Golden Tag Resources Ltd. and ECU Silver Mining Inc.: Broad Zones of Massive and Semi-Massive Sulphide Mineralization Encountere
June 23 2008 - 11:02AM
Marketwired Canada
Golden Tag Resources Ltd. (TSX VENTURE:GOG) ("Golden Tag") and ECU Silver Mining
Inc. (TSX:ECU) ("ECU") are pleased to report results from two holes, SD-07-24
and SD-08-33, that were recently completed as part of the exploration program at
the jointly held San Diego Property in Durango State, Mexico. Results from hole
SD-08-33 are considered the most encouraging results reported to date from the
property and suggest potential for the discovery of a deep seated massive
sulphide replacement (Mantos-type) deposit.
Mantos-type sulphide deposits can form massive sulphide lenses representing
major sources of precious and base metals in a high-grade, high tonnage ratio.
These deposits are interpreted to form in carbonate-rich rocks, like limestone,
at the contact of a hot intrusive body where the limestone/marble host rock is
replaced by metal-bearing solutions. A similar environment was extensively mined
by Grupo Mexico at the near-by Santa Maria deposit.
Our latest exploration results suggest that we encountered an environment having
several similarities with Mantos-type deposits. The objective of our next
drilling phase will be to test the continuity of this type of mineralization at
depth.
Highlights from hole SD-08-33 are:
Cantarranas Zone: - Massive and Semi-Massive Sulphide Zone
- 102 g/t Ag over 15.10 m with 2.69% Pb and 2.89% Zn, includes:
- 165 g/t Ag over 8.10 m with 4.2% Pb and 4.6% Zn
Ag-Vein Zone: - Massive and Semi-Massive Sulphide Veins
- 69 g/t Ag over 9.95 m with 1.95% Pb and 1.79% Zn, includes:
- 449 g/t Ag over 0.30 m with 16.8% Pb and 11.2% Zn,
- 421 g/t Ag over 0.40 m with 10% Pb and 11.6% Zn
- 299 g/t Ag over 0.30 m with 9.9% Pb and 6% Zn
Contact Zone:- New Semi-Massive Contact Zone
- 50 g/t Ag over 5.90 m with 1.52% Pb and 1.44% Zn, includes:
- 109 g/t Ag over 1.25 m with 3.5% Pb and 3.5% Zn
- 140 g/t Ag over 2.80 m with 4.1% Pb and 3.6% Zn
Highlights from hole SD-07-24 are:
La Cruz Vein
- 1,100 g/t Ag and 2.4 g/t Au over 0.65 m with 12.6% Pb, 6% Zn, 0.6% Cu
Redox Zone
- 5.6 g/t Au over 1.30 m with 1% Cu
Detailed results from the holes with true widths and Silver Equivalent grades
are reported in Table 1.
Hole SD-08-33 was drilled from the south portion of the property to follow-up on
previously reported holes SD-07-20 and 07-22 (see press release of April 7,
2008) and test the Montanez Zones, Cantarranas and SD Veins. The environment of
mineralization intersected in hole SD-08-33 includes two semi-massive and
massive sulphides zones located along favourable diorite/marble contacts, with
associated sulphide replacement of adjacent marbles. One of these zones can be
linked to the Cantarranas Vein and the Ag-Vein Zone, where they appear to be
merging at depth; whereas the other zone (Contact Zone) is a new structure
located further to the north and once again associated to a diorite/marble
contact.
Hole SD-07-24 was a step-out hole behind hole SD-07-10 to follow-up on:
- a near surface oxide zone - called the "Oxi-Zone" - that had previously
returned high silver grades of up to 969 g/t Ag over 0.45 m and 627 g/t Ag over
0.95 m and,
- to intersect the La Cruz Vein at depth.
Drill results confirm the extension of the La Cruz Vein structure to depths of
500 m below surface with an intersection of 1,100 g/t Ag and 2.4 g/t Au over
0.65 m with 12.6% Pb, 6% Zn and 0.6% Cu. Drilling on the Oxi Zone showed that it
is located at a diorite/marble interface and follows a conjugate set of
fractures with opposing dips (Oxi Zone-A and B). A new geological feature was
also intersected at depth and appears to correspond to a redox zone
(Reduction-Oxidation front) developed along a narrow, steeply-dipping fault zone
with extensive hematite replacement. This redox zone acted as geochemical trap
for gold and copper. Assays from this zone returned 5.6 g/t Au over 1.30 m with
1% Cu.
