Golden Minerals Reports Final Drill Results From Santa Maria 2017-2018 Drill Campaign
May 02 2018 - 9:09AM
Golden Minerals Company (“Golden Minerals”, “Golden” or “the
Company”) (NYSE American:AUMN) (TSX:AUMN) has released final
results from the 22-hole 4800-meter drilling program conducted at
its Santa Maria property located in Santa Barbara, Chihuahua State,
Mexico since August 2017.
Golden Minerals began an expansion drilling
program in August 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.
The Company has received assays for all 22 holes drilled.
The recent drilling encountered oxidized vein
material to much greater depths in the eastern part of the Santa
Maria vein system than in the western part. The oxidized portion of
the eastern vein system is preserved due to normal faulting and
post-mineral basalt cover. In addition to the previously known
Santa Maria vein and the hanging wall vein, Santa Maria 2, a
breccia vein labelled NE breccia was encountered in some of the
drill holes (see table of results). Metallurgical test-work on the
oxide material is yet to be completed.
The Company plans to update the resource model
and the PEA based on the new drill results and the new
metallurgical studies once those are available.
Golden’s President and Chief Executive Officer,
Warren M. Rehn, notes, “The weighted average of silver grades of
the intervals reported here is higher than the previously reported
silver grade of the mineral resource at Santa Maria. We expect an
improvement in the overall mineral resource and of the economics of
the project because of this. We will update the resource and the
PEA as expeditiously as possible.”
Significant Intervals - Santa Maria Drill
Results 2017-2018 |
Hole No. |
Total Depth (m) |
From (m) |
To (m) |
Drill Width (m) |
True Width (m) |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
Vein |
Oxidation |
SM17-01 |
300.0 |
49.2 |
51.7 |
2.5 |
0.6 |
593 |
0.79 |
0.19 |
0.13 |
Santa Maria 2** |
Oxide |
SM17-02 |
241.5 |
225.7 |
226.5 |
0.8 |
0.4 |
255 |
0.77 |
1.56 |
1.49 |
NE breccia** |
Sulfide |
SM17-03 |
252.0 |
64.8 |
66.7 |
1.9 |
0.8 |
183 |
0.33 |
0.03 |
0.06 |
Vein |
Oxide |
SM17-03 |
252.0 |
216.2 |
221.2 |
5.0 |
2.5 |
415 |
0.29 |
0.48 |
0.97 |
Santa Maria** |
Sulfide |
SM17-04 |
117.9 |
60.7 |
65.7 |
5.0 |
3.8 |
213 |
0.47 |
0.54 |
0.23 |
Santa Maria** |
Oxide |
SM17-05 |
220.0 |
194.1 |
194.9 |
0.7 |
0.4 |
164 |
0.40 |
0.61 |
3.76 |
NE breccia** |
Sulfide |
SM17-06 |
138.0 |
106.1 |
108.0 |
1.9 |
1.5 |
116 |
0.15 |
0.09 |
0.10 |
Vein |
Oxide |
SM17-07 |
258.0 |
145.2 |
146.0 |
0.8 |
0.6 |
163 |
0.14 |
0.02 |
0.08 |
Santa Maria |
Oxide |
SM17-08 |
174.0 |
117.7 |
120.0 |
2.3 |
1.2 |
200 |
0.22 |
0.03 |
0.11 |
Santa Maria |
Oxide |
SM17-08 |
174.0 |
141.6 |
148.5 |
6.9 |
3.5 |
310 |
0.77 |
0.40 |
0.91 |
Santa Maria** |
Oxide |
SM17-09 |
241.5 |
185.7 |
186.9 |
1.2 |
