GOLDEN,
Colo., Feb. 27, 2014 /CNW/ - 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