The results from current drilling are considered to be the most encouraging
results to date from the property. In addition to the 43-101 mineral resources
currently identified within several laterally and vertically persistent
polymetallic vein sets; drilling has now demonstrated good potential for a deep
seated sulphide source capable of generating extensive replacement (Mantos-type)
sulphide zones along diorite/marble contacts.
The drill section including holes SD-07-20, 07-22 and 08-33 shows that:
- Stringer-style mineralization, encountered close to surface in hole SD-07-20,
changes with depth into narrow massive sulphide veins, 275 metres vertically
below in hole SD-07-33;
- Individual zones such as the Ag-Vein Zone and Cantarranas Vein are getting
more closely spaced with depth and together define a mineralized envelope with a
true thickness of at least 20 metres in hole SD-08-33;
- At depths of more than 400 metres, in the eastern sector of the property,
deformation gradually changes from a brittle to more ductile style and is
associated with increasing development of marble and pervasive silicification.
These observations can be linked to hydrothermal activity derived from the hot
diorite intrusion coring the centre portion of the property. Massive to
semi-massive sulphide zones recently encountered at depth bring further
evidences that the system once active at San Diego had the potential to develop
massive sulphide lenses of a similar nature to those found in Mantos-type
deposit environments. In this larger scale model, the laterally extensive
fracture-type veins observed on surface are the actual surface expression of
this deep-seated mineralizing activity.
In view of the excellent exploration results obtained in the eastern sector of
the property, Golden Tag and ECU will now focus on planning additional drilling
as part of the Phase 4 exploration campaign. To this effect, the companies have
recently signed a 5,000 metre drill contract with Layne de Mexico from
Hermosillo that will supply a track-mounted drill designed for deep drilling.
Drilling is scheduled to start in early September.
As part of this process, the joint-venture partners will continue their review
and integration of all results to date in a 3-D MineSight database. All
remaining assay results from Phase 3 program will be released as they become
available.
Golden Tag and ECU Silver concluded their Phase 3 diamond drilling program at
the end of March 2008. During this program initiated in October 2007, a total of
16 new holes, with the extension of one prior hole, were completed for a total
of 6,655 metres of drilling. There are 9 holes that remained to be reported.
Quality Control: The drilling program is supervised by Ms. Kateri Marchand,
P.Geo. and is a Qualified Person under National Instrument 43-101 guidelines and
she has confirmed all disclosures in this release. Details of the QA/QC program
followed at San Diego are available in previous press releases. Analyses were
performed by ALS Chemex accredited assay laboratories of Guadalajara, Hermosillo
and Chihuahua (Mexico). Conversion factors used to convert to silver equivalents
are shown at bottom of Table 1. Readers are cautioned that until a
pre-feasibility study is completed, there are no assurances that these
mineralized zones will be economically viable.
ECU Silver Mining Inc. is focused on the exploration, development and mining of
gold, silver and base metals at its Velardena District Properties in Durango,
Mexico. The area includes five historical mines - Santa Juana, Terneras, San
Mateo, San Juanes, and the San Diego mine. ECU is defining the "Mineralized
Corridor" at Santa Juana and also further defining several higher grade narrow
veins within the area. ECU's mission is to become a pre-eminent silver producer
through the development of existing, and additional potential resources at
Velardena.
Golden Tag Resources Ltd. is a junior exploration company actively exploring for
high grade gold and silver deposits at the San Diego silver-lead-zinc project in
Durango State, Mexico; the Aquilon gold project in James Bay, Quebec; and the
McCuaig gold project in Red Lake, Ontario.
Golden Tag is a member of the Agoracom Investor Relations group at
www.agoracom.com/IR/goldentag. To be added to the investor e-mail list, please
send to gog@agoracom.com.
Statements in the release that are "forward-looking statements" are based on
current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially. We undertake no duty to
update any forward-looking statement to conform the statements to actual results
or changes in our expectations.
