Motagua Norte

Volcanic Gold holds a 60% interest in Motagua Norte via the modified Option Agreement. A first pass drill program was completed in H1 2024¹

Highlights

• Volcanic’s geological team spent considerable time and resources evaluating Radius’s regional applications in eastern Guatemala and identified the Motagua Norte prospect as a high-grade orogenic gold system with compelling drill targets.
• Under the modified Option Agreement, Volcanic earned a 60% interest in the Holly project and the Motagua Norte project by spending US$7M on exploration on the properties within 48 months from March 2021, that being the date drilling permits were granted for the Holly project²
• A first-pass exploratory drilling program was completed at the Mila target in H1 2024

Motagua Norte project:
86 km² land position

• 13.5 km² Cirilo 1 exploration license granted Sept 2023.
• 72.68 km² under application for exploration licences.
• Over 1000 rock chip sample proprietary geochemical data base.
• Excellent access to infrastructure.
• Sparsely populated semi-arid zone.

About Motagua Norte

• Multiple vein-sets along 25 km trend in a Schistose belt associated with regional structures.
• High grade float and sub-crop samples up to 692 g/t gold and 298 g/t silver.
• Several drill targets defined including the Mila Gold Discovery,
• Exploratory drilling completed at the Mila Target in H1 2024
• 13 exploratory holes drilled in the first pass program testing the Mila gold-quartz boulder target¹

As stated in the Volcanic Gold Mines May 23, 2024¹ News Release, the Company recognises jurisdictional risk associated with a change of government in Guatemala. Before committing further funds to Guatemala, Volcanic will monitor progress of the two significant precious metal deposits of other Operators: Cerro Blanco and Escobal, where developments are on hold.

The Volcanic team is presently reviewing opportunities in other jurisdictions.²

(1) See Volcanic Gold Mines Inc. news release: Volcanic Gold provides update on drilling at Motagua Norte property, and recent developments in Guatemala, May 23, 2024.
(2) See Volcanic Gold Mines Inc. news release: Volcanic Gold completes earn-in on Guatemala properties, August 19, 2024.