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Golden Tag Reports 31.6 Million Ounces Silver Indicated and 83.8 Million Ounces Inferred From Updated Mineral Resource Estimate at the San Diego Project, Durango, Mexico
Published : February 26, 2013
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MONTREAL, QUEBEC--(Marketwire - Feb. 26, 2013) - Golden Tag Resources Ltd. (News - Market indicators) is pleased to report the Updated Resource Estimate completed by SGS Canada Inc. on the San Diego Deposit located in the Velardeña camp in Durango State, Mexico. The property is a 50-50 joint venture between Golden Tag and Golden Minerals Company (NYSE Amex:AUMN)(TSX:AUM). Golden Tag is the operator and is earning an additional 10% interest to a 60% interest by funding additional exploration on the property.

The updated Resource Estimate represents a very significant increase in tonnage over the last Resource Estimate released in January 2009 with a most notable expansion of Indicated Resources that increased from 370,000 tonnes to 16.5 million tonnes (Mt) and Inferred Resources doubling in size from 22 Mt to 42 Mt (Table 1). Silver ounces also increased compared to 2009 and are now 31.6 M oz Ag Indicated and 83.8 M oz Ag Inferred whereas in 2009 Inferred silver ounces were at 76.5 M oz with only 3 M oz in the Indicated category.

Table 1: Summary of Resources in 23 Mineralized Zones on the San Diego Property

SAN DIEGO RESOURCE ESTIMATE CoG (g/t) Indicated Resources Inferred Resources
Tonnes Au Ag Pb Zn Ag.EQ(2) Ag Oz Tonnes Au Ag Pb Zn Ag.EQ(2) Ag Oz
Fernandez Zone (Mt) g/t g/t % % g/t (M) (Mt) g/t g/t % % g/t (M)
Endoskarn 52(1) 9.3 0.06 55 0.59 1.33 100 16.5 9.6 0.04 57 0.6 1.3 101 17.4
Fringe 52 5.5 0.06 43 0.74 0.89 83 7.6 19.1 0.05 41 0.7 0.97 81 25.1
Sub-total 14.8 0.06 51 0.65 1.17 94 24.1 28.7 0.05 46 0.7 1.08 88 42.4
Vein & Mantos Zones Indicated Resources Inferred Resources
Trovador 52 0.29 0.09 87 0.72 4.15 194 0.81 4.41 0.04 68 0.9 1.55 124 9.6
Montanez Z. (3) 125 0.56 0.31 101 1.36 1.43 170 1.82 1.57 0.18 91 1.5 1.9 174 4.6
Vein Zones (17) 52 -125 0.53 0.33 108 1.44 1.52 229 2.80 7.12 0.14 109 1.7 1.99 200 25.0
Oxide Zones 133 0.31 0.43 211 1.15 0.9 234 2.11 0.29 0.43 238 0.8 0.91 261 2.2
Sub-total 1.69 0.30 121 1.24 1.83 204 7.54 13.39 0.12 96 1.40 1.81 173 41.4
TOTAL RESOURCES (Oxide & Sulphide Zones) 16.5 0.08 60 0.71 1.22 105 31.6 42.0 0.07 62 0.9 1.31 115 83.8
                             
                             

Table 2: Summary of Mineral Resources, San Diego, Durango, Mexico

INDICATED RESOURCES Cut-Off (g/t) Tonnage
(t)
Au (g/t) Ag (g/t) Pb (%) Zn (%) Cu (%) AgEq (g/t) Silver ounces AgEq ounces
TOTAL BULK ZONES (3) 52 14,800,000 0.06 51 0.65 1.17 0.12 94 24,070,000 44,510,000
TOTAL OXIDE VEINS 133 311,000 0.43 211 1.15 0.90 0.00 234 2,110,000 2,330,000
TOTAL SULPHIDE VEINS 52-125 1,373,000 0.20 123 1.23 1.85 0.10 197 5,430,000 8,680,000
TOTAL INDICATED   16,484,000 0.08 60 0.71 1.22 0.11 105 31,610,000 55,520,000
                     
