Golden Tag Resources Ltd. (“
Golden Tag” or the
"
Company") (TSX.V: GOG) (OTCQB: GTAGF) is pleased
to announce the complete results from diamond drill hole 21-56A,
part of a program targeting bulk-tonnage mineralization on the
Company’s 100% owned San Diego Project, located in Durango Mexico.
Key highlights include:
- Hole 21-56A successfully
extended mineralization in the Trovador Structural Zone (“Trovador
SZ” or “TSZ”) 335 metres (“m”) downdip intersecting 105.77 g/t
Ag.Eq over 116.45 m. Total vertical extent of the zone is now over
550 m and remains open.
- Fernandez Fringe Zone style
endoskarn and exoskarn mineralization was intersected over a
combined width of 256.5 m, extending the zone a minimum of 63 m to
the southeast, which includes:
- 106.93 g/t Ag.Eq over 86.64
m from 465.31 to 551.95 m
- 97.29 g/t Ag.Eq over 169.83
m from 564.34 to 734.17 m
Greg McKenzie, President and CEO commented:
"These drill results are very encouraging, proving our concept that
the large bulk tonnage underground targets are prime for
expansion. The mineralization drilled in hole 56A has
resulted in (1) a 63 m (~25%) extension of the Fernandez Zone
mineralization located on the SE boundary and (2) the expansion of
the Trovador SZ down dip 335 m, along with an 19% improvement in
grade over the initial discovery in hole 11-42. The TSZ is now our
second sizable underground bulk tonnage target, and the current
exploration program has outlined a total vertical extent of over
550 m in this zone, commencing approximately 200 vertical m above
the Fernandez Zone. The proximity between these two zones gives the
potential of future shared underground access and
infrastructure.”
Hole 21-56A
Hole 21-56A was drilled to the southeast over
the top of the Fernandez Zone to test the gap between the Fernandez
and Trovador Zone resource envelopes established in the 43-101
Technical Report Mineral Resource Estimate prepared by SGS Canada
effective April 2013 (Figures 1 & 2). The hole also tested the
TSZ mineralization as reported in the Company’s news release from
February 17, 2021 in hole 11-42 (88.54 g/t Ag.Eq over 175.30 m) at
approximately 335 m depth beneath the TSZ in hole 11-42 (700
vertical m from surface 1650 mL).
Hole 21-56A intersected a northeast trending
epithermal vein which returned 712.78 g/t Ag.Eq over 0.61 m (94.23
to 94.84 m) and a west-northwest trending epithermal vein which
returned 147.00 g/t Ag.Eq over 1.25 m (113.60 to 114.85 m). The
hole cut skarn mineralization, in breccias and stockwork
quartz-sulfide veins, on the contact between a diorite dike and
marbles which returned 121.31 g/t Ag.Eq over 8.40 m (282.90 to
291.30 m). This skarn lies approximately 180 vertical m above the
Fernandez Zone and 270 vertical m beneath surface.
Hole 21-56A intersected Fernandez Fringe Zone
style endoskarn and exoskarn mineralization at 465.31 m,
approximately 10 m southeast of and 15 vertical m above the
Fernandez Zone resource envelope established in the 2013 SGS
resource estimate. Two new skarn zones returned 106.93 g/t
Ag.Eq over 86.64 m (465.31 to 551.95 m) and 97.29
g/t Ag.Eq over 169.83 m (564.34 to 734.17 m), separated by
12.39 m of weakly mineralized diorite. The Company expects
that these new intersections will extend the Fernandez Zone
resource envelope, which has a horizontal oval profile of
approximately 300 x 200 m, a minimum of 63 m to the
southeast. Mineralization in both of these skarns is
associated with multiple diorite dikes which cut the marbles and
consists of green and brown garnet exoskarn and red garnet
endoskarn sulfide mineralization
(pyrite-pyrrhotite-sphalerite-galena) contained within
quartz-sulfide stockwork veins, breccias and massive sulfide zones.
The top of this skarn zone lies approximately 30 m east of and 175
vertical m below the skarn zone in hole 21-54 (91.98 g/t Ag.Eq over
99.53 m) and 55 m east of and 235 vertical m below the skarn zone
in hole 21-55, as reported in the Company’s news release from May
6, 2021.
Hole 21-56A successfully intersected the TSZ
with 105.77 g/t Ag.Eq over 116.45 m, approximately
335 m beneath the TSZ in hole 11-42 as reported in the Company’s
news release from February 17, 2021 (88.54 g/t Ag.Eq over
175.30 m), and approximately 700 m vertical depth from
surface. The TSZ is characterized by silicification, quartz-sulfide
veins and disseminated sulfide mineralization in bleached black
marbles. To date the TSZ has now been identified over a
total vertical extent of approximately 550 m, commencing at 245 m
below surface, remaining open along strike and
down-dip.
