Golden Minerals Company (“Golden Minerals”, “Golden” or “the
Company”) (NYSE American and TSX: AUMN) is pleased to announce
high-grade silver-gold assays from its Yoquivo project located in
Chihuahua, Mexico.
Yoquivo Sampling
Highlights:
- 6m assaying 5.9 grams per tonne (“g/t”) Au and 937 g/t Ag from
the Pertenencia Vein
- 4m assaying 2.3 g/t Au and 489 g/t Ag from the Central Breccia
Zone
- 2.9m assaying 2.3 g/t Au and 345 g/t Ag from the San Francisco
Vein
- 6m assaying 1.7 g/t Au and 399 g/t Ag from the Pertenencia
Vein
The Yoquivo district is located on the
headwaters of the Mayo River in the northern part of the Sierra
Madre Occidental, approximately 45 kilometers (“km”) west of San
Juanito. The property is located 32km south of Agnico Eagle’s Pinos
Altos Mine (2018 production est. 170,000 oz Au1) and 35km southeast
of the Ocampo mining district (a gold producer sold to Minera
Frisco for (US) $750M in 20122).
The Yoquivo property covers an erosional
‘window’ of andesites beneath Oligocene-aged rhyolites. Multiple
silver-gold bearing epithermal veins have been mapped and sampled.
The two most important veins are the San Francisco and Pertenencia
veins, both of which have been mapped and sampled over a 2km strike
length. Numerous splays and parallel structures have also been
identified and sampled.
To date, 756 samples have been collected, and
the sampling program has identified and sampled a series of
low-sulfidation quartz veins and breccias. The most promising
results from the surface sampling program are summarized in Table
1, with surface sample results shown in Figures 2 and 3 below.
Table 1: Selected results from the 2018 Yoquivo sampling
program
|
|
|
|
|
|
|
|
|
Vein |
Width (m) |
Au g/t |
Ag g/t |
AuEq g/t |
AgEq g/t |
|
|
|
|
|
|
|
|
|
|
San Francisco |
2.05 |
4.2 |
29 |
4.6 |
365 |
|
|
San Francisco |
0.95 |
2 |
205 |
4.6 |
365 |
|
|
San Francisco |
2.9 |
1.4 |
284 |
5.0 |
396 |
|
|
San Francisco |
3.4 |
0.2 |
384 |
5.0 |
400 |
|
|
San Francisco |
1.8 |
2.3 |
166 |
4.4 |
350 |
|
|
San Francisco |
0.9 |
0.1 |
435 |
5.5 |
443 |
|
|
San Francisco |
0.8 |
7.9 |
122 |
9.4 |
754 |
|
|
San Francisco |
2.90 |
1.4 |
191 |
3.8 |
303 |
|
|
Including |
0.80 |
2.1 |
432 |
7.5 |
600 |
|
|
San Francisco |
2.90 |
2.3 |
345 |
6.6 |
529 |
|
|
Including |
1.40 |
4.7 |
681 |
13.2 |
1,057 |
|
|
San Francisco |
1.1 |
1.5 |
356 |
6.0 |
476 |
|
|
San Francisco |
1 |
0.9 |
294 |
4.6 |
366 |
|
|
San Francisco |
3.00 |
1.5 |
226 |
4.3 |
346 |
|
|
San Francisco |
3.00 |
0.5 |
622 |
8.3 |
662 |
|
|
Including |
0.90 |
1.2 |
1,299 |
17.4 |
1,395 |
|
|
La Muralla |
0.65 |
3.2 |
404 |
8.3 |
660 |
|
|
Central Breccia |
4.00 |
2.3 |
489 |
8.4 |
673 |
|
|
Including |
0.90 |
9.8 |
2,090 |
35.9 |
2,874 |
|
|
Central Breccia |
0.95 |
1 |
349 |
5.4 |
429 |
|
|
Central Breccia |
0.70 |
2.8 |
285 |
6.4 |
509 |
|
|
Pertenencia |
1.60 |
3.7 |
162 |
5.7 |
458 |
|
|
Including |
0.45 |
12.3 |
398 |
17.3 |
1,382 |
|
|
Pertenencia |
1.40 |
2.4 |
234 |
5.3 |
426 |
|
|
Pertenencia |
1.65 |
1.5 |
392 |
6.4 |
512 |
|
|
Pertenencia |
2.15 |
0.2 |
528 |
6.8 |
544 |
|
|
Including |
0.30 |
0.1 |
1095 |
13.8 |
1,103 |
|
|
Pertenencia |
6.00 |
1.6 |
268 |
5.0 |
396 |
|
|
Including |
1.00 |
1.6 |
672 |
10.0 |
800 |
|
|
Pertenencia |
6.00 |
1.7 |
399 |
6.7 |
535 |
|
|
Including |
1.00 |
4.4 |
916 |
15.9 |
1,268 |
|
|
Pertenencia |
6.00 |
5.9 |
937 |
17.6 |
1,409 |
|
|
Including |
1.00 |
27.7 |
4,050 |
78.3 |
6,266 |
|
|
Pertenencia |
1.90 |
0.8 |
281 |
4.3 |
345 |
|
|
Dolar |
0.10 |
11.7 |
35 |
12.1 |
971 |
|
|
La Nina |
2.1 |
3.4 |
105 |
4.7 |
377 |
|
|
|
|
|
|
|
|
|
Note: AuEq and AgEq are calculated using
metal prices of Au = $1,120/Oz and Ag = $14/oz for an 80:1 ratio,
results were reported for samples returning >300 g/t AgEq.