0.8 |
286 |
0.13 |
0.07 |
0.02 |
Santa Maria |
Oxide |
SM17-10 |
350.0 |
254.9 |
258.8 |
3.9 |
1.3 |
1322 |
2.06 |
0.71 |
0.75 |
Santa Maria |
Oxide |
SM17-10 |
350.0 |
261.0 |
264.0 |
3.0 |
1.0 |
163 |
0.12 |
0.01 |
0.06 |
Santa Maria* |
Oxide |
SM17-11 |
261.0 |
16.4 |
17.3 |
0.9 |
0.5 |
180 |
0.68 |
0.12 |
0.16 |
NE breccia |
Oxide |
SM17-11 |
261.0 |
229.1 |
232.0 |
2.9 |
1.4 |
101 |
0.28 |
0.01 |
0.04 |
Santa Maria* |
Oxide |
SM17-12 |
350.0 |
192.0 |
193.1 |
1.1 |
0.5 |
141 |
0.09 |
0.04 |
0.07 |
Santa Maria |
Oxide |
SM17-12A |
102.0 |
Hole abandoned; No significant intervals |
SM17-15 |
300.0 |
No significant intervals |
SM18-01 |
270.0 |
95.1 |
96.2 |
1.1 |
0.6 |
186 |
0.85 |
1.11 |
0.85 |
Vein |
Oxide |
SM18-01 |
270.0 |
166.5 |
167.6 |
1.0 |
0.4 |
113 |
0.06 |
0.04 |
0.08 |
Vein |
Oxide |
SM18-01 |
270.0 |
216.4 |
216.8 |
0.4 |
0.2 |
1310 |
1.62 |
0.05 |
0.39 |
Santa Maria 2 |
Sulfide |
SM18-02 |
200.0 |
167.2 |
168.8 |
1.6 |
0.7 |
116 |
1.72 |
0.95 |
2.30 |
Santa Maria |
Sulfide |
SM18-02 |
200.0 |
170.5 |
172.7 |
2.2 |
0.9 |
148 |
2.00 |
0.55 |
0.94 |
Santa Maria |
Sulfide |
SM18-02 |
200.0 |
174.7 |
175.9 |
1.2 |
0.5 |
114 |
1.12 |
1.15 |
2.39 |
Santa Maria |
Sulfide |
SM18-03 |
150.0 |
123.8 |
125.0 |
1.2 |
1.0 |
145 |
0.26 |
0.02 |
0.09 |
Santa Maria |
Oxide |
SM18-03 |
150.0 |
135.7 |
143.9 |
8.2 |
6.5 |
1094 |
3.64 |
0.41 |
0.92 |
Santa Maria |
Oxide |
SM18-04 |
186.0 |
117.1 |
117.9 |
0.8 |
0.3 |
148 |
0.14 |
0.02 |
0.09 |
Santa Maria |
Oxide |
SM18-05 |
150.0 |
81.1 |
82.6 |
1.5 |
0.9 |
176 |
0.34 |
0.06 |
0.07 |
Hornfels |
Mix |
SM18-05 |
150.0 |
128.0 |
129.4 |
1.4 |
0.6 |
68 |
2.96 |
1.51 |
0.06 |
Santa Maria |
Oxide |
SM18-06 |
261.0 |
No significant intervals |
SM18-07 |
125.0 |
No significant intervals |
SM18-08 |
200.0 |
116.8 |
117.0 |
0.2 |
0.2 |
339 |
4.41 |
0.27 |
1.09 |
Santa Maria |
Sulfide |
*Less than
40% of core recovered. Reported grade may not be representative of
actual vein grade. |
**Interval
previously reported in Oct. 25, 2017 news release. |
|
Note: Some drill hole intervals have been
composited from multiple adjacent samples and in some cases, may
contain up to 1 meter of core with less than 100 g/t Ag if the
overall interval weighted average is greater than 100 g/t Ag.
Individual assay intervals will be reported on the Golden Minerals
website. “Significant Interval” is defined as at least 0.2 meters
true width of at least 100 g/t Ag or Ag equivalent based on Au
times 70 plus Ag.
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 property in Argentina and in 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 the Company’s plan to
update the Santa Maria resource estimate and PEA, and the likely
results of that update. 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.
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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