Volcanic Gold Mines obtains first right of refusal for Los Angeles antimony mine, Guatemala
Volcanic Gold Mines Inc. [TSXV: VG] reported that it has secured a right of first offer and right of first refusal to acquire an interest in the fully permitted Los Angeles antimony mine in Palencia, Guatemala, from private operator, Compania Minerales de Guatemala, S.A. (MINEGUA).
Volcanic is providing geological and sampling support to MINEGUA for a 1,000-metre exploratory drill program aimed at expanding the existing small-scale open-pit operation.
Volcanic’s geologists carried out a systematic channel sampling program of the flat-lying to gently dipping antimony horizon exposed along the 200-metre long open-pit face. Sixty-one saw-channel samples were collected from 13 vertical channels at 10–15 metres spacing along the open pit face. Each channel ranged from 1.5 to 3 metres in length, with individual samples cut at a consistent 0.5-metre interval to ensure accuracy and representativeness.
The results confirm genuine, high-grade antimony mineralization: Oxide zone (Planchon): 6 channels averaged 1.6 m at 6.1% Sb and 17.5 g/t Ag. Sulphide zone (Manzanal): 7 channels averaged 1.6 m at 4.1% Sb and 16.8 g/t Ag. Overall weighted average along entire 200 m face: 1.6 m at 5.0% Sb and 17.1 g/t Ag. Individual channels returned grades as high as 17.8% Sb with 68.7 g/t Ag and 10.8% Sb with 85.2 g/t Ag.
Eleven diamond drill holes totalling 1,041 metres have been completed. Five holes successfully intercepted antimony mineralization, including a new deeper zone extending 300 metres along strike of the current pit that remains open in multiple directions. Assay results are pending.
The Los Angeles property covers a 12 km² exploitation licence (plus a pending 9.5 km² extension) located approximately 40 km east of Guatemala City. Current open-pit mining has reached its practical limit with existing equipment, creating a clear opportunity for expansion through additional investment in exploration, mining, and processing.
Volcanic looks forward to receiving the pending drill assay results and evaluating the potential to significantly grow this high-grade antimony project.
Volcanic brings together an experienced and successful mining, exploration and capital market team focused on discovering significant mineral resources in underexplored countries.