Golden Tag announces mineral resource estimate for La Parrilla Silver Mine Complex

Written By Matija Lipanovic

Golden Tag Resources Ltd. (“Golden Tag” or the "Company") (TSX.V: GOG | OTCQB: GTAGF | FSE: GTD) is pleased to announce SRK Consulting (Canada) Inc (“SRK”) has completed an updated Mineral Resource Estimate (“Resource Estimate”) for the La Parrilla Silver Mine Complex (“La Parrilla” or “Complex”) located in Durango, Mexico. The Company entered into a definitive Asset Purchase Agreement dated December 7, 2022, with First Majestic Silver Corp (“FMS”) to acquire a 100% interest in the 69,478-hectare La Parrilla Silver Mine Complex. The acquisition is expected to close in the coming days ahead, pending TSX-V consent and approval.

Highlights:

• Resource Estimate includes 22 veins within the Rosarios, San Marcos and Quebradillas underground mines, currently on care & maintenance. All Mineral Resources are within close proximity to existing underground access and development.

• Indicated Mineral Resources are estimated at 615,000 tonnes (“t”) grading 263 g/t Ag.Eq1 (176 g/t Ag, 0.08 g/t Au, 1.55% Pb, 1.39% Zn) which equates to 3.48 million ounces (“Moz”) Ag, 1,700 ounces (“oz”) Au, 9,600 t Pb, and 8,500 t Zn or 5.19 Moz Ag.Eq.

• Inferred Mineral Resources are estimated at 1,257,000 t grading 256 g/t Ag.Eq (191 g/t Ag, 0.12 g/t Au, 0.99% Pb, 1.01% Zn) which equates to 7.73 Moz Ag, 5,000 oz Au, 12,400 t Pb, and 12,700 t Zn or 10.33 Moz Ag.Eq.

• Approximately 15% of the Indicated and 35% of the Inferred Mineral Resource tonnage is oxide mineralization; 85% of the Indicated and 65% of the Inferred Mineral Resource tonnage is sulphide mineralization.

• Certain underground pillars were excluded from the Mineral Resource Estimate, including 235,000 t at an average grade of 242 g/t Ag. Eq in Rosarios, 103,000 t at an average grade of 332 g/t Ag.Eq in San Marcos, and 91,000 t at an average grade of 310 g/t Ag.Eq in Quebradillas, signifying a total of 3.83 Moz of Ag.Eq. The mineralized material contained within these pillars may represent an opportunity for potential future extraction if supported by additional geo-mechanical studies and underground resampling. Current mining practices

Matija Lipanovic
Previous

Golden Tag announces the closing of the acquisition of the La Parrilla Silver Mine Complex and the exchange of subscription receipts into common shares and warrants
Next

Golden Tag provides an update on the acquisition of the La Parrilla Silver Mine Complex and related financing