Golden Tag Resources Ltd. (“
Golden Tag” or the
"
Company") (TSX.V: GOG) (OTCQB: GTAGF) is pleased
to announce complete results from diamond drillhole 21-60A, 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 21-60A
include:
-
272 g/t Ag.Eq over 7.8 m, within a broader interval of 120
g/t Ag.Eq over 35.7 m, within the Montanez Zone
-
100 g/t Ag.Eq over 322.9 m, including a higher-grade
interval of 142 g/t Ag.Eq over 91.6 m, within the Fernandez Zone
which extends the Endoskarn portion of Fernandez 50 m to the
southwest
Greg McKenzie, President and CEO commented: "We
are quite pleased with the results from hole 21-60A, which confirms
and strengthens our understanding of the Fernandez Zone. The
intersection of 322.9 metres of continuous mineralization
demonstrates the quality and scale of the deposit. We are delighted
to discover the higher-grade mineralization from within the
Endoskarn Zone extends 50 m to the southwest, filling in a
100-metre-wide embayment within the resource model.
Just as notable, on the way to the target area
we drilled through the Montanez Zone and obtained another
high-grade intercept of 272 g/t Ag.Eq. over 7.8 m, exceeding grades
contained in the resource model. Follow-up drilling is being
performed on both zones.”
Hole 21-60A
Hole 21-60A was drilled to the southwest to test
an embayment on the southern side of the higher-grade Endoskarn
portion of the Fernandez Zone resource envelope, established in the
43-101 Technical Report Mineral Resource Estimate prepared by SGS
Canada effective April 2013. The interpreted embayment is
approximately 100 metres wide and located to the west of historical
hole 11-44 (See Figure 1), however the intersection of 142
g/t Ag.Eq over 91.6 m within hole 21-60A indicates this area
contains high-grade Endoskarn Zone mineralization.
The Fernandez Zone is steeply plunging
cigar-shaped structure characterized by green and brown garnet
exoskarn and red garnet endoskarn sulphide mineralization
(pyrite-pyrrhotite-sphalerite-galena) contained within
quartz-sulphide stockwork veins, breccias, and massive sulphide
zones which are spatially associated with the contacts of diorite
intrusive bodies. The Fernandez Zone was divided into 2 subunits in
the resource estimate - Endoskarn and Fringe - which respectively
correspond to a higher-grade core unit with stockwork
mineralization within and proximal to the southern contact of the
Central Diorite intrusive surrounded by an outer section of
lower-grade skarn mineralization hosted for the most part in
altered limestones.
The hole cut across a series of quartz-sulphide
veins of the NE trending Csplay and E trending Canta Zones with
notable intersections returning 815 g/t Ag.Eq over 0.95 m (166.75
to 167.70 m), 1982 g/t Ag.Eq over 0.56 m (280.47 to 281.03 m) and
185 g/t Ag.Eq over 2.4 m (282.76 to 285.20 m). Hole
21-60A intersected the Montanez
Zone further downhole, at approximately 450 m vertical
depth from surface, returning 272 g/t
Ag.Eq over 7.8 m (491.50 to 499.28 m) within a broader
interval of 120 g/t Ag.Eq over 35.7 m (475.76 to 511.50 m) (Figure
2). The Montanez Zone mineralization is characterized by
quartz-sulphide veins hosted within and along the contact of a
west-northwest trending highly altered monzodiorite dike which has
been faulted and brecciated. It has been traced on the property for
over 400 m along strike and down to a vertical depth of 750 m.
Hole 21-60A intersected the bulk tonnage
Fernandez Zone at approximately 550 m vertical depth returning
100 g/t Ag.Eq over 322.9 m (598.30 to 921.20 m),
including a higher-grade interval of 142
g/t Ag.Eq over 91.6 m (829.60 to 921.20 m)(See Figures 2,
3, 4). This higher-grade interval lies within the targeted
embayment on the southern side of the Endoskarn portion of the
Fernandez Zone resource envelope. The average grade and style of
mineralization within this interval is characteristic of the
Endoskarn Zone and will potentially extend the model
envelope a further 50 m horizontally toward the southwest at this
elevation.
The interval of 298 g/t Ag.Eq over 8.1
m (910.30 to 918.40 m), located within the bottom portion
of the 322.9 m of continuous Fernandez Zone skarn mineralization,
is crosscut by Trovador Zone veins. For the purpose of this release
this subinterval has been incorporated into the broader Endoskarn
Zone. It has been determined the Trovador and Fernandez
Zones merge into one continuous zone of mineralization in hole
21-60A at this elevation, and at lower vertical
elevations as observed in historical holes 08-35, 11-44, 12-47,
12-49 and 12-50W2.
The broad intercept contained within hole 21-60A
of 100 g/t Ag.Eq over 322.9 m is in-line with other drill results
within the Fernandez Zone, including historic hole 11-44 which
intersected 105 g/t Ag.Eq over 342.8 m. See Table 2 below for
select assay intervals of historic holes within the Fernandez
Zone.
