Golden Tag Resources Ltd.
TSX VENTURE : GOG

Golden Tag Resources Ltd.

November 15, 2011 13:22 ET

CORRECTION FROM SOURCE/Golden Tag Resources Ltd.: San Diego Drilling Confirms Vertical Continuity of Main Silver Zones and Discovers New Southern Deposit Extension

MONTREAL, QUEBEC--(Marketwire - Nov. 15, 2011) -

Golden Tag Resources Ltd (TSX VENTURE:GOG) wishes to advise of a typographical error under Hole SD-11-44 in the news release issued today. The gold content for the section from 900.78 to 915.00 m should read 0.14 g/t Au, not 9.14 g/t Au. The complete and corrected version follows.

Golden Tag Resources Ltd. ("Golden Tag") owning a 50% interest in the San Diego Property, Durango State, Mexico is pleased to report results from three holes (SD-11-40, 44 and 38) from a 12-hole, 10,400-meter exploration program recently completed on the property. The San Diego project is a joint-venture with Golden Minerals Company (NYSE Amex:AUMN)(TSX:AUM), headquartered in Golden, Colorado who owns the remaining 50% interest. Some selected significant intersections are noted below. In depth detailed results in table form with an accompanying figure will be available at www.goldentag.ca

Hole SD -11-38

  • from 152.50 to 154.39 m: 1.89 m grading 670 g/t Ag, 5.53% Pb, 16.22 % Zn, 0.20 g/t Au (La Rata #1);
  • from 165.84 to 169.89 m: 4.05 m grading 293 g/t Ag, 0.92% Pb, 1.41 % Zn, 0.13 g/t Au (La Rata #2);
  • from 552.56 to 558.85 m: 6.29 m grading 68 g/t Ag, 1.64% Pb, 1.16% Zn, 0.17 g/t Au (Montanez);
  • from 675.45 to 676.73 m: 1.28 m grading 156 g/t Ag, 2.86% Pb, 3.16 % Zn, 0.23 g/t Au (San José);
  • from 754.97 to 795.67 m: 40.70 m grading 29 g/t Ag, 0.75% Pb and 0.70% Zn, 0.04 g/t Au (South Corridor)
    that includes:
    • from 780.24 to 793.11 m: 12.87 m grading 45 g/t Ag, 1.19% Pb, 1.17 % Zn, 0.05g/t Au (South Skarn).

Hole SD-11-40

  • from 622.98 to 740.04 m: 117.06 m grading 42 g/t Ag, 1.0% Pb, 1.0% Zn, 0.02 g/t Au (South Corridor)
    that includes:

    • from 660.11 to 708.40m: 48.29 m grading 71 g/t Ag, 1.84% Pb, 1.82 % Zn, 0.01 g/t Au (Trovador);
    • from 724.93 to 740.04 m: 15.11 grading 82 g/t Ag, 1.55% Pb, 1.75% Zn, 0.08 g/t Au (Trovador);
    • from 782.08 to 797.23 m: 15.15 grading 48 g/t Ag, 0.80% Pb, 0.86 % Zn, 0.02 g/t Au (Lorenzo).

Hole SD-11-44

  • from 458.10 to 474.38 m: 16.28 m grading 80 g/t Ag, 1.78% Pb, 1.60 % Zn, 0.33 g/t Au (SD Vein + El Jal);
  • from 628.30 to 639.45 m: 11.15 m grading 103 g/t Ag, 2.24% Pb, 2.26% Zn, 0.15 g/t Au (Montanez FW);
  • from 663.58 to 679.57 m: 15.99 m grading 63 g/t Ag, 1.20% Pb, 1.20% Zn, 0.04 g/t Au (Montanez HW);
  • from 834.09 to 1025.60 m: 191.51 m grading 61 g/t Ag, 0.76% Pb, 1.44 % Zn, 0.04 g/t Au (South Corridor);
    that includes:

    • from 900.78 to 915.00 m: 14.22 m grading 75 g/t Ag, 1.22% Pb, 2.42% Zn, 0.14 g/t Au (Trovador);
    • from 989.02 to 1013.65 m: 24.63m grading 189 g/t Ag, 2.04% Pb, 4.7 % Zn, 0.12g/t Au (South Skarn);
    • from 1013.65 to 1025.60 m: 11.95 m grading 89 g/t Ag, 1.3% Pb, 1.7 % Zn, 0.15 g/t Au (South Skarn).

