Golden Tag Resources Ltd. (TSX VENTURE:GOG) is pleased to report the Updated
Resource Estimate completed by SGS Canada Inc. on the San Diego Deposit located
in the Velardena 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
--------------------------------------------------------
Tonnes Au Ag Pb Zn Ag.EQ(2) Ag Oz
Fernandez Zone (Mt) g/t g/t % % g/t (M)
----------------------------------------------------------------------------
Endoskarn 52(1) 9.3 0.06 55 0.59 1.33 100 16.5
-----------------------------------------------------------------
Fringe 52 5.5 0.06 43 0.74 0.89 83 7.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sub-total 14.8 0.06 51 0.65 1.17 94 24.1
----------------------------------------------------------------------------
Vein & Mantos Zones Indicated Resources
----------------------------------------------------------------------------
Trovador 52 0.29 0.09 87 0.72 4.15 194 0.81
---------------------------------------------------------
Montanez Z.
(3) 125 0.56 0.31 101 1.36 1.43 170 1.82
---------------------------------------------------------
Vein Zones
(17) 52 -125 0.53 0.33 108 1.44 1.52 229 2.80
-----------------------------------------------------------------
Oxide Zones 133 0.31 0.43 211 1.15 0.9 234 2.11
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sub-total 1.69 0.30 121 1.24 1.83 204 7.54
----------------------------------------------------------------------------
TOTAL RESOURCES
(Oxide & Sulphide
Zones) 16.5 0.08 60 0.71 1.22 105 31.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SAN DIEGO
RESOURCE
ESTIMATE CoG (g/t) Inferred Resources
--------------------------------------------------------
Tonnes Au Ag Pb Zn Ag.EQ(2) Ag Oz
Fernandez Zone (Mt) g/t g/t % % g/t (M)
----------------------------------------------------------------------------
Endoskarn 52(1) 9.6 0.04 57 0.6 1.3 101 17.4
-----------------------------------------------------------------
Fringe 52 19.1 0.05 41 0.7 0.97 81 25.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sub-total 28.7 0.05 46 0.7 1.08 88 42.4
----------------------------------------------------------------------------
Vein & Mantos Zones Inferred Resources
----------------------------------------------------------------------------
Trovador 52 4.41 0.04 68 0.9 1.55 124 9.6
-----------------------------------------------------------------
Montanez Z.
(3) 125 1.57 0.18 91 1.5 1.9 174 4.6
-----------------------------------------------------------------
Vein Zones
(17) 52 -125 7.12 0.14 109 1.7 1.99 200 25.0
-----------------------------------------------------------------
Oxide Zones 133 0.29 0.43 238 0.8 0.91 261 2.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sub-total 13.39 0.12 96 1.40 1.81 173 41.4
----------------------------------------------------------------------------
TOTAL RESOURCES
(Oxide & Sulphide
Zones) 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 Tonnage
(g/t) (t) Au (g/t) Ag (g/t) Pb (%) Zn (%)
----------------------------------------------------------------------------
TOTAL BULK ZONES
(3) 52 14,800,000 0.06 51 0.65 1.17
----------------------------------------------------------------------------
TOTAL OXIDE VEINS 133 311,000 0.43 211 1.15 0.90
----------------------------------------------------------------------------
TOTAL SULPHIDE
VEINS 52-125 1,373,000 0.20 123 1.23 1.85
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL INDICATED 16,484,000 0.08 60 0.71 1.22
----------------------------------------------------------------------------
----------------------------------------------------------------------------
INFERRED RESOURCES Cut-Off Tonnage
(g/t) (t) Au (g/t) Ag (g/t) Pb (%) Zn (%)
----------------------------------------------------------------------------
TOTAL BULK ZONES(3) 52 28,650,000 0.05 46 0.67 1.08
----------------------------------------------------------------------------
TOTAL OXIDE VEINS 133 288,000 0.43 238 0.81 0.91
----------------------------------------------------------------------------
TOTAL SULPHIDE
VEINS 52-125 13,100,000 0.11 93 1.41 1.83
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL INFERRED 42,038,000 0.07 62 0.90 1.31
----------------------------------------------------------------------------
-------------------------------------------------------------
INDICATED RESOURCES AgEq Silver
Cu (%) (g/t) ounces AgEq ounces
-------------------------------------------------------------
TOTAL BULK ZONES
(3) 0.12 94 24,070,000 44,510,000
-------------------------------------------------------------
TOTAL OXIDE VEINS 0.00 234 2,110,000 2,330,000
-------------------------------------------------------------
TOTAL SULPHIDE
VEINS 0.10 197 5,430,000 8,680,000
