Golden Tag Resources Ltd. (“
Golden Tag” or the
"
Company") (TSX.V: GOG) (OTCQB: GTAGF) has
successfully discovered a new zone of epithermal mineralization
commencing approximately 68 metres (‘
m’)
vertically below surface on the Company’s 100% owned San Diego
Project, located in Durango Mexico.
Key highlights include:
- Hole 21-57 discovered a new
zone of epithermal mineralization, intersections are as
follows:
- 892.25 g/t Ag.Eq over 10.0
m from 73.0 to 83.0 m
- 115.33 g/t Ag.Eq over 5.54
m from 87.16 to 92.70 m
- Two previously unreported
zones of mineralization in historic hole 07-24 may be related to
the newly discovered mineralization in hole 21-57:
- 213.85 g/t Ag.Eq over 2.0 m
from 47.25 to 49.25 m located approximately 10 m east of hole
21-57
- 404.29 g/t Ag.Eq over 3.75
m from 208.90 to 212.65 m located approximately 55 m
north-northeast of hole 21-57.
Greg McKenzie, President and CEO commented: "We
were pleasantly surprised to have discovered this new
mineralization, located at the top of hole 21-57 approximately 500
m above the planned target area. This is a significant discovery
because it opens up the potential for epithermal type
mineralization on the San Diego Project, above and beyond the broad
skarn mineralization typically encountered. Our next phase of
drilling will attempt to follow up and expand upon this
discovery.”
Hole 21-57
Hole 21-57 was drilled to the north-northwest to
test the 1849 Target which lies near the northwest contact of the
Central Diorite at approximately 550 to 650 m downhole. The hole
intersected a series of epithermal breccias and quartz-carbonate
veins within the Central Diorite intrusion from 73.0 to 92.70 m
which are characterized by cavity filling banded quartz and
carbonate veins with fluorite and associated sulfides comprised
primarily of pyrite, sphalerite, galena, boulangerite, and
arsenopyrite. This new zone returned 892.25 g/t Ag.Eq over 10.0 m
(73.0 to 83.0 m) and 115.33 g/t Ag.Eq over 5.54 m (87.16 to 92.70
m). Structural measurements indicate a northeast trend to these
veins. They appear to crosscut an earlier system of west-northwest
veins. Hole 21-57 was drilled from the same setup as historical
hole 07-24 and both holes were drilled towards the north. After
examining the data from hole 07-24, two previously unreported zones
of mineralization which may be related to the mineralization in
21-57 were observed: 213.85 g/t Ag.Eq over 2.0 m (47.25 to 49.25 m)
located approximately 10 m east of and 30 vertical m above the hole
21-57 intersection and 404.29 g/t Ag.Eq over 3.75 m (208.90 to
212.65 m) located approximately 55 m north-northeast of and 120
vertical m below the hole 21-57 intersection. Assay results have
been received on 100 samples and are pending on 704 samples
submitted from hole 21-57.
Epithermal mineralization at San Diego differs
from skarn mineralization in that the gold and silver grades are
significantly higher. In the results from 21-57 and 07-24, the gold
grades range from 0.31 to 0.55 g/t Au and the silver grades range
from 53.99 to 627.66 g/t Ag.
Table 1 – Select Assay Intervals from
Holes 21-57 & 7-24
Zone |
Hole |
From |
To |
Length(m) |
Ag.Eq(1) g/t |
Aug/t |
Ag g/t |
Pb% |
Zn% |
Cu % |
New |
21-57 |
73.00 |
83.00 |
10.00 |
892.25 |
0.55 |
627.66 |
1.09 |
3.61 |
0.12 |
New |
21-57 |
87.16 |
92.70 |
5.54 |
115.33 |
0.31 |
53.99 |
0.18 |
0.56 |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
07-24 |
47.25 |
49.25 |
2.00 |
213.85 |
0.33 |
161.55 |
0.27 |
0.22 |
0.04 |
|
07-24 |
208.90 |
212.65 |
3.75 |
404.29 |
0.32 |
125.25 |
1.52 |
4.01 |
0.12 |
(1) All results in this release are rounded.
Assays are uncut and undiluted. Widths are core-lengths, not true
widths as a full interpretation of actual orientation of
mineralization is not complete. Intervals of vein mineralization
were chosen based on a 53 g/t Ag.Eq cutoff with no more than 0.6 m
of dilution. Silver equivalent: Ag.Eq g/t was calculated using
3-year trailing average commodity prices of $17.75/oz Ag, $0.90/lb
Pb, $1.20/lb Zn, $1500/oz Au, and $2.85/lb Cu. The calculations
assume 100% metallurgical recovery and are indicative of gross
in-situ metal value, the Company is planning to perform additional
metallurgical studies later in 2021.
