GOLDEN, Colo., Feb. 27, 2014 /PRNewswire/ -- Golden
Minerals Company (NYSE MKT: AUMN; TSX: AUM) ("Golden Minerals" or
"the Company") has recently received assay results from eight drill
holes totaling 1,490 meters from drilling at its Los Azules
exploration project located in southern Chihuahua, Mexico.
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Significant results include 2.0 meters assaying 8.2 g/t (grams
per tonne) gold, 1.0 meters assaying 35.2 g/t gold, 0.9 meters
assaying 11.1 g/t gold and 0.5 meters assaying 10.5 g/t gold.
A table of selected results follows. All drill results are
available on the Golden Minerals website at
www.goldenminerals.com.
|
Hole No.
|
From
(meters)
|
To
(meters)
|
Drill Width
(meters)
|
True Width
(meters)
|
Au
(g/t)
|
Ag
(g/t)
|
Pb
(%)
|
Zn (%)
|
|
AZ13-05
|
125.87
|
126.40
|
0.53
|
0.41
|
1.40
|
9
|
0.13
|
0.30
|
|
AZ13-06
|
124.82
|
125.72
|
0.50
|
0.43
|
10.47
|
28
|
1.50
|
2.91
|
|
AZ14-07
|
155.77
|
157.32
|
1.55
|
1.27
|
1.06
|
29
|
1.24
|
1.20
|
|
AZ14-08
|
141.85
|
143.83
|
1.98
|
1.71
|
8.20
|
60
|
1.42
|
1.52
|
|
AZ14-09
|
149.95
|
151.20
|
1.25
|
1.13
|
3.24
|
34
|
1.12
|
2.01
|
|
AZ14-10A
|
159.50
|
160.38
|
0.88
|
0.67
|
11.10
|
43
|
1.19
|
3.03
|
|
AZ14-11
|
116.25
|
118.30
|
2.05
|
1.78
|
6.84
|
42
|
1.30
|
1.93
|
|
AZ14-12
|
142.00
|
143.00
|
1.00
|
0.71
|
35.20
|
22
|
0.18
|
0.92
|
The Los Azules property is located approximately 20 kilometers
west of San Francisco de Oro in
southernmost Chihuahua, Mexico and
about 45 kilometers west of Hidalgo del Parral. Los
Azules hosts a 2-kilometer, north-south trending and gold-bearing
epithermal quartz vein system cutting Tertiary felsic volcanic
rocks and a felsic hypabyssal stock. In the nearby
San Francisco de Oro district,
veins and replacements are hosted in the Cretaceous Parral
Formation clastics and carbonates which underlie the volcanic rocks
at the Los Azules project and are exposed in the northern portion
of the claim block. Although the Company has not yet
intersected the Parral formation, management expects it to be a
favorable host for mineralization at depth. Historic mining
on the vein system at Los Azules reportedly produced 500,000 tonnes
of gold ore averaging 11 g/t gold (Servicio Geologico Mexicano, p.
411 of Monografia Geologico-Minero del Estado de Chihuahua).
Historic mining exploited oxide portions of the vein system above
the elevation of our current access drifts.
Golden Minerals holds 233 hectares of concessions in the Los
Azules property through its wholly‑owned Mexican subsidiary Minera
de Cordilleras, S. De R.L. de C.V under a purchase option
agreement. The purchase agreement requires a series of
option payments over a four-year period totaling $2.0 million, with $0.1
million required during each of the first and second years
and a 5 percent net smelter return royalty, half of which may be
repurchased for $1.0 million.
In the fourth quarter 2013, Golden Minerals began drilling at
the Los Azules property as part of a planned 2,000-meter drill
program to test down dip targets on the previously mined vein
system. Drill holes were collared both underground and at
surface in this program. As part of the drill program, Golden
Minerals rehabilitated about 650 meters of underground drifts, and
the Company continues these rehabilitation efforts to access the
northern portion of the vein system which depicts better widths and
higher silver grades in surface sampling.
The initial drill program (costing $0.6
million) has been completed, and based upon results to date,
the Company has authorized an additional $1.1 million for drilling focused on definition
of a target gold and silver resource within the first 250 vertical
meters along the strike of the vein beneath the historic mined
areas.
Review by Qualified Person and Quality Control
The technical contents of this press release have been reviewed
by Warren M. Rehn, M.Sc., a
Qualified Person for the purposes of Canadian National Instrument
43-101. Mr. Rehn has over 33 years of mineral exploration
experience and is a QP member of the Society for Mining Metallurgy
and Exploration.
To ensure reliable sample results, Golden Minerals uses a
quality assurance/quality control program that monitors the
chain-of-custody of samples and includes the insertion of blanks,
duplicates and reference standards in each batch of samples.
Core is photographed and sawn in half with one half retained in a
secured facility for verification purposes. Sample
preparation (crushing and pulverizing) is performed at an
independent ISO 9001:2001 certified laboratory in Chihuahua or
Zacatecas, Mexico. Prepared
samples are direct-shipped to an ISO 9001:2001 certified laboratory
in Canada.
About Golden Minerals
Golden Minerals is a
Delaware corporation based in
Golden, Colorado. The
Company is primarily focused on efforts to create a new mining and
processing plan for its Velardena Properties, the advancement of
its El Quevar advanced exploration property in Argentina, and the exploration of properties
in Argentina and Mexico.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Exchange Act and applicable Canadian securities legislation,
including statements regarding the exploration results and programs
at the Los Azules project, including potential exploration
activities, anticipated further drilling activities, and
interpretations of drilling or underground rehabilitation or
drilling results of infill drilling. These statements are
subject to risks and uncertainties, including results of
exploration including potential additional drilling at Los Azules;
changes in geological, geostatistical and other interpretations of
the information from drill programs; unfavorable interpretations of
geologic information; availability of drills; unexpected variations
in mineral grade, types and metallurgy; fluctuations in relevant
metal prices; technical and permitting issues; increases in cost or
other problems that might negatively affect the Company in
conducting potential drilling and exploration activities and
otherwise advancing the Los Azules project; and financial market
conditions. Golden Minerals Company assumes no obligation to
update this information. Additional risks relating to Golden
Minerals Company may be found in the periodic and current reports
filed with the Securities Exchange Commission by Golden Minerals
Company, including the Company's Annual Report on Form 10-K for the
year ended December 31, 2012.
For additional information please visit
http://www.goldenminerals.com/ or contact:
Golden Minerals Company
Karen Winkler
(303) 839-5060
Director of Investor Relations
SOURCE Golden Minerals Company