Golden Minerals Drills 30.3m Grading 3.1 g/t Au at the Rodeo Gold Project
October 01 2020 - 5:50AM
Golden Minerals Company (“Golden Minerals”, “Golden” or the
“Company”) (NYSE American and TSX: AUMN) today announced it has
received final assays from its resource definition drill program at
the Rodeo gold-silver project located in Durango State, Mexico.
Assay results from the final 14 holes of the 35
holes drilled in the 1400-meter drill program show continued wide
zones of high-grade near-surface gold mineralization. Drill hole
depths averaged 40 meters. Orientations of drill holes are shown in
the table below. Mineralized material consists of highly silicified
epithermal veins and breccias hosted in felsic volcanic rocks.
Significant results are summarized in the table below, with
complete results available on the Company website. [Rodeo
project]
Hole_ID |
Inclination |
Azimuth |
Hole Length (m) |
From (m) |
To (m) |
Interval (m) |
Est. True Thickness (m) |
Gold (g/t) |
Silver (g/t) |
RDO_20_021 |
-80 |
240 |
60 |
21.0 |
37.6 |
16.6 |
15.8 |
2.05 |
16.4 |
including |
|
|
|
21.0 |
30.0 |
9.0 |
8.6 |
3.25 |
24.3 |
RDO_20_022 |
-50 |
240 |
40 |
14.0 |
31.0 |
17.0 |
15.3 |
1.09 |
4.3 |
RDO_20_023 |
-45 |
240 |
40 |
0.0 |
30.0 |
30.0 |
25.5 |
2.49 |
5.8 |
including |
|
|
|
7.1 |
14.9 |
7.8 |
6.6 |
5.95 |
7.5 |
RDO_20_024 |
-90 |
240 |
40 |
3.3 |
32.0 |
28.7 |
25.8 |
1.22 |
4.8 |
including |
|
|
|
9.9 |
16.9 |
7.0 |
6.3 |
2.99 |
3.5 |
RDO_20_025 |
-50 |
240 |
35 |
5.8 |
24.2 |
18.4 |
15.6 |
0.78 |
2.8 |
RDO_20_026 |
-55 |
240 |
45 |
2.5 |
20.1 |
17.6 |
15.0 |
0.74 |
3.4 |
RDO_20_027 |
-90 |
n/a |
40 |
2.3 |
10.9 |
8.6 |
7.7 |
0.98 |
2.6 |
RDO_20_028 |
-55 |
240 |
40 |
0.0 |
40.0 |
40.0 |
34.0 |
1.63 |
6.4 |
including |
|
|
|
10.2 |
30.1 |
19.9 |
16.9 |
2.93 |
10.0 |
including |
|
|
|
18.0 |
28.2 |
10.2 |
8.7 |
4.12 |
15.4 |
RDO_20_029 |
-90 |
n/a |
55 |
0.0 |
55.0 |
55.0 |
49.5 |
1.77 |
22.2 |
including |
|
|
|
5.5 |
21.0 |
15.5 |
14.0 |
2.37 |
11.2 |
including |
|
|
|
32.8 |
51.0 |
18.2 |
16.4 |
2.42 |
48.4 |
RDO_20_030 |
-55 |
240 |
40 |
4.5 |
15.8 |
11.3 |
9.6 |
0.97 |
2.0 |
RDO_20_031 |
-55 |
240 |
40 |
0.0 |
30.3 |
30.3 |
25.8 |
3.10 |
9.6 |
including |
|
|
|
9.8 |
21.1 |
11.3 |
9.6 |
6.34 |
15.3 |
RDO_20_032 |
-55 |
60 |
35 |
0.0 |
35.0 |
35.0 |
24.5 |
1.32 |
4.6 |
including |
|
|
|
1.5 |
18.5 |
17.0 |
11.9 |
1.83 |
4.7 |
RDO_20_033 |
-45 |
60 |
40 |
0.0 |
40.0 |
40.0 |
28.0 |
1.96 |
8.3 |
including |
|
|
|
11.7 |
25.7 |
14.0 |
9.8 |
4.20 |
16.9 |
RDO_20_034 |
-55 |
60 |
35 |
10.0 |
35.0 |
25.0 |
17.5 |
1.36 |
5.2 |
including |
|
|
|
12.4 |
21.0 |
8.6 |
6.0 |
2.03 |
6.3 |
including |
|
|
|
27.9 |
35.0 |
7.1 |
5.0 |
1.57 |
5.9 |
The drill program was designed to provide
greater detail on the controls of gold mineralization at Rodeo and
to provide additional material for metallurgical and geotechnical
test work. Confirmation of continuity of the gold grades in the
core of the deposit is an important step towards the future
development of the Rodeo project as outlined in the recent
Preliminary Economic Assessment published on May 28, 2020
(link).
Golden Minerals has submitted eight samples to
Resource Development Inc. in Wheat Ridge, Colorado, for
metallurgical test work to measure the gold and silver recoveries
at a range of gold grades to fully understand the gold recovery
throughout the deposit.
