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Volcanic Gold Mines Inc.
Summary
| Project: | Mandiana | |
|---|---|---|
| Deposit: | WAMA | |
| Location: | Guinea | |
| Commodities: | Gold | |
| Date: | 9/18/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 18-9-2017: Volcanic Gold Mines Inc. announces an Exploration/Drilling Update report for its WAMA deposit at the Mandiana project. Drilling results incl. 3m @ 30.57g/t Au from 45m. September 18, 2017 – Vancouver, British Columbia – Volcanic Gold Mines Inc. | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Not stated (Not stated) | |
| ABSTRACT: | September 18, 2017 – Vancouver, British Columbia – Volcanic Gold Mines Inc. (“Volcanic”) (TSXV: 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. 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. | |
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