INFERRED RESOURCES Cut-Off (g/t) Tonnage
(t)
Au (g/t) Ag (g/t) Pb (%) Zn (%) Cu (%) AgEq (g/t) Silver ounces AgEq ounces
TOTAL BULK ZONES(3) 52 28,650,000 0.05 46 0.67 1.08 0.10 88 42,440,000 80,690,000
TOTAL OXIDE VEINS 133 288,000 0.43 238 0.81 0.91 0.10 261 2,200,000 7,070,000
TOTAL SULPHIDE VEINS 52-125 13,100,000 0.11 93 1.41 1.83 0.10 171 39,170,000 72,230,000
TOTAL INFERRED   42,038,000 0.07 62 0.90 1.31 0.10 115 83,810,000 159,990,000

Footnotes:

(1) Block Caving/Mechanized Bulk Mining Cut-Off Grade of 52 g/t Ag.EQ or NSR $30/t. See Table 3 for more details
   
(2) Ag.EQ: Silver Equivalent ounces based on 3-yr trailing average commodity prices of US$1455/oz.Au; US$28.10/oz.Ag; US$1.00/lb Pb and US$0.96/lb Zn applying estimated Mill and Smelter recoveries
   
(3) Bulk Zones includes the Fernandez Zone (Fringe & Endoskarn) and the Trovador Vein Zone
   
(4) Totals may not add up correctly due to rounding

SGS-Canada recognizes in addition to the above-mentioned Inferred and Indicated Resources that there are areas within recognized structures and depth extensions which will require additional drilling and can offer additional Mineral Potential of between:

20 to 50 million tonnes grading 100 to 150 g/t AgEQ

More specifically the Additional Mineral Potential includes those tonnes contained within the 23 outlined mineralized envelopes that fall under either one of those 2 categories:

  • Unclassified tonnes above applicable cut-offs;
  • Classified resources that are below cut-offs;
  • As well as the down-depth and strike-length extensions to the mineralized structures.

Cautionary Statements:

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The potential quantity and grade reported as Mineral Potential, is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The SGS Study and Resource Estimate confirms that San Diego is a large, new Silver-Lead-Zinc rich deposit which lies on the Velardeña Mine trend to the east of the Santa Juana Mine (Golden Minerals Corporation) and the Santa Maria Mine (Industrias Penõles), both of which have seen continuous metal production throughout the last century.

The Updated Resource Estimate was conducted on 21 Vein Zones of primarily sulphide mineralization with oxide portions limited to the near-surface environment. This Estimate is also reporting for the first time Resources for the newly discovered Fernandez Zone [see 2012 press releases of: September 24; October 15; November 26; and December 13) and confirms it is a large and well constrained body of mineralization. Moreover, the Study identifies significant Additional Resource Potential and recognizes that many zones remain open for further extension and continuity in all zones is excellent. Overall, four particular areas are considered to offer independent mine-building potential:

  • The Trovador Zone located along the southern boundary of the Fernandez Zone having a minimum true width of 5 m with nearby massive sulphide mantos-style lenses of mineralization in the MS Zone;
  • The Montanez Zone, a single surface vein which develops into three extensive but closely spaced veins at depth - the Montanez FW, Central and HW Veins;
  • The Fernandez zone which can be divided up into the Endoskarn and Fringe Zones and represents a potential low-grade bulk-mining target; and lastly,
  • The remaining sixteen (16) individual narrow high grade veins and stringer zones which form a suite of veins extending as regular sheets from surface to depth.

Four (4) cut-off grades (see Table 3) were used to estimate sulphide resources in the present Study. These reflect different potential mining methods that could be considered for mining the various types and widths of mineralization found on the San Diego property.

Fernandez Zone

The Fernandez Zone has developed along the eastern edge of the central Diorite intrusion and covers a broad area of more than 325 m extending from the Montanez to the Trovador structures. Modeling of this zone outlined a large fringe of lower grade mineralization hosted for the most part in limestone units that surround a core of higher grade Endoskarn (mineralized Diorite) with stockwork-style mineralization. The Fringe Zone encompasses portions of the adjacent Montanez FW, Central and HW veins; the MID-Zone Vein and the AG Zone, recognized as Resource areas in 2009; and parts of the new Lorenzo and South-Skarn and Panda Zones. The Fernandez zone represents a new style of mineralization, potentially amenable to large-sale, bulk mining or more selective approaches.

