Golden Tag Resources Ltd. (“
Golden Tag” or the
"
Company") (TSX.V: GOG) (OTCQB: GTAGF) is pleased
to announce complete results from diamond drillholes 21-61, 61A,
and 61W1, 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 holes 21-61, 61A
& 61W1 include:
- Several high-grade
intersections, located close to surface, including 1,004 g/t Ag.Eq
over 1.22 m, 1,110 g/t Ag.Eq over 0.6 m and 1,064 g/t Ag.Eq over
0.5 m in the CSplay Zone
- 149 g/t Ag.Eq over 11 m,
and 514 g/t Ag.Eq over 0.6 m within the Montanez Zone
- 83 g/t Ag.Eq over 240 m,
including a higher-grade interval of 110 g/t Ag.Eq over 112 m,
within the Fernandez Zone
- The Fernandez Zone
intersection represents a 19% increase in grade compared to the
closest historical hole (12-48) within this upper section of
Fernandez
Greg McKenzie, President and CEO commented: "We
are pleased to have intersected high-grade silver within proximity
to existing historical underground workings, relatively near
surface. Furthermore, hole 21-61W1 provides us with additional
knowledge and confidence within the upper section of the Fernandez
resource, and we are encouraged to intersect grades 19% higher than
the closest hole vertically located 50 m higher. The Fernandez Zone
clearly demonstrates higher grades as depth increases, and
consistently showcases very broad intervals of mineralization”.
Hole 21-61, 61A, 61W1
Holes 21-61, 61A and 61W1 were drilled from the
same setup to test the CSplay, Canta, Montanez and upper levels of
the Endoskarn portion of the Fernandez Zone, approximately 100 m
above and to the northwest of hole 21-60A. Hole 21-61 was abandoned
at 207 m due to excess deviation, and redrilled in Hole 21-61A,
where a wedge was set at 338 m depth turning the hole into 21-61W1
(see Figure 1).
Holes 21-61 and 61A interested several
high-grade quartz-sulphide veins from the northeast trending CSplay
Zone with notable intersections from the CSplay A vein returning
1,064 g/t Ag.Eq over 0.50 m (143.13 to 143.63 m)
in hole 21-61 and 758 g/t Ag.Eq over 0.58 m (136.50 to 137.08 m) in
hole 21-61A and from the CSplay B vein returning 1,004 g/t
Ag.Eq over 1.22 m (189.25 to 190.47 m) in hole 21-61 and
1,110 g/t Ag.Eq over 0.65 m (184.30 to 184.95 m)
in hole 21-61A. Holes 21-61A and 21-61W1 also intersected several
quartz-sulphide veins from the east trending Canta Zone with
notable intersections returning 388 g/t Ag.Eq over 2.10 m (276.05
to 278.15 m, hole 21-61A) and 154 g/t Ag.Eq over 1.0 m (358.20 to
359.20 m, hole 21-61W1).
Hole 21-61W1 intersected the Montanez Zone
further downhole at approximately 350 m vertical depth from
surface, returning 149 g/t Ag.Eq over 11.0 m
(446.25 to 457.25 m) as well as 514 g/t Ag.Eq over 0.61
m (441.00 to 441.61 m) containing 2.75 g/t
Au over the interval. 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 (see Figures 2, 3 & 4).
Hole 21-61W1 crossed into Fernandez Zone skarn
mineralization at a vertical depth of approximately 500 m returning
83 g/t Ag.Eq over 240.30 m (615.90 to 856.20 m),
including a higher-grade interval of 110 g/t Ag.Eq over
111.98 m (663.32 to 775.30 m). The Fernandez Zone
results in hole 21-61W1 represent a 19% improvement in the average
grade of the zone at this elevation, as compared to historical hole
12-48 located approximately 50 m vertical meters
above (see Table 2). The Fernandez intersection
from hole 21-61W1 is approximately 100 m above and to the northwest
of the interval of 100 g/t Ag.Eq over 322.90 m in hole 21-60A
released on January 19, 2022.
Consistent with other previously reported holes,
high-grade mineralization was encountered to the south, outside of
the existing Endoskarn mineralized envelope (see Figures 1, 3, 4).
Geologically, it was determined the Trovador and Fernandez Zones
merge into one continuous zone of mineralization in hole 21-61W1 at
960 m elevation (690 m vertical depth), and at lower vertical
elevations as observed in historical holes 08-35, 11-44, 12-47,
12-49, 12-50W2 and 21-60A.
