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 21-58,
part of a program targeting bulk-tonnage mineralization on the
Company’s 100% owned San Diego Project, located in Durango Mexico.
Key highlights include:
- New high-grade skarn zones
were intersected above the Fernandez Zone resource envelope
including 306.09 g/t Ag.Eq over 6.55 metres (“m”) and 257.67 g/t
Ag.Eq over 16.34 m.
- Hole 21-58 intersected 111
g/t Ag.Eq over 191.57 m within the Fernandez Zone, a step out of
102 m to the north-northwest of hole 12-48 and 80 m southwest of
hole 12-49.
- The mineralization
intersected in hole 21-58 within the Fernandez Zone was a 34%
improvement in grades over the nearest intercept within hole 12-48,
implying the western section of Fernandez could potentially host
higher grades.
Greg McKenzie, President and CEO commented: "The
discovery of high-grade skarn mineralization over sizable widths,
commencing only 150 metres from surface, is an important
advancement in the project. These newly discovered high grade
mineralized zones reside only 185 m above the Fernandez Zone and
could potentially be accessed through conceptual shared
development. Most importantly, we are very pleased to have drilled
a step out hole to the west within the Fernandez Zone, intersecting
111 g/t Ag.Eq over 191.57 metres, which resulted in a 34% increase
in grade over the nearest intercept in hole 48. The western side of
Fernandez appears to host higher grades and has become a key
exploration target.”
Hole 21-58
Hole 21-58 was drilled at a steep angle toward
the southwest to test the top of the Fernandez Zone resource
envelope, established in the 43-101 Technical Report Mineral
Resource Estimate prepared by SGS Canada effective April 2013, to
the west of holes 12-47, 48 & 49 (Figures 1 & 2). The hole
cut across vein mineralization in the near-surface oxide zone which
returned 140.33 g/t Ag.Eq over 1.25 m (15.70 to 16.95 m) and 180.13
g/t Ag.Eq over 1.96 m (38.96 to 40.92 m). Six zones of sulfide
skarn mineralization were encountered above the Fernandez Zone with
the most notable intersections returning 306.09 g/t Ag.Eq
over 6.55 m (150.42 to 156.97 m) and
257.67 g/t Ag.Eq over 16.34 m (269.50 to 285.84 m)
from sulfide-rich quartz stockwork vein endoskarn mineralization
within diorite. These higher-grade skarn zones lie, respectively,
approximately 300 m and 185 m vertically above the Fernandez Zone
resource envelope (150 & 265 m vertically below surface at 1650
mASL).
Hole 21-58 crossed into the Fernandez Zone at
483.13 m, approximately 478 m from surface and ended in
mineralization at 674.70 m returning 111 g/t Ag.Eq. over
191.57 m (483.13 to 674.70 m). This
mineralized intercept is a step out within the Fernandez Zone of
approximately 80 m southwest of hole 12-49, and 102 m
north-northwest of hole 12-48 at a vertical depth of approximately
665 m from surface (Figures 3 & 4). There are no drill
holes to the west of the intercept in hole 21-58 and thus the
Fernandez Zone remains open to the west. The observed grades within
hole 21-58 are 34% higher than the grades from hole 12-48, at
approximately the same elevation, implying the western section of
Fernandez could potentially host higher grades. Future
drilling will be designed to determine if the grade improvement can
be extended to the west and at depth below hole 21-58.
Table 1 – Select Assay
Intervals from Hole 21-58
Zone |
Hole |
From |
To |
Length(m) |
Ag.Eq(1) g/t |
Aug/t |
Ag g/t |
Pb% |
Zn% |
Cu % |
New |
21-58 |
15.70 |
16.95 |
1.25 |
140.33 |
0.11 |
118.99 |
0.08 |
0.14 |
0.02 |
New |
21-58 |
38.96 |
40.92 |
1.96 |
180.13 |
0.03 |
125.38 |
0.50 |
0.70 |
0.02 |
New |
21-58 |
150.42 |
156.97 |
6.55 |
306.09 |
0.13 |
151.50 |
1.43 |
1.73 |
0.12 |
New |
21-58 |
269.50 |
285.84 |
16.34 |
257.67 |
0.14 |
95.79 |
1.90 |
1.64 |
0.07 |
New |
21-58 |
305.25 |
307.60 |
2.35 |
334.36 |
0.16 |
107.66 |
2.31 |
2.71 |
0.07 |
New |
21-58 |
422.00 |
425.52 |
3.52 |
166.45 |
0.17 |
55.65 |
1.40 |
0.94 |
0.04 |
New |
21-58 |
434.09 |
437.44 |
3.35 |
127.38 |
0.69 |
27.25 |
0.53 |
0.45 |
0.02 |
New |
21-58 |
468.17 |
471.08 |
2.91 |
126.17 |
0.02 |
40.43 |
1.39 |
0.69 |
0.03 |
Fernandez |
21-58 |
483.13 |
674.70 |
191.57 |
111.00 |
0.04 |
34.90 |
0.81 |
0.81 |
0.06 |
Table 2 – Select Assay
Intervals from Historic Holes 12-47, 48 &
49
Zone |
Hole |
From |
To |
Length(m) |
Ag.Eq(1) g/t |
Aug/t |
Ag g/t |
Pb% |
Zn% |
Cu % |
Fernandez |
12-47 |
757.80 |
1004.35 |
246.55 |
143.72 |
0.04 |
50.94 |
0.47 |
1.20 |
0.16 |
Fernandez |
12-48 |
664.65 |
814.00 |
149.35 |
82.70 |
0.03 |
30.66 |
0.51 |
0.57 |
0.05 |
Fernandez |
12-49 |
697.80 |
1018.55 |
320.75 |
164.33 |
0.06 |
55.29 |
0.68 |
1.33 |
0.17 |
(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 mineralization
were chosen based on a 53 g/t Ag.Eq cutoff with no more than 6.6 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. The Fernandez Zone
drill intercepts from proximate historical holes 12-47, 48 & 49
were recalculated using the current silver equivalent calculation
parameters outlined above for comparison.
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 bulk tonnage mineralization or zones, grade improvements
at depth. 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
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https://www.globenewswire.com/NewsRoom/AttachmentNg/4c9890f4-8f41-4cf2-a1e7-27cde9883418
https://www.globenewswire.com/NewsRoom/AttachmentNg/58a40a78-531e-49e1-a2d8-496105923fc6
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