After exiting the TSZ, hole 21-56A cut the MS
Zone: 302.26 g/t Ag.Eq over 2.71 m (883.00 to 885.71 m) and 206.06
g/t Ag.Eq over 2.03 m (889.70 to 891.73 m). The MS Zone veins are
characterized by much richer Ag, Pb, Zn and Cu grades.
Table 1 – Select Assay
Intervals from Hole 21-56A
Zone |
Hole |
From |
To |
Length(m) |
Ag.Eq(1) g/t |
Aug/t |
Ag g/t |
Pb% |
Zn% |
Cu % |
NEW |
21-56A |
94.23 |
94.84 |
0.61 |
712.78 |
0.47 |
605.00 |
0.46 |
1.04 |
0.03 |
NEW |
21-56A |
113.60 |
114.85 |
1.25 |
147.00 |
0.03 |
121.76 |
0.17 |
0.30 |
0.03 |
NEW |
21-56A |
282.90 |
291.30 |
8.40 |
121.31 |
0.58 |
30.16 |
0.35 |
0.43 |
0.09 |
NEW FERNANDEZ |
21-56A |
465.31 |
551.95 |
86.64 |
106.93 |
0.03 |
39.20 |
0.91 |
0.57 |
0.06 |
|
Incl. |
465.31 |
497.90 |
32.59 |
134.51 |
0.04 |
46.15 |
1.16 |
0.79 |
0.07 |
|
Incl. |
529.50 |
531.45 |
1.95 |
552.22 |
0.12 |
206.89 |
5.47 |
2.26 |
0.36 |
|
Incl. |
541.25 |
544.85 |
3.60 |
379.37 |
0.04 |
179.55 |
2.85 |
1.38 |
0.30 |
NEW FERNANDEZ |
21-56A |
564.34 |
734.17 |
169.83 |
97.29 |
0.04 |
31.76 |
0.63 |
0.76 |
0.05 |
|
Incl. |
613.50 |
615.82 |
2.32 |
183.12 |
0.05 |
54.37 |
1.38 |
1.45 |
0.08 |
|
Incl. |
617.60 |
619.60 |
2.00 |
385.61 |
0.03 |
110.77 |
2.27 |
3.80 |
0.16 |
|
Incl. |
639.10 |
642.65 |
3.55 |
377.28 |
0.08 |
117.99 |
2.56 |
3.13 |
0.17 |
|
Incl. |
647.50 |
661.97 |
14.47 |
269.17 |
0.03 |
81.34 |
1.95 |
2.24 |
0.12 |
|
Incl. |
668.85 |
676.23 |
7.38 |
256.93 |
0.03 |
93.97 |
1.86 |
1.84 |
0.09 |
|
Incl. |
688.03 |
692.79 |
4.76 |
217.75 |
0.03 |
83.57 |
0.88 |
1.88 |
0.13 |
|
Incl. |
721.95 |
727.93 |
5.98 |
219.73 |
0.17 |
79.03 |
1.56 |
1.41 |
0.06 |
NEW TSZ |
21-56A |
750.97 |
867.42 |
116.45 |
105.77 |
0.03 |
41.87 |
0.57 |
0.75 |
0.06 |
|
Incl. |
750.97 |
757.70 |
6.73 |
139.70 |
0.02 |
53.29 |
0.74 |
1.10 |
0.08 |
|
Incl. |
769.43 |
776.80 |
7.37 |
102.35 |
0.03 |
37.55 |
0.66 |
0.73 |
0.05 |
|
Incl. |
783.13 |
867.42 |
84.29 |
118.50 |
0.03 |
47.11 |
0.63 |
0.84 |
0.07 |
NEW MS |
21-56A |
883.00 |
885.71 |
2.71 |
302.26 |
0.05 |
96.91 |
0.51 |
3.12 |
0.35 |
NEW MS |
21-56A |
889.70 |
891.73 |
2.03 |
206.06 |
0.11 |
57.48 |
2.01 |
1.16 |
0.15 |
(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 skarn & TSZ
mineralization were chosen based on a 53 g/t Ag.Eq cutoff with no
more than 8.3 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.ca www.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 bulk tonnage 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.
Two photos accompanying this announcement are
available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/7b079d1d-b49c-4ba9-b264-ed7fe7d16693
https://www.globenewswire.com/NewsRoom/AttachmentNg/0d32ebac-c522-4f67-805a-cddc31eae04e
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