Golden Tag Resources Ltd. (“
Golden Tag” or the
"
Company") (TSX.V: GOG) (OTCQB: GTAGF) is pleased
to announce the complete results from diamond drillhole 21-57, part
of an exploration program targeting bulk-tonnage mineralization on
the Company’s 100% owned San Diego Project, located in Durango
Mexico.
Key highlights from hole 21-57
include:
- Commencing ~ 30 m below
surface, well before the target area, hole 21-57 intersected 75.89
g/t Ag.Eq over 273.65 metres
(“m”), highlighting the opportunity for
potential open pit mineralization directly above the Fernandez
Zone.
- Hole 21-57 intersected the
1849 Target area, located between historic hole 12-49
(184.34 g/t Ag.Eq over 42.03 m)
and hole 07-18 (89.77 g/t Ag.Eq over
101.11 m), returning 116.76 g/t Ag.Eq over 66.04
m, within a broader interval of 91.86 g/t Ag.Eq over 134.37
m.
- The 1849 Zone represents a
new broad zone of mineralization with bulk tonnage potential with a
vertical extent of 500 m and is open along strike and
dip.
Greg McKenzie, President and CEO commented: "We
are quite pleased to have made two new discoveries with drillhole
21-57. Drilling 274 m of silver-zinc-lead-gold mineralization,
commencing right from surface and well above the planned drillhole
target area demonstrates the potential of the San Diego Project.
This new discovery sits directly over top of the NW contact of the
Fernandez Zone and contains a broad interval of silver
mineralization that will be tested for continuity and the potential
for additional open pit style of mineralization. The second
discovery was made within the 1849 Target area, which now becomes
the 1849 Zone, located only 120 m NW of the Fernandez Zone.”
Hole 21-57
Hole 21-57 was drilled to the north-northwest in
order to test the 1849 Target, which lies near the northwest
contact of the Central Diorite at approximately 550 m downhole
(Figure 1). However, upon exiting the casing at 30 m, hole 21-57
encountered epithermal and altered skarn mineralization regularly
down the hole, separated by zones of disseminated sulphide
mineralization and sporadic sulphide-bearing veins, within the
Central Diorite over the first 300 m which yielded 75.89
g/t Ag.Eq over 273.65 m (29.55 to 303.20 m). This
intersection incorporates the series of epithermal breccias and
quartz-carbonate veins which returned 892.25 g/t Ag.Eq over
10.00 m (73.00 to 83.00 m) and 115.33 g/t Ag.Eq over 5.54
m (87.16 to 92.70 m) previously reported in a news release dated
May 27, 2021, as well as several notable intersections of
additional epithermal and endoskarn mineralization which followed
downhole as outlined in Table 1. This area lies directly
over the northwest contact of the Fernandez Zone and
confirms the potential for open pit style mineralization commencing
near surface (Figures 1 & 2).
Hole 21-57 successfully intersected the 1849
Target area along the northwestern contact of the Central Diorite
at 521.88 m returning 116.76 g/t Ag.Eq over 66.04
m (521.88 to 587.92 m), within a broader interval of
91.86 g/t Ag.Eq over 134.37 m (521.88 to 656.25 m)
(Figure 3). The hole crossed between hole 12-49 which returned
184.34 g/t Ag.Eq over 42.03 m (440.88 to 482.91 m) and hole 07-18
which returned 89.77 g/t Ag.Eq over 101.11 m (813.99 to 915.10 m)
demonstrating that mineralization within the 1849 Zone extends over
an approximate vertical distance of 500 m. Historic hole 07-18 was
recently relogged and mineralization within the 1849 Zone is
similar to that found in the Fernandez Zone, being comprised of
quartz-sulphide vein, stringer and stockwork zones within green and
brown garnet exoskarn and red garnet endoskarn. The 1849
Zone lies approximately 120 m northwest of the Fernandez Zone,
straddles the northwestern contact of the Central Diorite, and is
open up-dip and down-dip as well as along strike. The apparent
minimum width of the zone between holes 12-49 and 21-57 is
approximately 30 m, however because hole 07-18 ended in
mineralization it is anticipated the zone may widen at depth,
consistent with the Fernandez Zone. The 1849 Zone represents a new
broad zone of mineralization with bulk tonnage
potential.