-------------------------------------------------------------
-------------------------------------------------------------
TOTAL INDICATED 0.11 105 31,610,000 55,520,000
-------------------------------------------------------------
-------------------------------------------------------------
INFERRED RESOURCES AgEq Silver
Cu (%) (g/t) ounces AgEq ounces
-------------------------------------------------------------
TOTAL BULK ZONES(3) 0.10 88 42,440,000 80,690,000
-------------------------------------------------------------
TOTAL OXIDE VEINS 0.10 261 2,200,000 7,070,000
-------------------------------------------------------------
TOTAL SULPHIDE
VEINS 0.10 171 39,170,000 72,230,000
-------------------------------------------------------------
-------------------------------------------------------------
TOTAL INFERRED 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 Velardena Mine trend to the east
of the Santa Juana Mine (Golden Minerals Corporation) and the Santa Maria Mine
(Industrias Penoles), 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
---------------------------------------------------------------
Tonnes Au Ag Pb Zn Cu Ag.EQ(i)
(metric) g/t g/t % % % g/t
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CoG 52
Endoskarn 9,310,000 0.06 55 0.59 1.33 0.14 100
---------------------------------------------------------------
Fringe 5,485,000 0.06 43 0.74 0.89 0.09 83
-------------===============================================================
TOTAL CoG 52 14,795,000 0.06 51 0.65 1.17 0.12 94
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CoG 80
Endoskarn 6,115,000 0.06 64 0.70 1.58 0.16 117
---------------------------------------------------------------
Fringe 2,465,000 0.06 54 0.96 1.15 0.10 106
-------------===============================================================
TOTAL CoG 80 8,580,000 0.06 61 0.78 1.45 0.14 114
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CoG 90
Endoskarn 4,910,000 0.06 68 0.75 1.68 0.16 124
---------------------------------------------------------------
Fringe 1,750,000 0.06 58 1.05 1.24 0.10 114
-------------===============================================================
TOTAL CoG 90 6,660,000 0.06 65 0.83 1.56 0.15 122
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CoG 100
Endoskarn 3,650,000 0.07 74 0.82 1.81 0.17 135
---------------------------------------------------------------
Fringe 1,135,000 0.07 63 1.17 1.35 0.11 124
-------------===============================================================
TOTAL CoG 100 4,785,000 0.07 71 0.90 1.70 0.16 132
----------------------------------------------------------------------------
----------------------------------------------------------------------------
-------------===============================================================
FERNANDEZ
ZONE Inferred Resources
---------------------------------------------------------------
Tonnes Au Ag Pb Zn Cu Ag.EQ(i)
(metric) g/t g/t % % % g/t
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CoG 52
Endoskarn 9,550,000 0.04 57 0.60 1.30 0.12 101
---------------------------------------------------------------
Fringe 19,105,000 0.05 41 0.70 0.97 0.08 81
-------------===============================================================
TOTAL CoG 52 28,655,000 0.05 46 0.67 1.08 0.10 88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CoG 80
Endoskarn 6,695,000 0.04 65 0.66 1.52 0.13 116
---------------------------------------------------------------
Fringe 7,870,000 0.05 52 0.92 1.30 0.11 106
-------------===============================================================
TOTAL CoG 80 14,565,000 0.05 58 0.80 1.40 0.12 110
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CoG 90
Endoskarn 5,595,000 0.03 69 0.70 1.58 0.14 122
---------------------------------------------------------------
Fringe 5,285,000 0.05 56 1.03 1.44 0.11 116
-------------===============================================================
TOTAL CoG 90 10,880,000 0.04 63 0.86 1.52 0.12 119
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CoG 100
Endoskarn 4,475,000 0.03 73 0.74 1.64 0.14 128
---------------------------------------------------------------
Fringe 3,000,000 0.04 62 1.24 1.62 0.12 132
-------------===============================================================
TOTAL CoG 100 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 Minimum Horizontal Mining
Methods Cut-Off Grades 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 Over 5 m
Cave $30 52 (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 greater than 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Marc A. Carrier
President and C.F.O.
(514) 426-8542
(514) 426-8543 (FAX)
pres@goldentag.ca
www.goldentag.ca
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