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Volcanic Metals Corp.
Summary
| Project: | Mandiana | |
|---|---|---|
| Deposit: | Mandiana | |
| Location: | Guinea | |
| Commodities: | Gold | |
| Date: | 12/23/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 23-12-2016: Volcanic Metals Corp. announces a Supporting Acquisition report for its Mandiana deposit at the Mandiana project. Summary of project in support of acquisition. The Mandiana Gold Project is a gold exploration property located in northeast Guine | |
| Resources: | (Resource, Inf.): 16.1Mt @ 1.18g/t Au for 612000oz Au contained at project | |
| CP/QP: | [Resources]: Oy Leuangthong (SRK Consulting (Canada) Inc.) | |
| ABSTRACT: | The Mandiana Gold Project is a gold exploration property located in northeast Guinea that is at the resource development stage. Sovereign Mines of Africa PLC (SMA) indirectly owns 75% of the Mandiana Gold Project, but signed an agreement on November 3, 2016 to sell its 75% interest in the project to Volcanic Metals Corp. (Volcanic), subject to the approval of the TSX Venture Exchange. In 2013, Sovereign Mines of Guinea Ltd. (SMG), whose ownership comprises 75% SMA and 25% Soguipami (Guinea government), retained SRK Consulting (UK) Limited (SRK UK) to evaluate the Mineral Resources for the Mandiana Gold Project. The services provided by SRK (UK), rendered between April 2013 and January 2014, led to the preparation of the Mineral Resource Statement, in compliance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves by the Joint Ore Reserves Committee (JORC Code, 2012 Edition). The Mineral Resource Statement was publicly disclosed by SMA in a news release on January 14, 2014. In relation to the contemplated transaction, Volcanic commissioned SRK Consulting (Canada) Inc. (SRK) to prepare a technical report pursuant to Canadian Securities Administrators’ National Instrument 43-101 and Form 43-101F1. This technical report summarizes the technical information available on the Mandiana Gold Project and documents the Mineral Resource Statement for the Mandiana Gold Project originally prepared by SRK UK in 2013. This technical report concludes that the Mandiana Gold Project has merit and warrants additional exploration expenditures. An exploration work program is recommended, comprising core drilling, and geological modelling. | |
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