SAN DIEGO JOINT-VENTURE PROJECT, DURANGO, MEXICO
TABLE 1. LATEST RESULTS FROM THE-2007-2008 DRILL PROGRAM
------------------------------------------------------------------------
HOLE SD-08-33 From To Length Au Ag Pb Zn Ag+Ag
(m) (m) (m) (g/t) (g/t) % % Equiv.
------------------------------------------------------------------------
Montanez Zone
-------------
Montanez Vein 196.65 197.40 0.75 0.149 268 0.92 2.48 370
Hanging Wall 208.7 211.80 3.10 0.025 159 0.24 0.10 169
Centre-FW 236.60 241.25 4.65 0.058 84 0.60 0.77 124
includes: 236.60 237.30 0.70 0.142 273 0.74 1.26 332
240.70 241.25 0.55 0.063 286 3.66 4.63 528
Footwall 312.60 315.35 2.75 0.044 139 2.42 2.00 266
------------------------------------------------------------------------
Ag Veins Zone
-------------
423.95 426.10 2.15 0.124 109 2.83 2.77 271
includes: 425.20 426.10 0.90 0.270 164 4.34 5.07 438
442.80 452.75 9.95 0.100 69 1.95 1.79 177
includes: 442.80 443.10 0.30 0.067 449 16.75 11.20 1244
443.65 444.05 0.40 0.136 421 10.05 11.55 1049
445.00 445.30 0.30 0.110 299 9.86 6.06 750
446.85 452.75 5.90 0.137 46 1.04 1.18 110
includes: 451.35 452.00 0.65 1.06 206 4.41 6.96 583
------------------------------------------------------------------------
Cantarranas
-----------
483.20 498.30 15.10 0.180 102 2.69 2.89 263
includes: 483.20 491.30 8.10 0.308 165 4.24 4.56 420
------------------------------------------------------------------------
SD Vein
555.10 556.60 1.50 0.147 213 5.11 4.59 492
562.30 563.95 1.65 0.049 57 1.78 1.31 145
------------------------------------------------------------------------
Contact Zone
-----------
584.75 585.80 1.05 0.117 117 2.33 1.74 233
590.85 596.75 5.90 0.055 50 1.52 1.44 135
includes: 590.85 592.10 1.25 0.039 109 3.50 3.48 311
593.95 596.75 2.80 0.178 140 4.09 3.63 362
------------------------------------------------------------------------
---------------------------------------------------------------------------
HOLE SD-07-24 From To Length Au Ag Pb Zn Cu Ag+Ag
(m) (m) (m) (g/t) (g/t) % % % Equiv.
---------------------------------------------------------------------------
Oxi Zone-A
----------
47.25 57.02 9.77 0.105 70 0.24 0.26 70
includes: 47.25 48.25 1.00 0.216 250 0.48 0.34 250
55.10 57.02 1.92 0.061 105 0.47 0.34 105
---------------------------------------------------------------------------
Oxi Zone-B 208.90 211.90 3.00 0.374 149 1.84 4.97 353
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Cantarranas 458.15 458.55 0.40 0.044 179 5.97 0.02 338
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SD Vein 474.00 474.85 0.85 0.092 94 1.80 3.06 238
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Redox Zone 553.25 554.55 1.30 5.56 18 0.00 0.01 0.98 244
---------------------------------------------------------------------------
---------------------------------------------------------------------------
La Cruz Vein 593.80 594.45 0.65 2.39 1100 12.6 6.03 0.56 1720
---------------------------------------------------------------------------
Notes: 1/ Silver Equivalents
Silver Equivalents were calculated using the same commodity prices and metal
recovery factors used in the San Diego 43-101 Resource Estimate Report: 26.60
g/t Ag per 1% Pb, 31.21 g/t Ag per 1% Zn. Recovery factors were 76% for silver,
71% for gold, 75% for lead and 44% for Zn. Commodity prices of US$11.60/oz for
silver, US$0.60/lb for lead and US$1.20lb for zinc were used.
Gold content was taken into account in the silver equivalent calculation of gold
grades above 1 g/t. Lead and Zinc content were not included in the silver
equivalent calculation of the oxide vein Oxi Zone A.
2/ True Widths
The true widths of the reported intersections are 50 to 60% except for the Oxi
Zone-A which is 75% and Oxi Zone-B 25%.
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