Further drilling is planned to test the
near-surface epithermal mineralization and open pit potential of
this area as well as the strike and dip extension of the 1849 Zone
(Figure 4).
Table 1 – Select Assay
Intervals from Hole 21-57
Zone |
Hole |
From |
To |
Length(m) |
Ag.Eq(1) g/t |
Aug/t |
Ag g/t |
Pb% |
Zn% |
Cu % |
NEW |
21-57 |
29.55 |
303.20 |
273.65 |
75.89 |
0.10 |
42.83 |
0.19 |
0.33 |
0.02 |
(2) |
includes |
73.00 |
83.00 |
10.00 |
892.25 |
0.55 |
627.66 |
1.09 |
3.61 |
0.12 |
(2) |
includes |
87.16 |
92.70 |
5.54 |
115.33 |
0.31 |
53.99 |
0.18 |
0.56 |
0.03 |
|
includes |
125.00 |
135.55 |
10.55 |
97.61 |
0.38 |
36.99 |
0.22 |
0.36 |
0.04 |
|
includes |
156.63 |
157.70 |
1.07 |
570.18 |
0.11 |
362.46 |
1.20 |
2.78 |
0.26 |
|
includes |
234.92 |
236.15 |
1.23 |
492.38 |
0.10 |
220.95 |
3.83 |
2.51 |
0.12 |
|
includes |
248.19 |
248.80 |
0.61 |
627.68 |
0.14 |
210.00 |
2.98 |
5.89 |
0.26 |
|
includes |
286.20 |
303.20 |
17.00 |
114.93 |
0.08 |
42.57 |
0.68 |
0.79 |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
NEW |
21-57 |
361.19 |
369.90 |
8.71 |
141.07 |
0.24 |
41.71 |
1.01 |
0.82 |
0.06 |
NEW |
21-57 |
432.00 |
436.00 |
4.00 |
163.67 |
0.09 |
50.61 |
1.26 |
1.17 |
0.07 |
NEW |
21-57 |
450.60 |
452.32 |
1.72 |
157.38 |
0.11 |
60.30 |
1.01 |
0.77 |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
1849 |
21-57 |
521.88 |
656.25 |
134.37 |
91.86 |
0.13 |
20.53 |
0.60 |
0.74 |
0.05 |
|
includes |
521.88 |
587.92 |
66.04 |
116.76 |
0.22 |
25.16 |
0.65 |
0.93 |
0.07 |
Table 2 – Select Assay
Intervals from Historic Holes 07-18,
12-49
Zone |
Hole |
From |
To |
Length(m) |
Ag.Eq(1) g/t |
Aug/t |
Ag g/t |
Pb% |
Zn% |
Cu % |
1849 |
12-49 |
440.88 |
482.91 |
42.03 |
184.34 |
0.15 |
61.94 |
1.56 |
1.14 |
0.02 |
1849 |
07-18 |
813.99 |
915.10 |
101.11 |
89.77 |
0.05 |
30.09 |
0.57 |
0.65 |
0.05 |
|
includes |
846.62 |
862.45 |
15.83 |
236.87 |
0.06 |
77.90 |
1.68 |
1.82 |
0.10 |
(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 epithermal, skarn,
massive sulphide or stockwork quartz-sulphide vein mineralization
to a vertical depth of 300 m were chosen based on a 25 g/t Ag.Eq
cutoff with no more than 15 m of dilution and below 300 m were
chosen based on a 53 g/t Ag.Eq cutoff with no more than 9 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 1849 & Fernandez Zone
drill intercepts from historical holes 07-18, 12-49 were calculated
using the current silver equivalent parameters outlined above. (2)
Result from Company news release dated May 27, 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 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
https://www.globenewswire.com/NewsRoom/AttachmentNg/5cf3d8a8-1ddd-47b8-a78d-830748514b6c
https://www.globenewswire.com/NewsRoom/AttachmentNg/ed82ba13-91ef-4def-9224-e16b1f30636e
https://www.globenewswire.com/NewsRoom/AttachmentNg/ffe9c7fa-f68d-48d6-8210-ed2044fa1f2d
https://www.globenewswire.com/NewsRoom/AttachmentNg/438f91db-4a7d-47c6-bbb8-1f8c1aacb5eb
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