Also included in this release are previously unreported results from hole SD-08-35 drilled in Phase 4. The hole intersected mineralization from 800 m to almost the end of the hole at 1,093 m.

Hole SD-08-35

  • from 617.50 to 802.15 m, 184.65 m grading 39 g/t Ag, 0.73% Pb, 0.91 % Zn, 0.07 g/t Au (Central Corridor);
  • from 802.15 to 1078.70 m, 276.55 m grading 32 g/t Ag, 0.37% Pb, 0.97 % Zn, 0.03 g/t Au (South Corridor).

True Widths are estimated to be 50% of core length for SD-11-40; 75% for SD -08-35 and SD-11-44; and 85% for SD-11-38.

Holes SD-11-40, 44 and 38 focused on testing the vertical continuity of the principal veins between shallow surface holes and the 300 to 400 m down dip intersections in holes SD-08-34 and 35 completed in Phase 4 in 2008 at vertical depths of 300 to 600 metres below valley bottom. All three holes intersected the targeted veins. Drilling has confirmed that mineralization exists in a central corridor from surface to 500 to 600 metres at depth. Of significant importance is that these holes have tested further to the south of any previous drilling, which has resulted in the discovery of three new zones of mineralization to the south referred to as the "South Skarn", "Trovador" and "Lorenzo" zones, thought to occur in a "South Corridor". The horizontal widths of these zones are substantial and together are currently estimated to reach close to 250 m of total width. The new mineralized environment to the south is hosted in hornfels-altered packages of grey limestone and skarns and occurs as stringer zones and carbonate replacement zones.

Management of the Joint-Venture is very excited by the discovery of this new Corridor as these zones, while containing generally lower grades, are of much larger widths, which could potentially provide the project with targets amenable to a Bulk Mining approach, one of the objectives of this Phase 5 of exploration. Results presently in the process of being compiled from the remaining holes of this phase, namely holes SD-11-41, 45, 46, and 37A have tested this new South Corridor area and will allow for further correlation and projection of the applicable zones. Results will be released in the near future as they become available. The zones currently have the potential to extend over a vertical distance of 400 to 600 metres and a horizontal distance of approximately 250 metres. Mineralization remains open at depth and on strike.

These new discoveries compliment and are in addition to the earlier success on the property, which lead to a NI43-101 compliant Resource estimate in 2009 [News Release: Jan 19th 2009] that reported Indicated Resources of 0.371 million tonnes (MT) grading 245 g/t Ag, 1.80% Pb, 1.33 percent %Zn and 0.339 g/t Au representing 4.25 Million Ounces of Silver Equivalent; and Inferred Resources of 21.63 MT grading 110 g/t Ag, 1.84 % Pb, 2.21 % Zn and 0.134 g/t Au representing 214.3 Million Ounces of Silver Equivalent. The Joint Venture partners are confident that both the new southern zones and the continued exploration of the Principal veins in the central corridor may lead to a marked increase in Resources. A new Resource evaluation will be addressed in early 2012. The Deposit offers potential for both selective mining of narrow, high grade veins, and, the bulk mining of wider stringer and skarn zones. Tables and results have been compiled using estimated costs of mining and cut offs of 60$/tonne for bulk mining and $90/tonne for selective mining.

Quality Control: Mr. David Rigg, C.E.O. Golden Tag, P.Geo. and QP under the definition of NI 43-101, has reviewed the technical accuracy of this press release. Kateri Marchand, P.Geo, QP is project manager on site has also confirmed all disclosures in this release. Assay samples are taken from HQ/NQ/BQ size drill core cut in half with one half sent to a commercial laboratory and other half retained for future reference. Unless where mentioned otherwise, all assay results represent the core length and may not be representative of the true width. A strict QA/QC program is followed which includes mineralized standards and blanks for each batch of samples. Analyses were performed by ALS Chemex accredited assay laboratories of Guadalajara (Mexico) and Vancouver (Canada). All laboratory pulps and rejects are stored on site.

Cautionary Statement: Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

Disclaimer: 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.

Abbreviations: m – metres; MT - Million tonnes; g/t Ag - grams silver per tonne; % Pb - percent Lead; % Zn - percent Zinc; g/t Au - grams gold per tonne; oz.Ag.EQ. - Silver-Equivalent ounces.

To view the diagram associated with this press release, please visit the following link: http://media3.marketwire.com/docs/GOG_diagram1115.pdf

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information