MONTREAL, QUEBEC–(Marketwired – June 12, 2015) –Golden Tag Resources Ltd. (TSX VENTURE:GOG) is pleased to report, as per the Company's May 28th, 2015 news release, that it has filed an amended Technical Report on the Updated Resource Estimate for the San Diego Deposit undertaken in 2013. A summary of the Resource Estimate is presented in Table 1. The Resource estimate and conclusions of the report have not changed from the original report or news releases on February 26, 2013; March 4, 2013 and April 23, 2013. For further details and information please refer to the amended report titled: "NI 43-101 Technical Report: Updated Mineral Resource Estimate San Diego Project, Velardeña Mining District, Durango State, Mexico", which is available at www.sedar.com and at Golden Tag's Web site at www.goldentag.ca.
| Table 1. Summary of Mineral Resources, San Diego Property, Durango State, Mexico | |||||||||||||||||
| SAN DIEGO RESOURCE ESTIMATE | CoG (g/t) | Indicated Resources | Inferred Resources | ||||||||||||||
| Tonnes | Au | Ag | Pb | Zn | AgEq(2) | Ag Oz | Tonnes | Au | Ag | Pb | Zn | AgEq(2) | Ag Oz | ||||
| (Mt) | (g/t) | (g/t) | % | % | (g/t) | (M.oz) | (Mt) | (g/t) | (g/t) | % | % | (g/t) | (M.oz) | ||||
| TOTAL OXIDE VEINS (10) | 133 | 0.31 | 0.43 | 211 | NA(3) | NA(3) | 234 | 2.11 | 0.29 | 0.43 | 238 | NA(3) | NA(3) | 261 | 2.2 | ||
| Sulphide Veins | 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 (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 | ||
| Other Sulphide Veins (10) | 52-125 | 0.53 | 0.14 | 166 | 1.38 | 1.03 | 227 | 2.8 | 7.12 | 0.14 | 109 | 1.7 | 1.99 | 200 | 25 | ||
| Sub-Total Sulphide Veins | 1.38 | 0.20 | 123 | 1.23 | 1.85 | 197 | 5.43 | 13.1 | 0.11 | 93 | 1.41 | 1.83 | 171 | 39.2 | |||
| Fernandez Zone | Indicated Resources | Inferred Resources | |||||||||||||||
| 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 Bulk Zones | 14.8 | 0.06 | 51 | 0.65 | 1.17 | 94 | 24.1 | 28.7 | 0.05 | 46 | 0.7 | 1.08 | 88 | 42.4 | |||
| TOTAL SULPHIDE ZONES | 16.2 | 0.07 | 57 | 0.70 | 1.23 | 103 | 29.5 | 41.8 | 0.07 | 61 | 0.9 | 1.32 | 114 | 81.6 | |||
| Note: (1) Block Caving/Mechanized Bulk Mining Cut-Off Grade (CoG) of 52 g/t AgEq or NSR $30/t. See Table 2 for more details) (2) AgEq: Silver Equivalent ounces based on 3-yr trailing average (ending in 2013) 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. Note that Zn and Pb are excluded from AgEq for oxide veins and Cu and Au are excluded from AgEq within Sulphide bodies. (3) Pb and Zn are excluded from oxide vein resources due to lack of metallurgical tests illustrating their potential recoveries. (4) Totals may not add up correctly due to rounding. |
Cautionary Statement: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The Resource Study was undertaken by SGS Canada Inc – SGS Geostat Group ["SGS"] with Indicated Resources and Inferred Resources estimated and classified using CIM Standards and a block modeling interpolation with geo-statistical analysis. SGS recognizes that there are areas within the 23 modelled structures, and as extensions to these structures, which require additional drilling to meet the Resource criteria applied in their evaluation. These additional targets with further exploration drilling may provide additional tonnage of 20 to 50 million tonnes grading 100 to 150 g/t AgEQ. This stated range of quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in these target areas being delineated as a mineral resource.
The San Diego Property is a 50-50 joint venture between Golden Tag and Golden Minerals Company (NYSE MKT:AUMN)(TSX:AUM). Golden Tag is the operator and has an option to increase its' interest to 60% by funding additional exploration on the property.
Qualified Persons:
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., Ms. Kateri Marchand, P.Geo., M. Guy Desharnais Ph.D, P.Geo. and M. Gilbert Rousseau, Ing., Independent Qualified Persons (QP) in accordance with NI 43-101.
David Rigg, P.Geo and CEO of Golden Tag, Qualified Person (QP) in accordance with NI 43-101, has prepared this press release. MM. Duplessis, Marchand, Desharnais and Rousseau have read and approved the content of this press release as it pertains to the disclosed mineral resource estimate.
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) 426-8543
(514) 426-8542
[email protected]
www.goldentag.ca