Table 3 : Fernandez Zone, Tonnage and Grade Sensitivity to Cut-off Grade Value, San Diego Deposit

FERNANDEZ
ZONE
Indicated Resources Inferred Resources
Tonnes Au Ag Pb Zn Cu Ag.EQ* Tonnes Au Ag Pb Zn Cu Ag.EQ*
(metric) g/t g/t % % % g/t (metric) g/t g/t % % % g/t
CoG 52                            
Endoskarn 9,310,000 0.06 55 0.59 1.33 0.14 100 9,550,000 0.04 57 0.60 1.30 0.12 101
Fringe 5,485,000 0.06 43 0.74 0.89 0.09 83 19,105,000 0.05 41 0.70 0.97 0.08 81
TOTAL CoG 52 14,795,000 0.06 51 0.65 1.17 0.12 94 28,655,000 0.05 46 0.67 1.08 0.10 88
CoG 80                            
Endoskarn 6,115,000 0.06 64 0.70 1.58 0.16 117 6,695,000 0.04 65 0.66 1.52 0.13 116
Fringe 2,465,000 0.06 54 0.96 1.15 0.10 106 7,870,000 0.05 52 0.92 1.30 0.11 106
TOTAL CoG 80 8,580,000 0.06 61 0.78 1.45 0.14 114 14,565,000 0.05 58 0.80 1.40 0.12 110
CoG 90                            
Endoskarn 4,910,000 0.06 68 0.75 1.68 0.16 124 5,595,000 0.03 69 0.70 1.58 0.14 122
Fringe 1,750,000 0.06 58 1.05 1.24 0.10 114 5,285,000 0.05 56 1.03 1.44 0.11 116
TOTAL CoG 90 6,660,000 0.06 65 0.83 1.56 0.15 122 10,880,000 0.04 63 0.86 1.52 0.12 119
CoG 100                            
Endoskarn 3,650,000 0.07 74 0.82 1.81 0.17 135 4,475,000 0.03 73 0.74 1.64 0.14 128
Fringe 1,135,000 0.07 63 1.17 1.35 0.11 124 3,000,000 0.04 62 1.24 1.62 0.12 132
TOTAL CoG 100 4,785,000 0.07 71 0.90 1.70 0.16 132 7,475,000 0.04 69 0.94 1.63 0.13 130

Mineral Resource Parameters

Parameters used in the Resource Estimate are summarized in table 4 below.

Table 4: Parameters used in the San Diego Mineral Resource Estimate

Parameters Silver Pb Zn Au Cu
Metal Pricing(1) $28.10/oz $1.00/lb $0.96/lb $1,455/oz 3.65/lb
Sulphides - Net Recoveries 64.9% 76.4% 57.5% 0.0% 0.0%
Conversion Factor to AgEQ g/t(2) 1.0 1% =28.7 1% = 20.8 - -
Oxides - Net Recoveries 60.5% 0.0% 0.0% 62.5% 0.0%
Conversion Factor to AgEQ g/t(2) 1.0 - - 53.4% -
Potential Mining Methods Cut-Off Grades Minimum Horizontal Mining Widths (m)
$/t(3) Ag.EQ (g/t)
Cogs 133 Narrow vein Shrinkage- Oxide $73 133 1.0
Cogs 125 Narrow vein Shrinkage $73 125 1.0
CoG 102 Long Hole Mining $60 102 2.5
CoG 81 Bulk Mining $47.50 81 5.0
CoG 52 Mechanized Bulk /Block Cave $30 52 Over 5 m
(Fernandez /Trovador)

Footnotes:

(1) $US Pricing based on 3-year trailing average
   
(2) g/t Ag.EQ with estimated Mill and Smelter recoveries.
   