Warren Rehn, President and Chief Executive
Officer of Golden Minerals, commented, "We are pleased with the
continued positive results from the drilling at Rodeo. The drill
program has provided us with significant additional information on
the details of the high-grade gold zone, expanding the extent of
potentially minable material in many areas of the planned open
pit.”
Rodeo Drill Hole
Locationshttps://www.globenewswire.com/NewsRoom/AttachmentNg/19979390-b665-4272-8147-408fe1163e9a
About Rodeo
Rodeo is an 1,866-hectare gold project located
in Durango State, Mexico approximately 80 kilometers west of the
Company's Velardeña Properties and processing mills. Golden
acquired the Rodeo property subject to a royalty interest due to La
Cuesta International in the second quarter 2015, prior to which
exploration by other companies identified a gold-bearing system
exposed at surface. Golden conducted a 2,080-meter core drilling
program in 2016 and outlined a potentially open pit minable,
high-grade resource as reported in a NI 43-101 Technical Report
dated January 26, 2017:
Classification |
Cut-off |
Tonnes (Mt) |
Au g/t |
Ag g/t |
Au (Koz) |
Ag (Koz) |
Indicated |
0.83 |
0.4 |
3.3 |
11 |
46 |
200 |
Notes:
(1) Cut-off grade and Au equivalent calculated
using metal prices of $1,220 and $17 per troy ounce of Au and Ag,
recoveries of 77% and 90% Au and Ag;(2) Mineral resources have been
pit-shell constrained using the Lerch Grossman algorithm with cost
inputs per tonne of $7.50 mining, $10 trucking and $20 processing.
A breakeven cut-off including trucking and processing costs per
block was applied to a block model within the optimized shell;(3)
Metal prices do not exceed three-year trailing average as of the
end of December 2016, per SEC guidance; and(4) Reported indicated
mineral resources are equivalent to mineralized material under SEC
Industry Guide 7.
Cautionary Note to United States
Investors Regarding Estimates of Indicated Mineral
Resources
This press release uses the terms "mineral
resources" and "indicated mineral resources" which are defined in,
and required to be disclosed by, Canadian National Instrument NI
43-101 (“NI 43-101”). We advise U.S. investors that these
terms are not recognized under SEC Industry Guide 7. Accordingly,
the disclosures regarding mineralization in this news release may
not be comparable to similar information disclosed by Golden
Minerals in the reports it files with the SEC. The estimation of
measured resources and indicated resources involves greater
uncertainty as to their existence and economic feasibility than the
estimation of proven and probable reserves. U.S. investors are
cautioned not to assume that any or all mineral resources are
economically or legally mineable or that these mineral resources
will ever be converted into mineral reserves. In addition, the
SEC normally only permits issuers to report mineralization that
does not constitute SEC Industry Guide 7 compliant “reserves” as
in-place tonnage and grade without reference to unit
amounts. U.S. investors are urged to consider closely the
disclosure in our Form 10-K for the year ended December 31, 2019
and other SEC filings.
Review by Qualified Person and Quality
Control
The technical contents of this press release
have been reviewed by Matthew Booth, a Qualified Person for the
purposes of NI 43-101. Mr. Booth has over 17 years of mineral
exploration experience and is a Qualified Person member of the
American Institute of Professional Geologists (CPG 12044).
To ensure reliable sample results, Golden
Minerals uses a quality assurance/quality control program that
monitors the chain of custody of samples and includes the insertion
of blanks, duplicates and reference standards in each batch of
samples. Core is photographed and sawn in half with one half
retained in a secured facility for verification purposes. Sample
preparation (crushing and pulverizing) is performed at an
independent ISO 9001:2001 certified laboratory in Chihuahua or
Zacatecas, Mexico. Prepared samples are direct-shipped to an ISO
9001:2001 certified laboratory in Canada.
About Golden Minerals
Golden Minerals is a Delaware corporation based
in Golden, Colorado. The Company is primarily focused on advancing
its Rodeo and Velardeña properties in Mexico and, through
partner-funded exploration, its El Quevar silver property in
Argentina, as well as acquiring and advancing mining properties in
Mexico, Argentina and Nevada.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended, and applicable Canadian securities
legislation, including statements regarding expectations
surrounding the geologic potential of the Rodeo project. These
statements are subject to risks and uncertainties, including the
reasonability of the economic assumptions at the basis of the
results of the Rodeo project Preliminary Economic Assessment and
technical report; changes in interpretations of geological,
geostatistical, metallurgical, mining or processing information;
and interpretations of the information resulting from exploration,
analysis or mining and processing experience. Golden Minerals
assumes no obligation to update this information. Additional risks
relating to Golden Minerals may be found in the periodic and
current reports filed with the SEC by Golden Minerals, including
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019.
For additional information please visit
http://www.goldenminerals.com/ or contact:
Golden Minerals CompanyKaren Winkler, Director
of Investor Relations(303) 839-5060SOURCE: Golden Minerals
Company
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