Golden Minerals Company (NYSE American:AUMN) (TSX:AUMN) (“Golden
Minerals”, “Golden” or “the Company”) is pleased to announce that
surface mapping and sampling have identified the eastern extension
to the Santa Maria vein system and discovered additional high-grade
veins on the adjacent Cervantes property that was acquired by
Golden Minerals in August 2017.
The veins were discovered during a project-wide
mapping and sampling program conducted during 2017 and 2018 in
which a total of 542 samples were collected, and this program has
identified several high-grade silver-gold and base metal veins
located outside of the current resource area as defined in the
March 30, 2017 Preliminary Economic Assessment (“PEA”) and NI
43-101 Technical Report (full report available on the Golden
Minerals website at www.goldenminerals.com). The results from the
surface sampling program are summarized in Table 1, with surface
sample results shown in Figures 2 and 3 below.
Figure 1, Santa Maria property and mapped veins, is
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/22420caa-0df7-4a68-8957-416ad3c48783
Figure 2, Santa Maria surface sample assays for silver, is
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/43c48287-346f-4c0c-ae6b-5470f7aeaec1
Figure 3, Santa Maria surface sample assays for gold, is
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/a1480605-c297-40b5-8994-c8b8ea7f3eab
Mapping identified the eastern continuation of
the Santa Maria veins 600 meters along strike from previous
drilling (link). Surface samples have returned assays up to 0.57
g/t Au, 347 g/t Ag, and 1.2% Zn. The vein occurs as a series of
quartz-calcite veins with widths of up to 4.75 meters. The Company
is hopeful that additional high-grade shoots could be found along
the eastern continuation of the Santa Maria vein.
A new vein, the North vein, was discovered 400
meters to the northeast of the current resource. It occurs as a
banded epithermal quartz-calcite vein up to 2.2 meters in width. It
has been mapped for a 300-meter strike length, and a total of 38
samples were collected. Initial results returned assays of up to
3.01 g/t Au, 196 g/t Ag, 0.4% Pb and 1.08% Zn, which indicate
potential for this vein to host high-grade mineralization.
A set of quartz-calcite epithermal veins was
found approximately 800 meters east of the current resource area.
This vein system (the Cervantes system) consists of multiple
north/northwest striking quartz veins that have been mapped and
sampled for a 700-meter strike length and have returned assays of
up to 1.58 g/t Au, 207 g/t Ag, 0.24% Cu, 5.6% Pb and 19.5% Zn over
widths up to 1.3 meters.
"The promising initial results from our
systematic exploration program have led to the discovery of several
previously unknown veins which have returned high-grade silver-gold
and base metal mineralization,” stated Warren Rehn, President and
Chief Executive Officer of Golden Minerals, “and we believe
additional high-grade mineralization may well be discovered at
Santa Maria. I want to emphasize that Golden Minerals is a
debt-free and well-funded company intent on advancing our projects
in Mexico and Argentina. In addition to the forthcoming PEA update
for Santa Maria, we expect to issue a positive PEA on El Quevar
within the next few months.”
Table 1: Selected results from the 2018 Santa Maria
surface sampling program. |
Sample ID |
Vein |
Width(m) |
Au g/t |
Ag g/t |
Cu ppm |
Pb ppm |
Zn ppm |
129726 |
Cervantes |
0.35 |
0.96 |
124 |
1300 |
37400 |
21700 |
129727 |
Cervantes |
0.42 |
1.01 |
185 |
2300 |
56300 |
195200 |
129728 |
Cervantes |
0.43 |
0.34 |
105 |
900 |
28400 |
31500 |
SM-651 |
Cervantes |
0.58 |
1.58 |
130 |
1100 |
38400 |
12500 |
SMS-17 |
Cervantes |
0.99 |
0.57 |
134 |
2400 |
32700 |
3500 |
129327 |
Santa Maria Dos |
1.4 |
0.31 |
55 |
100 |
3500 |
32900 |
SMS-93 |
Santa Maria Dos |
0.8 |
0.63 |
349 |
100 |
800 |
1900 |
SMS-93 |
Santa Maria Dos |
1.4 |
0.46 |
404 |
100 |
100 |
1400 |
SMS-94 |
Santa Maria |
1.3 |
1.88 |
648 |
500 |
5000 |
2700 |
SMS-95 |
Santa Maria Dos |
0.6 |
0.91 |
252 |
200 |
2400 |
1300 |
SMS-29 |
Santa Maria |
1.85 |
0.57 |
111 |
100 |
200 |
200 |
SMS-30 |
Santa Maria |
2.95 |