(3) Estimated mining cost ($/t) in Mexico

Resource Estimate Methodology

A three dimensional model of level plans and cross-sections was constructed that enabled a better understanding of the interrelationships between the various mineralized structures found on the San Diego Property. Wireframe envelopes were created for the 23 mineralized bodies of which, 10 cross the oxide-sulphide interface. Two of the bodies (Endoskarn and Fringe) have an ovoid shape, whereas the remainder represent thin (typically 1-5m) veins. Fernandez Zone envelopes were filled with isotropic blocks measuring 5m x 5m x 5m whereas the Vein Zones were populated with thin rotated blocks of 0.5m x 5m x 5m to better respect the geometry and thickness of these narrow structures. The blocks were interpolated from equal length composites calculated from the mineralized intervals. Prior to compositing, high grade silver and gold assays were capped respectively to 1,400 Ag g/t and 5 g/t Au. Mineralized intervals having less than 1 m true thickness were diluted with adjacent wall-rock. For the various cut-off grades, minimum horizontal mining widths were set at >5.0 m for cut-off («CoG») of 52 g/t AgEQ; 5.0 m for CoG 81 g/t AgEQ; 2.5 m for CoG 102 g/t AgEQ; and 1.0 m for CoG 125 g/t AgEq. Block grades were interpolated from the composites in three separate passes using the inverse distance to the square methodology. Blocks were classified automatically requiring a minimum of three drill holes within a 65m distance (40m extrapolation) for Indicated Resources and a minimum of 2 drill holes within a 125 m distance (80 m extrapolation) for Inferred Resources. In addition, a 60 m radius around a single drill hole was also defined as Inferred Resource. Each mineralized body was validated visually to ensure that grade and classification was geologically reasonable. The San Diego drill hole database includes 54 diamond drill holes totalling 31,000 m of HQ, NQ and BQ size core with over 22,000 assayed samples. Density factors were estimated from a linear regression formula based on measurements performed on 777 mineralized intervals of core.

In March 2012, Golden Tag signed a revised option agreement with Golden Minerals whereby it can earn an additional 10% interest in the San Diego property by incurring US$3 million of exploration expenses (News Release: March 28, 2012). To date Golden Tag has incurred approximately US$1.9 million of the required amount. After completion of the additional earn-in, Golden Tag will hold a 60% interest and Golden Minerals 40%.

Qualified persons - Resource:

The Resource Estimate for the San Diego property was undertaken by SGS Canada Inc- SGS Geostat Group under the management and supervision of M. Claude Duplessis, Ing. with the assistance of M. Guy Desharnais Ph.D, P.Geo., both Independent Qualified Person (QP) in accordance with NI 43-101. Ms. Kateri Marchand, P.Geo., San Diego Exploration Manager and QP; assisted SGS in the recognition of mineralized zones and Geology during the Resource study. MM. Duplessis and Desharnais have read and approved the content of this press release as it pertains to the disclosed mineral resource estimate.

Quality Control

Mr. David Rigg, C.E.O. Golden Tag, P.Geo. and Ms. Kateri Marchand, P.Geo, San Diego Project Manager; both Qualified Person's under the definition of NI 43-101, supervised field work and surface diamond drilling programs on the property.

Golden Tag Resources

Golden Tag is focused on exploration for high-grade gold and silver deposits in Canada and Mexico. Exploration projects are being advanced on the San Diego silver project in Mexico; the Aquilon gold project in James Bay, Quebec; and the Verneuil gold project in Quebec. Golden Tag also has a 40% interest in the McCuaig gold project in Red Lake, Ontario. Golden Tag has 53,426,558 issued and outstanding shares and has no outstanding debt.

Cautionary Statement: Statements in the release that are "forward looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. For a discussion of the risk factors that are inherent in the Mining Industry see our public filings at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Marc A. Carrier
President and C.F.O.
(514) 426-8542
(514) 426-8543 (FAX)
pres@goldentag.ca
www.goldentag.ca
Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All
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Financings of Golden Tag Resources Ltd.
11/2/2012Extends Warrant Expiry Dates
11/2/2012Extends Warrant Expiry Dates
4/6/2011to Raise $2.75 Million
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12/13/2012(San Diego)New Discovery Adds Bulk Mining Potential to Emerging Major S...
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10/15/2012Drills 100-Metre Step-Out Hole Intersecting 63 g/t Silver Ov...
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4/21/2011Completes $2.75 Million Financing Including Investments from...
12/2/2010Completes $3 Million Financing
11/12/2010to Raise $3 Million
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