of December 9, 2015 from two prospects within their La Debo Permit in Ivory Coast. The drilling data, in the opinion of The MSA Group (Pty) Ltd, were collected in accordance with CIM “Exploration Best Practices Guidelines” (2000). The Historic Estimate, compiled using “Best Practice Guidelines for Estimation of Mineral Resources and Mineral Reserves” (2003), was classified in accordance with the “2014 CIM Definition Standards” (2014). The Historic Estimate was performed using Leapfrog Geo, and Datamine Studio software, and was stated at a cut-off grade of 0.30 g/t Au, having been derived by means of Ordinary Kriging. This approach is deemed consistent with currently applicable standards for Mineral Resource estimation of shear hosted gold deposits in Birimian sediments of West Africa. No other Mineral Resource Estimates are known. It is noted that a qualified person has not completed sufficient work to classify the Historic Estimate as a current Mineral Resource, and Volcanic is not treating the Historic Estimate as such. In order to render the Historic Estimate current, validation of the project data through field verification of a representative selection of drill collar surveys, and re-assay of a selection of sample intervals. S...