Golden Minerals Cuts 5.0 Meters of 431 g/t Silver at Santa Maria
October 25 2017 - 5:10PM
Golden Minerals Company (“Golden Minerals”, “Golden” or “the
Company”) (NYSE American:AUMN) and (TSX:AUMN) has released results
of high-grade silver intercepts from the first six holes of a
drilling program conducted at its Santa Maria property located in
Santa Barbara, Chihuahua State, Mexico.
Warren Rehn, President and CEO of Golden
Minerals, comments, “The results from Santa Maria show the
continuation of the mineralized veins and provide initial support
for our goal of doubling the size of the existing resource. Santa
Maria appears to be an excellent opportunity for Golden to
establish near-term new silver production in the Parral area at a
very low capital cost. We are executing our exploration programs
efficiently while retaining a healthy cash balance and without the
need for additional financing.”
Golden Minerals began an expansion drilling
program in September 2017 at its Santa Maria gold and silver
property located west of Parral in Chihuahua State, Mexico. The
Company recently expanded the claim package adding 77 hectares and
more than doubling the strike distance coverage on the Santa Maria
vein to about one kilometer total. The current drill program was
initiated by the Company with the goal of expanding the existing
resource to improve the overall economics reported in the
Preliminary Economic Assessment (“PEA”) published in March 2017. To
date the Company has received assays for six holes, with results
for an additional six holes expected before year-end. To date nine
holes are complete, and one is in progress for 1,900 meters
drilled. At least another two holes will be drilled in this
program. Highlights include hole SM17-03 that returned an intercept
of 431 grams per tonne silver over 5.0 meters, hole SM17-08 with an
intercept of 310 grams per tonne silver and 0.77 grams per tonne
gold over 6.9 meters, and hole SM17-01 which returned an intercept
of 604 grams per tonne silver and 0.84 grams per tonne gold over
2.5 meters. Results are summarized in the table below. Full results
will also be available on the Company’s website.
Hole No. |
From (meters) |
To (meters) |
Drill Width (meters) |
True Width (meters) |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
SM17-01 |
49.2 |
51.7 |
2.50 |
1.06 |
604 |
0.84 |
0.19 |
0.13 |
SM17-02 |
225.7 |
226.5 |
0.80 |
0.40 |
255 |
0.77 |
1.56 |
1.49 |
SM17-03 |
216.2 |
221.2 |
5.00 |
2.50 |
431 |
0.29 |
0.49 |
0.99 |
SM17-04 |
60.7 |
65.7 |
5.00 |
2.50 |
217 |
0.49 |
0.56 |
0.23 |
SM17-05 |
194.1 |
194.9 |
0.70 |
0.40 |
164 |
0.40 |
0.61 |
3.76 |
SM17-08 |
141.6 |
148.5 |
6.90 |
2.36 |
310 |
0.77 |
0.40 |
0.91 |
Note: Drill hole results have been
composited from multiple adjacent samples; individual assay
intervals will be reported on the Golden Minerals website. Reported
intercepts from holes 1, 4, and 8 are characterized by oxidized
vein material.
The results from these recent vein intercepts
are similar in grade to our previous results and the average
resource grade. The holes reported here potentially extend the
strike dimension of the vein resource by 110 meters to the east.
The remaining drill holes with results pending test an additional
250 meters of the eastward strike direction of the vein system.
Other Updates
The Company also reports that it has acquired
the right to purchase claims covering the Yoquivo
District, Ocampo Municipality, Batopilas, Chihuahua through an
option agreement. The Yoquivo District is a past-producing,
bonanza-grade epithermal vein gold and silver district located 35
kilometers southeast of the Ocampo Mining District. Golden has the
right to purchase six claims totaling 1,906 hectares for payments
of (US)$0.48 million over four years plus outstanding claim taxes.
No cash payments are due until the second anniversary of the
agreement. The owner retains a two percent Net Smelter Return
royalty capped at $2.0 million.
Drilling at the Mogotes project near Velardena
(Durango, Mexico) is ongoing, with five holes totaling about 1,500
meters completed to date and at least two additional holes planned.
Assay results are pending.
The Company also continues to advance its Salta,
Argentina-based El Quevar project through a resource re-modeling
project, now in its third month. Results are expected to be
reported at year end 2017 or shortly thereafter.
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 acquiring and
advancing mining properties in Mexico with emphasis on areas near
its Velardena processing plants.
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 expectations regarding future drilling plans
at, anticipated future resource estimates, and potential capital
costs for development of Santa Maria; future drilling activities at
the Mogotes project; and future results from the re-modeling
project at El Quevar. 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 or Argentina, 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, 2016.
For additional information please visit
http://www.goldenminerals.com/ or contact:
Golden Minerals CompanyKaren WinklerDirector of
Investor Relations(303)
839-5060Investor.relations@goldenminerals.com
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