Sample Analysis and QA/QC
Program
Golden Tag Resources uses a quality
assurance/quality control (QA/QC) program that monitors the chain
of custody of samples and includes the insertion of blanks,
duplicates, and reference standards in each batch of samples sent
for analysis. Drill core is photographed, logged, and cut in half
with one half retained in a secured location for verification
purposes and one half shipped for analysis. Sample preparation
(crushing and pulverizing) is performed at ALS Geochemistry, an
independent ISO 9001:2001 certified laboratory, in Zacatecas,
Mexico and pulps are sent to ALS Geochemistry in Vancouver, Canada
and Lima, Peru for analyses. The entire sample is crushed to 70%
passing -2 mm and a riffle split of 250 grams is taken and
pulverized to better than 85% passing 75 microns. Samples are
analyzed for gold using a standard fire assay with Atomic
Absorption Spectrometry (AAS) (Au-AA23) from a 30-gram pulp. Gold
assays greater than 10 g/t are re-analyzed on a 30-gram pulp by
fire assay with a gravimetric finish (Au-GRA21). Samples are also
analyzed using a 35 element inductively coupled plasma (ICP) method
with atomic emission spectroscopy (AES) on a pulp digested by aqua
regia (ME-ICP41). Overlimit sample values for silver (>100 g/t),
lead (>1%), zinc (>1%), and copper (>1%) are re-assayed
using a four-acid digestion overlimit method with ICP-AES
(ME-OG62). For silver values greater than 1,500 g/t samples are
re-assayed using a fire assay with gravimetric finish on a 30-gram
pulp (Ag-GRA21). No QA/QC issues were noted with the results
reported herein.
True widths of drill intercepts have not been
determined. Assays are uncut except where indicated.
Review by Qualified Person and
QA/QC
The scientific and technical information in this
document has been reviewed and approved by Bruce Robbins, P.Geo., a
Qualified Person as defined by National Instrument 43-101.
About Golden Tag Resources
Golden Tag Resources Ltd. is a Toronto based
mineral resource exploration company. The Company holds a 100%
interest, subject to a 2% NSR, in the San Diego Project, in
Durango, Mexico. The San Diego property is among the largest
undeveloped silver assets in Mexico and is located within the
prolific Velardeña Mining District. Velardeña hosts several mines
having produced silver, zinc, lead and gold for over 100 years. For
more information regarding the San Diego property please visit our
website at www.goldentag.ca. For additional
information, please contact:
Greg McKenzie, President & CEOPh:
416-504-2020Email: info@goldentag.cawww.goldentag.ca
Cautionary Statement:
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release. Certain statements in this news release are
forward-looking and involve a number of risks and uncertainties.
Such forward-looking statements are within the meaning of the
phrase ‘forward-looking information’ in the Canadian Securities
Administrators’ National Instrument 51-102 – Continuous Disclosure
Obligations. Forward-looking statements are not comprised of
historical facts. Forward-looking statements include estimates and
statements that describe the Company’s future plans, objectives or
goals, including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes, but is not limited to, statements regarding
the effects of the Company’s exploration program, assay results
from the ongoing drill program, the expansion or discovery of
additional epithermal mineralization or zones. Factors that could
cause actual results to differ materially from such forward-looking
information include, but are not limited to: the ability to predict
and counteract the effects of COVID-19 on the business of the
Company, including but not limited to the effects of COVID-19 on
the price of commodities, capital market conditions, restriction on
labour and international travel and supply chains; failure to
identify mineral resources; failure to convert estimated mineral
resources to reserves; the inability to complete a feasibility
study which recommends a production decision; the preliminary
nature of metallurgical test results; delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals; political risks; changes in equity markets;
uncertainties relating to the availability and costs of financing
needed in the future; the inability of the Company to budget and
manage its liquidity in light of the failure to obtain additional
financing; inflation; changes in exchange rates; fluctuations in
commodity prices; delays in the development of projects; capital,
operating and reclamation costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry; and those risks set out in the Company’s
public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law. No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/fe1be4b8-954d-4cb4-b2a5-c4fd72a4a476
https://www.globenewswire.com/NewsRoom/AttachmentNg/981c0761-7eae-4b2e-a849-f5c7c19fa694
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