Volcanic Gold Mines Inc.
Volcanic Gold Mines Inc. (Vancouver-headquartered, incorporated 2007) holds a 60% interest in the Holly gold-silver deposit and the nearby Motagua Norte prospect in Zacapa, Guatemala. An initial NI 43-101 mineral resource for Holly was filed in 2022 (an Inferred resource of 1.32 Mt at 6.46 g/t gold and 256 g/t silver for 272,110 oz of gold and 10.9 million oz of silver, effective 7 June 2022, on a 100% basis) -- no PEA or later resource update has been published. The company closed a non-brokered private placement (~$1.66M) in July 2025 and has since been preparing to restart drilling at Holly, targeting expansion of the high-grade resource.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Not yet determined: mill, tailings facility, grid power.
Jurisdiction (40%)5/10
Zacapa department, Guatemala -- an established but comparatively higher-risk Central American mining jurisdiction than Mexico/Peru: real permitting, community-relations and security overhead, though the company has operated the Holly property for years without a disclosed disruption.
Infrastructure (40%)6.4/10
Confirmed road access at Holly Gold-Silver Project, Eastern Guatemala; existing mill, grid power, and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:5/10
Guatemala: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Founder, Chief Executive Officer, and Chairman of Radius Gold Inc.; also Chief Executive Officer and Director of Rackla Metals Inc. and Founder, Director, President & Chief Executive Officer of Volcanic Gold Mines Inc. Prospector and mining financier who began his career in the Yukon Territory in the 1970s; discovered gold deposits in Honduras, Guatemala, and Nicaragua and silver deposits in Mexico; founded Fortuna Silver Mines and Volcanic Gold Mines.
Director and Board Chair of Infield Minerals Corp.; also President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary & Director of Kubera Gold Corp. and a director of Volcanic Gold Mines Inc.
Independent Director of Electric Royalties Ltd. (TSXV: ELEC) and Independent Director of Volcanic Gold Mines Inc. Registered professional geologist (P.Geo.) with more than 40 years of international experience exploring for and discovering mineral deposits, and over 30 years in business-development roles with major and junior mining companies. Former director of International Royalty Corp., which was sold to Royal Gold for $800 million. Has led teams to mine discoveries in the western USA, Canada and Russia with Billiton Metals, Addwest Gold and Kinross Gold, and operates Eagle Resources Management LLC, a minerals-industry advisory practice focused on mineral economics, geology and business development, of which he is founder and principal. Recipient of the William Lawrence Saunders Gold Medal (AIME) and of SME's Daniel C. Jackling and Robert A. Dreyer Awards. Chairs Electric Royalties' Compensation Committee and serves on its Audit and Nominating/Governance Committees. Sources: electricroyalties.com/about-us/board-of-directors-management/ and volgold.com/corporate/management-directors/.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No named institutional, strategic, or specialist investor was found in the company's recent news or disclosures, and we hold no insider trading records. A 1 means the register was checked and found empty, not that anything is wrong with the company.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Volcanic Gold Mines holds a 60% interest in the Holly gold-silver deposit and the nearby Motagua Norte prospect in Zacapa, Guatemala. Holly's initial resource, effective 7 June 2022, is 272,110 oz of gold inferred, in 1.32 Mt at 6.46 g/t gold and 256 g/t silver on a 100% basis, with 10.9 million oz of silver; no economic study or later resource update has been published. In August 2026 it secured a right of first offer and first refusal over an interest in the small-scale Los Angeles antimony mine in Palencia, Guatemala, and is providing geological support for the operator's drilling there.