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Golden Tag Resources Ltd
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Close 2021-07-27 C$ 0.24
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Golden Tag files to raise drill pad limit at San Diego

2021-07-28 10:28 ET - News Release

Mr. Greg McKenzie reports


Golden Tag Resources Ltd. is in the permitting process with the Mexican federal authority, Secretaria de Medio Ambiente y Recursos Naturales (Semarnat), to quadruple the number of allowable drill pads from 14 to 58 on the company's 100-per-cent-owned San Diego project, located in Durango, Mexico.

A number of successes were achieved during the recent 4,500-metre exploration campaign even though the drilling performed was limited to only 14 permitted drill pads:

  • Hole 21-58 intersected new high-grade skarn zones above the Fernandez zone resource envelope, including 306.09 grams per tonne silver equivalent (AgEq) over 6.55 metres (150.42 to 156.97 m) and 257.67 g/t AgEq over 16.34 m (269.50 to 285.84 m), as well as 111 g/t AgEq over 191.57 m (483.13 to 674.70 m) within the Fernandez zone, a stepout of 102 m to the north-northwest of hole 12-48 and 80 m southwest of hole 12-49. The Fernandez zone intersection is a 34-per-cent improvement in grade over the nearest drill hole 12-48;
  • Hole 21-57 discovered a new shallow zone of epithermal mineralization, including 892.25 g/t AgEq over 10 m (73 to 83 m) and 115.33 g/t AgEq over 5.54 m (87.16 to 92.70 m). Assays from an additional 782 samples from hole 21-57 are pending;
  • Hole 21-56A successfully extended mineralization in the Trovador structural zone (TSZ) 335 metres down dip intersecting 105.77 g/t AgEq over 116.45 m (750.97 to 867.42 m). Total vertical extent of the Trovador SZ is now over 550 m and remains open. Fernandez fringe zone style endoskarn and exoskarn mineralization was intersected over a combined width of 256.5 m, extending the zone a minimum of 63 m to the southeast, including 106.93 g/t AgEq over 86.64 m (465.31 to 551.95 m) and 97.29 g/t AgEq over 169.83 m (564.34 to 734.17 m);
  • Hole 21-54 intersected 286.02 g/t AgEq over 18.43 m (370.47 to 388.90 m), within a broader skarn zone of 91.98 g/t AgEq over 99.53 m (316.42 to 415.95 m), located approximately 190 metres above the Fernandez zone resource envelope. Hole 21-54 confirmed the existence and the potential for several higher-grade shoots above the Fernandez zone;
  • Hole 21-53 successfully expanded the Fernandez zone up-dip vertically 40 m toward surface and 20 m to the south intersecting 104.64 g/t AgEq over 50.17 m (434.66 m to 484.83 m). The Fernandez zone remains open above hole 21-53.

To effectively follow up on the successes from the current program, and to determine the full extent of the geologic endowment at the San Diego project, additional drill pads are required. The permitting process has commenced for an additional 44 drill pads, which will increase the total to 58 pads. The company anticipates receiving required approvals during Q3 2021; however, due to the COVID restrictions imposed by the government of Mexico, the exact timing is uncertain.

In the meantime, the existing 14 permitted drill pads can be utilized. Major Drilling has retained most of its key equipment on site and expects to deliver a new drill to the project in September, 2021.

Review by qualified person

The scientific and technical information in this document has been reviewed and approved by Bruce Robbins, PGeo, a qualified person as defined by National Instrument 43-101.

About Golden Tag Resources Ltd.

Golden Tag Resources is a Toronto-based mineral resource exploration company. The company holds a 100-per-cent interest, subject to a 2-per-cent net smelter return royalty, 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 Velardena mining district. Velardena hosts several mines having produced silver, zinc, lead and gold for over 100 years.

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