News out this morning-VG
ORIGINAL: Volcanic updates on progress at Holly Property and other developments in Guatemala
2022-03-31 08:00 ET - News Release
(via TheNewswire)
Shares issued 45,543,710 VG
Close - C$0.355
W/C +$7.5 Million cash
Vancouver, British Columbia - TheNewswire - Volcanic Gold Mines Inc. (TSXV:VG) ("Volcanic" or "the Company") is pleased to report on the progress made at the Holly Property.
Government Progress
The Presidential Commission for Peace and Human Rights held the first coordination meetings with institutions and authorities at the national, departmental, and municipal levels during the past few weeks regarding the incidents that took place at the Holly property on February 23rd of this year.
From these meetings it is clear that the Central government and Departmental government of Chiquimula support the Holly project and will work with Volcanic to regain the social licence. Volcanic looks forward to a resolution of the issues and a resumption of work at the project and corresponding news flow.
Holly Project Gold Discovery and New Exploration Opportunities
The gold and silver discovery we have made at Holly is significant. It is a high-grade vein deposit that could be mined from underground, causing very little surface disruption. It will not require a processing plant as in the near future there will likely be two mills in operation within trucking distance. We are in the process of concluding an inferred resource calculation and from that we will generate an approximate value of the deposit that has been discovered to date. Further, the deposit is open in all directions. We will continue to move forward at a pace that will protect the investment we have made and the value we have created.
Elsewhere in the country the Company is actively reviewing the land position it optioned when we signed the agreement with Radius Gold Inc on June 1 st 2020. Several of the areas have been reviewed, some have been rejected and the concession applications cancelled. To date, three have shown significant promise and the Company is going through the process of getting these concessions granted. There are many more areas to review and the work is ongoing.
ESG and CSR Responsibilities
Wherever we work, we make it clear to the local population the work we do, the goal of our work and significance if we are successful (i.e. the development of a mine could follow, and the positive and negative implications of that). We then focus on areas where the local population is in favor of exploration work and where there is a consensus that long term employment is needed in the community. Then we get to work and evaluate the potential of that particular area. Occasionally when area community is clearly not in favor of mining, we inform our partner, Radius Gold Inc., drop the application and move on.
We have all read about the caravans of young men, women, and families that are leaving their homes to travel thousands of miles overland. They are taking those risks to get to the Mexico/US border with the aim of entering the US in search of work for some stability in their family's future. Why some anti-mining and anti-development organizations collaborate to prevent the development of natural resources in Central America, mostly with misinformation, is difficult to understand. It generates conflict in the area by funding aggressive anti-mining and anti-development groups that conflict with the people who want work and the influx of vital capital to the region.
In all elements of its exploration and business activities, Volcanic conducts itself with integrity and transparency. Sustainability, truth, social responsibility, health and safety, and economic stability are prioritized. Volcanic is proud of the strong relationships formed with local communities and government entities. We strive to create employment and better quality of life for all we encounter. Shareholders and employees alike can depend on Volcanic to take its responsibilities seriously as we strive to produce lasting positive impacts for today and future generations.
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