Shallow RC drilling at the WAMA property returns intervals of 4m @ 30.57 g/t Au, 3m @ 19.39 g/t Au, 11m @ 3.16 g/t Au, and 1m @ 76.5 g/t Au within mineralized vein system
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 18, 2017) - Volcanic Gold Mines Inc. ("Volcanic") (TSX VENTURE:VG) reports highlights of exploration drilling at lands optioned from West African Mining Associates SARL ("WAMA") in Guinea. To date, a total of almost 1,300m of reverse-circulation ("RC"), and over 4,000m of air-core drilling, have been completed at the WAMA property.
Drilling took place within, and in the immediate surroundings of an area of historic drilling and artisanal gold workings at Farabakorou, as announced on April 18, 2017. RC drilling by Volcanic confirms the presence of vein-hosted mineralized intervals proximal to those returned by WAMA.
Highlights of the RC drilling program are as follows:
| Hole |
From (meters) | To (meters) |
Interval (meters) |
Gold Grade (g/t) (at a cut-off grade of 0.5 g/t Au) |
| 17WRC128 | 71 | 72 | 1 | 76.50 |
| 102 | 103 | 1 | 3.18 | |
| 17WRC129 | 2 | 5 | 3 | 19.39 |
| 45 | 49 | 4 | 30.57 | |
| 17WRC131 | 40 | 42 | 2 | 1.38 |
| 48 | 59 | 11 | 3.16 | |
| 86 | 97 | 11 | 0.91 | |
| 105 | 106 | 1 | 2.54 | |
| 17WRC132 | 24 | 27 | 3 | 1.81 |
| 30 | 33 | 3 | 2.24 | |
| 52 | 53 | 1 | 4.90 | |
| 17WRC133 | 96 | 97 | 1 | 6.00 |
| 99 | 100 | 1 | 6.90 | |
| 17WRC134 | 4 | 5 | 1 | 10.10 |
| 66 | 69 | 3 | 3.12 | |
| 17WRC135 | 87 | 88 | 1 | 2.64 |
| 17WRC136 | 72 | 78 | 6 | 1.66 |
| 101 | 109 | 8 | 1.00 |
While Volcanic is encouraged by the results of this program and the mineralized potential that these represent, the historic drilling intervals reported by WAMA could not themselves be reproduced. As such, Volcanic is not in a position to proceed with the acquisition of the property on the basis of the option terms announced on April 18, 2017. Volcanic and WAMA are in discussions with respect to a revised transaction via which Volcanic would have the option to acquire a majority interest in the property through direct exploration expenditures, thereby reducing or eliminating shareholder dilution. Volcanic views this revised approach as being more appropriate to the stage of exploration of the property and market context, and moreover, remains highly encouraged by the proceptivity of its principal landholding, the Mandiana Project.
Air-core drilling beyond the original footprint of WAMA's historic drilling reveals the existence of linear mineralized features over strike lengths of up to 1.5km (Figure 1). These are thought to represent the surface expression of underlying vein structures typical of the Siguiri Basin. Field mapping and interpretation of high resolution satellite imagery (Figure 2) has identified widespread evidence of artisanal gold mining activity, which elsewhere is known to indicate close proximity to bedrock gold mineralization. Such artisanal gold mining activity is seen to project immediately southwards of a linear zone of artisanal workings 6.3km in length and up to 550m in width at Tadibakourou (announced on July 26, 2017), at which coarse gold has been recovered from numerous shallow pits and shafts. The workings identified on the WAMA property suggest a potential continuation of this feature.
Further results will be reported shortly of drilling at Volcanic's Yagbelen target at Mandiana, where field work remains ongoing.
About Volcanic
Volcanic brings together a deeply experienced and successful mining, exploration and capital markets team focused on building a multi-million ounce gold resource in the underexplored West African country of Guinea and its neighbouring countries. Through the strategic acquisition of mineral properties with demonstrated potential for hosting gold resources, and by undertaking effective exploration and drill programs, Volcanic is seeking to become a leading junior gold resource company.
For further information, visit our website at www.volgold.com.