Table 1 – Select Assay
Intervals from Hole 21-61, 61A, 61W1
Zone |
Hole |
From |
To |
Length(m) |
Ag.Eq(1) g/t |
Aug/t |
Ag g/t |
Pb% |
Zn% |
Cu % |
CSPLAY A |
21-61 |
143.13 |
143.63 |
0.50 |
1,064 |
0.14 |
788 |
2.25 |
4.38 |
0.21 |
CSPLAY B |
21-61 |
189.25 |
190.47 |
1.22 |
1,004 |
0.20 |
517 |
8.47 |
14.00 |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
CSPLAY |
21-61A |
89.75 |
90.75 |
1.00 |
705 |
0.12 |
751 |
0.74 |
1.29 |
0.09 |
CSPLAY A |
21-61A |
136.50 |
137.08 |
0.58 |
758 |
0.15 |
629 |
1.21 |
1.59 |
0.16 |
CSPLAY B |
21-61A |
184.30 |
184.95 |
0.65 |
1,110 |
0.31 |
597 |
8.91 |
5.44 |
0.04 |
CANTA |
21-61A |
276.05 |
278.15 |
2.10 |
388 |
0.27 |
296 |
0.76 |
1.01 |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
CANTA |
21-61W1 |
358.20 |
359.20 |
1.00 |
154 |
0.08 |
75 |
0.99 |
0.85 |
0.08 |
CANTA |
21-61W1 |
378.18 |
378.68 |
0.50 |
151 |
0.02 |
35 |
0.83 |
2.20 |
0.02 |
MONTANEZ |
21-61W1 |
400.97 |
401.50 |
0.53 |
170 |
0.04 |
44 |
0.83 |
2.37 |
0.03 |
MONTANEZ |
21-61W1 |
406.67 |
407.17 |
0.50 |
167 |
0.08 |
65 |
1.18 |
1.42 |
0.04 |
MONTANEZ |
21-61W1 |
408.17 |
408.67 |
0.50 |
123 |
0.04 |
63 |
0.53 |
0.89 |
0.06 |
MONTANEZ |
21-61W1 |
416.10 |
417.33 |
1.23 |
167 |
0.04 |
67 |
1.58 |
1.00 |
0.09 |
MONTANEZ |
21-61W1 |
441.00 |
441.61 |
0.61 |
514 |
2.75 |
115 |
2.25 |
2.50 |
0.10 |
MONTANEZ |
21-61W1 |
446.25 |
457.25 |
11.00 |
149 |
0.26 |
51 |
0.99 |
1.05 |
0.05 |
MIDZONE |
21-61W1 |
490.80 |
491.80 |
1.00 |
201 |
0.08 |
72 |
2.07 |
1.21 |
0.11 |
PANDA |
21-61W1 |
508.95 |
509.45 |
0.50 |
293 |
0.07 |
98 |
3.02 |
2.08 |
0.15 |
FERNANDEZ |
21-61W1 |
615.90 |
856.20 |
240.30 |
83 |
0.04 |
32 |
0.54 |
0.66 |
0.06 |
|
includes |
663.32 |
775.30 |
111.98 |
110 |
0.05 |
40 |
0.76 |
0.91 |
0.06 |
Table 2 – Select Assay
Intervals from Historic Holes within the Fernandez
Zone
Zone |
Hole |
From |
To |
Length(m) |
Ag.Eq(1) g/t |
Aug/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 |
FERNANDEZ |
21-60A |
598.30 |
921.20 |
322.90 |
100 |
0.03 |
40 |
0.62 |
0.77 |
0.08 |
(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 7.0 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, 21-58, which was released in 2021 and 21-60A which
was released in 2022, 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 & 61W1 Showing
Potential Extension of Endoskarn is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/55d30758-db70-4ee4-bc29-09c68a4ade73
Figure 2: View to Northwest of Key Results Hole
21-61W1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ed08cf14-442a-41ee-9aca-61011e480ce9
Figure 3: Oblique View to the Northeast of the Endoskarn
Zone with Key Results Holes 21-60A & 61W1 is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0ffc7cf-a9d0-41c0-beb9-768dfa1bf1eb
Figure 4: Oblique View to the Northwest of the Endoskarn
Zone with Key Results Hole 21-60A & 61W1 is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/35b37883-2311-469a-934f-041b4c260183
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