Complete results (from 756 samples collected to
date) are available on the Golden Minerals website at
http://goldenminerals.com/drill_testing.php, as well as a more
detailed surface map.
The sampling program has systematically
collected channel samples from the 2.2km-long San Francisco vein as
well as several splays and parallel structures. The San
Francisco vein occurs as a series of quartz‐calcite veins and vein
breccias with widths up to 3.4m.
A new vein, the La Nina vein, was discovered in
the northwest of the property where it splits off from the main San
Francisco vein. It consists of a prominent banded epithermal
quartz‐calcite vein up to 2.1m wide which has been mapped and
sampled along a 350m strike length. Initial results have returned
assays up to 3.4 g/t Au and 105 g/t Ag over 2.1m width.
Exploration is now focusing on the Pertenencia
vein which consists of a series of 0.5m-3m wide quartz‐calcite
epithermal veins and breccias. The mineralization appears to
be more silver-rich compared to the San Francisco vein, but
sampling is still in progress.
"Our progress to date in defining high-grade
veins outcropping at surface at Yoquivo is excellent. We
expect to continue with the surface work in preparation for
identifying the best drill targets, which we plan to test in a
drill program in 2019. The discovery of additional untested
veins on the property is promising. We believe the Yoquivo district
is emerging as a very interesting exploration play in this
well-mineralized portion of the Sierra Madre,” states Warren Rehn,
President and Chief Executive Officer of Golden Minerals.
Next Steps
Mapping and sampling have only been conducted on
approximately 40% of the property. Golden Minerals has commenced a
regional exploration program to search for additional veins that
might outcrop on the property. In addition, the Company hopes to
conduct underground mapping and sampling of the various accessible
mine workings, including those of the Creel Mine, the largest
historic workings on the property. The targeting work is expected
to lead up to a drill program to test the most promising portions
of the veins in 2019.
About Yoquivo
Golden holds an option to purchase six
concessions that comprise the Yoquivo property, totaling 2,367.6
hectares located in western Chihuahua State in northern Mexico, for
payments totaling $0.5 million over four years and subject to a 2%
NSR royalty on production capped at $2 million. The claims
cover an underexplored epithermal precious metals district that
shows similar mineralization to the adjacent Ocampo mining
district, and the Company, through systematic exploration, hopes to
identify significant high-grade mineralization.
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 Mining and Metallurgical Society of America.
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 advancing
its El Quevar silver property in Argentina and on acquiring and
advancing mining properties in Mexico with emphasis on areas near
its Velardeña processing plants.
Footnotes
1Pinos Altos est. 2018 production from Agnico Eagle Website
(https://www.agnicoeagle.com/English/operations-and-development-projects/operations/pinos-altos/default.aspx)2Aurico
Gold to sell the Ocampo Mine to Minera Frisco for US$750M
(https://www.prnewswire.com/news-releases/aurico-gold-to-sell-the-ocampo-mine-and-enters-into-a-joint-venture-agreement-on-the-orion-project-for-750-million-in-cash-173384081.html)
Forward‐Looking Statements
This press release contains forward‐looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended, and applicable Canadian securities
legislation, including statements relating to the Company’s
continued surface exploration at Yoquivo, including surface work to
identify drill targets to test in a drill program in 2019 and
exploration and sampling of the Pertenencia vein; the Company’s
next steps at the Creel mine, including plans to commence regional
surface mapping and sampling and to conduct underground mapping and
sampling with the intentions to test promising portions in a drill
program in 2019; and systematic exploration of the Yoquivo claims
and the possibility of discovering high grade mineralization. These
statements are subject to risks and uncertainties, including
changes in interpretations of geological, geostatistical,
metallurgical, mining or processing information and interpretations
of the information resulting from future exploration, analysis or
mining and processing experience, new information from drilling
programs or other exploration or analysis, unexpected variations in
mineral grades, types and metallurgy, fluctuations in silver and
gold metal prices, increases in costs and declines in general
economic conditions, and changes in political conditions, in tax,
royalty, environmental and other laws in Mexico, and financial
market conditions. Golden Minerals assumes no obligation to update
this information. Additional risks relating to Golden Minerals may
be found in the periodic and current reports filed with the
Securities and Exchange Commission by Golden Minerals, including
the Company’s Annual Report on Form 10‐K for the year ended
December 31, 2017.
Karen WinklerDirector of Investor Relations(303)
839‐5060Investor.relations@goldenminerals.comSOURCE: Golden
Minerals Company
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/41062a8f-dab9-4c7c-844e-fc8521449d64http://www.globenewswire.com/NewsRoom/AttachmentNg/4bb83677-c790-4957-bb1d-e338e97bc54fhttp://www.globenewswire.com/NewsRoom/AttachmentNg/6a4b9fd0-8a7a-4fb4-a96b-cd21cdd86a73
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