Table 1 – Select Assay Intervals from
Hole 21-60A |
Zone |
Hole |
From |
To |
Length (m) |
Ag.Eq(1) g/t |
Au g/t |
Ag g/t |
Pb % |
Zn % |
Cu % |
CSPLAY |
21-60A |
123.65 |
124.15 |
0.50 |
560 |
0.03 |
329 |
3.74 |
2.69 |
0.08 |
CSPLAY |
21-60A |
166.75 |
167.70 |
0.95 |
815 |
0.09 |
623 |
2.22 |
2.52 |
0.17 |
CANTA |
21-60A |
280.47 |
281.03 |
0.56 |
1982 |
0.02 |
1460 |
12.55 |
2.89 |
0.27 |
CANTA |
21-60A |
282.76 |
285.20 |
2.44 |
185 |
0.13 |
104 |
0.67 |
1.19 |
0.03 |
CANTA |
21-60A |
316.78 |
317.28 |
0.50 |
843 |
0.16 |
381 |
7.06 |
5.50 |
0.17 |
NEW |
21-60A |
368.85 |
371.41 |
2.56 |
170 |
0.03 |
49 |
1.22 |
1.98 |
0.03 |
MONTANEZ |
21-60A |
475.76 |
511.50 |
35.74 |
120 |
0.06 |
40 |
1.03 |
1.02 |
0.04 |
|
includes |
491.50 |
511.50 |
20.00 |
179 |
0.07 |
60 |
1.55 |
1.53 |
0.05 |
|
includes |
491.50 |
499.28 |
7.78 |
272 |
0.08 |
86 |
2.44 |
2.45 |
0.08 |
FERNANDEZ |
21-60A |
598.30 |
921.20 |
322.90 |
100 |
0.03 |
40 |
0.62 |
0.77 |
0.08 |
|
includes |
692.80 |
720.50 |
27.70 |
179 |
0.02 |
72 |
1.49 |
1.27 |
0.10 |
|
includes |
829.60 |
921.20 |
91.60 |
142 |
0.02 |
60 |
0.70 |
1.13 |
0.13 |
|
includes |
873.17 |
885.30 |
12.13 |
261 |
0.02 |
110 |
1.48 |
2.08 |
0.20 |
|
includes |
910.30 |
918.40 |
8.10 |
298 |
0.02 |
107 |
1.99 |
2.76 |
0.17 |
Table 2 – Select Assay Intervals from
Historic Holes within the Fernandez
Zone |
Zone |
Hole |
From |
To |
Length (m) |
Ag.Eq(1) g/t |
Au g/t |
Ag g/t |
Pb % |
Zn % |
Cu % |
FERNANDEZ |
08-35 |
708.30 |
1062.95 |
354.65 |
90 |
0.04 |
33 |
0.43 |
0.92 |
0.05 |
FERNANDEZ |
11-44 |
645.40 |
988.20 |
342.80 |
105 |
0.03 |
42 |
0.56 |
0.88 |
0.08 |
FERNANDEZ |
12-47 |
757.80 |
1004.35 |
246.55 |
133 |
0.04 |
51 |
0.47 |
1.20 |
0.16 |
FERNANDEZ |
12-48 |
617.00 |
814.00 |
197.00 |
70 |
0.05 |
27 |
0.45 |
0.48 |
0.06 |
FERNANDEZ |
12-49 |
697.80 |
1018.55 |
320.75 |
152 |
0.06 |
55 |
0.68 |
1.34 |
0.17 |
FERNANDEZ |
12-50A |
686.50 |
1049.10 |
362.60 |
161 |
0.10 |
58 |
0.67 |
1.43 |
0.16 |
FERNANDEZ |
12-50W2 |
702.20 |
1076.80 |
374.60 |
97 |
0.04 |
36 |
0.40 |
0.84 |
0.11 |
FERNANDEZ |
21-58 |
483.13 |
674.70 |
191.57 |
102 |
0.04 |
35 |
0.81 |
0.81 |
0.06 |
(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 45 g/t Ag.Eq cutoff with no more than 8.5 m
of dilution. Silver equivalent: Ag.Eq g/t was calculated using
3-year trailing average commodity prices of $20.60/oz Ag, $0.90/lb
Pb, $1.20/lb Zn, $1650/oz Au, and $3.25/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 2022. The Fernandez Zone drill
intercepts from historical holes 08-35, 11-44, 12-47, 12-48, 12-49,
12-50A, 12-50W2, and hole 21-58, which was released in 2021, were
calculated using the current silver equivalent parameters outlined
above.
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.
Figure 1: Plan View of Holes 08-35, 11-44,
12-47, 48, 49, 50A, 50W2, 21-58 & 21-60A Showing Potential
Extension of Endoskarn
Zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/80092e40-c1ab-4ba1-82e1-b3fa4038d922
Figure 2: View to Northwest of Key Results
Hole
21-60Ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/5e872438-d880-44e7-b0b7-e7e1854464a9
Figure 3: Oblique View to the North of the
Endoskarn Zone with Key Results Hole
21-60Ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/dc12b3e2-a611-4335-bc92-2b4a4b0e62fb
Figure 4: Oblique View to the Northwest of
the Endoskarn Zone with Key Results Hole
21-60Ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/d323a42e-5e00-47db-b549-3b27c52fd70e
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