0.12 |
57 |
0 |
300 |
11900 |
SMS-33 |
Santa Maria |
1.3 |
0.26 |
347 |
100 |
1400 |
1000 |
SMS-80 |
Santa Maria |
1.1 |
4.09 |
89 |
400 |
6400 |
2900 |
SMS-81 |
Santa Maria |
1.0 |
1.17 |
420 |
400 |
9100 |
2600 |
SMS-85 |
Santa Maria |
2.0 |
0.72 |
250 |
400 |
3600 |
1600 |
SMS-87 |
Santa Maria |
1.1 |
0.40 |
275 |
100 |
1500 |
1200 |
SMS-91 |
Santa Maria |
0.55 |
2.30 |
118 |
500 |
5800 |
2000 |
129538 |
North |
0.42 |
3.01 |
26 |
0 |
100 |
200 |
SMS-01 |
North |
1.2 |
0.31 |
196 |
250 |
4100 |
10850 |
SMS-104 |
SW |
0.8 |
0.23 |
694 |
138 |
780 |
287 |
SM-661 |
West Splay |
0.85 |
2.67 |
107 |
500 |
17200 |
35300 |
SM-662 |
West Splay |
0.71 |
0.83 |
148 |
200 |
51900 |
42600 |
Complete results are available on the Golden
Minerals website at http://goldenminerals.com/drill_testing.php, as
are more detailed surface maps.
A table with complete assay results by vein can
be found on the Golden Minerals website at
http://www.goldenminerals.com/drill_testing.php
Next Steps
Golden Minerals intends to continue surface
exploration and mapping at Santa Maria to define additional targets
for future drill testing. Additionally, the Company is currently
updating the March 2017 PEA to incorporate results of its
2017-early 2018 drilling program, and estimates completing the PEA
during the third quarter 2018.
About Santa Maria
Golden holds an option to purchase ($1.2 million
remaining to acquire 100%, with the Cervantes properties subject to
a 2% NSR) the Santa Maria project located near the Parral District
in southern Chihuahua State, Mexico. The Company has defined
Canadian NI 43-101 compliant resources of 300,000 tonnes grading
320 g/t silver and 1.2 g/t Au and completed a 7,500-ton test mining
program from Santa Maria since 2015, with average grades of 338 g/t
silver and 0.7 g/t gold. The Company issued a PEA and Technical
Report prepared in accordance with Canadian NI 43-101 in March
2017. In August 2017, Golden purchased 77 hectares covering the
eastward extension of the Santa Maria vein, with the goal of
expanding the existing resource to improve the overall economics
reported in the PEA.
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 in acquiring and
advancing mining properties in Mexico with emphasis on areas near
its Velardeña 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 the possibility of
discovering additional high-grade mineralization at Santa Maria;
the Company’s plan to update the Santa Maria PEA, including timing
and the expected results of that update; the Company’s anticipated
timing and expectations regarding the El Quevar PEA; and the
Company’s next steps at Santa Maria, including the Company’s plans
to continue surface exploration and mapping to define additional
targets for future drill testing. 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 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, 2017.
Cautionary Note to United States Investors Regarding
Estimates of Indicated and Inferred Resources
We use minerals resources in this press release,
which is defined in NI 43-101; however, this term is not recognized
under the SEC Industry Guide 7. Accordingly, the disclosures
regarding mineralization in this news release may not be comparable
to similar information disclosed by Golden Minerals in the reports
it files with the SEC. US investors are cautioned not to
assume that any or all of minerals resources are economically or
legally mineable or that these resources will ever be converted
into reserves. In addition, the SEC normally only
permits issuers to report mineralization that does not constitute
SEC Industry Guide 7 compliant “reserves” as in-place tonnage and
grade without reference to unit amounts. U.S. investors are
urged to consider closely the disclosure in our Form 10-K and other
SEC filings.
For additional information please visit
http://www.goldenminerals.com/
SOURCE: Golden Minerals Company
Golden Minerals Company
Karen Winkler
Director of Investor Relations
(303) 839-5060
Investor.relations@goldenminerals.com
Golden Minerals (TSX:AUMN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Golden Minerals (TSX:AUMN)
Historical Stock Chart
From Jul 2023 to Jul 2024