Mr. Simon Ridgway report

VOLCANIC GOLD PROVIDES UPDATE ON DRILLING AT MOTAGUA NORTE PROPERTY, GUATELMALA

Volcanic Gold Mines Inc. and joint venture partner Radius Gold Inc. are updating on the continuing drilling campaign at the Motagua Norte project.

As previously reported (April 3, 2024), drilling confirmed that the broad area of boulder float with abundant bonanza grade assay results discovered by company geologists at the Mila target is underlain by a serpentinite package, and the colluvial boulders of quartz and schists bearing high-grade gold values have likely moved downslope from a major structural corridor, that includes the Veta Madre fault.

Initial results have been received for the first two diamond drill holes (MIDD-24-04 and 05) drilled to the south that cut the broad Veta Madre fault. The results indicate the gold-bearing colluvium fields did not originate from the Veta Madre structure as no anomalous samples were returned from these two holes. Geological mapping farther upslope, south of Veta Madre, has identified another large quartz structure (Veta Padre). Between the two main structures visible gold in outcrop in narrow south dipping veins has been observed.

Drilling is now focused on the veins to the south of the Veta Madre fault and testing the stockwork zones.

About the Motagua Norte project

The Motagua Norte project is a gold system hosted by schists of the Motagua suture zone, an east-west striking belt of metamorphic rocks that outcrops at the line of collision between the North American and Caribbean tectonic plates.

Volcanic Gold Mines has an option agreement with Radius Gold to earn a 60-per-cent interest in the Cirilo I exploration licence and other licences under applications and negotiation within the Motagua Norte project, as well as the Holly project where the joint venture has established a high-grade epithermal gold resource 60 kilometres north of the Cerro Blanco gold deposit. (See news release Sept. 18, 2023.)

Technical information

Luc English, PhD, who is a chartered geologist and fellow of the Geological Society of London, is the company's qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Dr. English has reviewed and approved the technical information contained in this news release.

About Volcanic Gold Mines Inc.

Volcanic brings together an experienced and successful mining, exploration and capital markets team focused on building multimillion-ounce gold and silver resources in underexplored countries. Through the strategic acquisition of mineral properties with demonstrated potential for hosting gold and silver resources, and by undertaking effective exploration and drill programs, Volcanic intends to become a leading gold-silver company.

We seek Safe Harbor.