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Volcanic Reflects on Recent News Regarding Bluestone and the Cerro Blanco Gold Deposit in Guatemala, and the Implications for the Holly Gold Discovery
(TheNewswire) Shares issued 45,551,210 VG close – C$0.16 Vancouver, Brit...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"Volcanic Reflects on Recent News Regarding Bluestone and the Cerro Blanco Gold Deposit in Guatemala, and the Implications for the Holly Gold Discovery\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Shares issued 45,551,210\n \n VG close – C$0.16\n \n \n \n \n \n Vancouver, British Columbia -\n \n \n TheNewswire -\n \n \n July 10, 2023 -\n \n \n Volcanic Gold Mines Inc.\n \n \n (TSXV:VG\n \n \n )\n \n \n (“\n \n \n Volcanic\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n \n \n On July 6, 2023, Bluestone Resources Inc.\n(TSX-V: BSR) outlined plans for its Cerro Blanco feasibility stage\ngold and silver project in Guatemala in a news release entitled\n“Bluestone Announces Strategic Review Process”. The Bluestone news\nrelease announced that: “…\n \n \n the Company has commenced a process to explore and evaluate\npotential strategic alternatives to further advance the Cerro Blanco\ngold project\n \n \n ” and states further that:\n“\n \n \n These alternatives could\ninclude, among other things, the sale of part or all of the assets of\nthe Company, a sale of the Company, a merger or other business\ncombination with another party, or other strategic\ntransaction.”\n \n \n 1\n \n \n \n \n After reviewing the news release from Bluestone, Simon\nRidgway, Founder, President and CEO of Volcanic Gold Mines stated\nthat: “\n \n \n Jurisdiction\naside\n \n \n ,\n \n \n the Cerro Blanco gold deposit is probably one of the more\neconomically attractive gold deposits in today’s market\n \n \n .\n \n \n This is a\nhigh-margin gold deposit, whether viewed as an underground\nmine\n \n \n ,\n \n \n with an impressive measured and indicated mineral resource of 1.41\nMoz at 10.3 g/t Au\n \n \n 1\n \n \n and\n4.1 Moz at 35.6 g/t Ag\n \n \n 2\n \n \n or, as\nan open pit scenario with measured and indicated mineral resources\ntotal 3.1 Moz grading at 1.5 g/t Au\n \n \n 3\n \n \n and 13.4 Moz at 6.6 g/t Ag\n \n \n 3\n \n \n .\n \n \n ”\n \n \n \n \n The Cerro Blanco’s initial 2019 feasibility study,\nthat proposed mining the deposit as an underground mine, provided\nimpressive economics that included an after-tax IRR of 34% and AISC of\nUS$579/oz using a base case of US$1250/oz gold and US$18/oz\nsilver\n \n \n 4\n \n \n...