ECU Silver Mining Inc.
TSX VENTURE : ECU

ECU Silver Mining Inc.
Golden Tag Resources Ltd.
TSX VENTURE : GOG

Golden Tag Resources Ltd.

December 07, 2006 15:42 ET

ECU Silver Mining Inc. & Golden Tag Resources Ltd. Announce Exploration Results From The San Diego Joint Venture

TORREON, COAHUILA--(CCNMatthews - Dec. 7, 2006) - ECU Silver Mining Inc. (TSX VENTURE:ECU) (the "Company") and Golden Tag Resources Ltd. (TSX VENTURE:GOG) ("Golden Tag") -

HIGHLIGHTS:

- Montanez Vein intercept grades 1,016 g/t Silver (Ag), 0.80% Lead and 0.58% Zinc over 1.16 m (3.80 feet) core length;

- La Rata Vein intercept grades 603 g/t silver, 7.26% lead and 12.59% zinc over 1.05 meters (3.44 feet) core length;

- La Cruz Vein intercept grades 495 g/t Silver (Ag), 9.62 % Lead and 0.73 % Zinc over 2,68 m (8.79 feet) core length;

- In Hole SD-06-02, a 3.23 meters (10.6 feet) core length intersect in the contact zone contained various types of skarn with zinc mineralization graded 200 g/t silver, 0.38% lead and 0.93% zinc;

- In Hole SD-06-02, a 10.61 meters (34.8 feet) core length intersect in a "stockwork type" zone graded 237 g/t silver, 3.65% lead and 1.67% zinc.

ECU Silver Mining Inc. (TSX VENTURE:ECU) (the "Company") and Golden Tag Resources Ltd. (TSX VENTURE:GOG) ("Golden Tag") are pleased to report positive results from the completion of the first two diamond drill holes from the San Diego Property joint venture located in the Sate of Durango, Mexico.

The initial two holes have intersected strong metal values associated with sulphide-rich epithermal or weathered and oxidized rocks in each of the Montanez, La Rata and La Cruz veins.

In addition to the veins intersected, a 10.61 meter (34.80 feet) core length intercept has been returned from a "stockwork type" environment between the La Cruz and La Rata veins where they come closer to one another.

Furthermore, a zinc-silver bearing stringer-style mineralization was encountered within the endoskarn portion of the contact between the Tertiary dioritic intrusive and the hosting limestone. This mineralized occurrence bears similarities to the geological environment known around the Santa Maria mine, formerly operated by IMSSA, located 12 km to the southwest of the San Diego property. Readers are cautioned that until further drilling is conducted, no assurances can be made about the extent or economical viability of this zone at San Diego.

Specific results from veins intercepts:

The Montanez, La Rata and La Cruz veins are the best known veins on the San Diego property having previously been subject to surface sampling and minor underground development.

Drill holes were testing extensions and were confirming previous data to consolidate the information needed to evaluate a solid resources base. Current results confirmed the historical data with good assays for silver and base metals over narrow widths.

Hole SD-03-06 (see table 1 below) was drilled first at -45 degrees, with a 029 degrees azimuth for 238 meters and yielded the following:



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TABLE 1
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DRILL HOLE # SD-03-06
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Sample # From To (m) Core Au Ag Pb Zn Comment
(m) Length g/t g/t % %
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100034 28.35 28.95 0.60 0.08 51 0.02 0.08
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100035 28.95 29.60 0.65 0.40 58 0.03 0.06
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100036 29.60 30.75 1.15 0.29 17 0.02 0.04
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100037 30.75 30.95 0.20 0.10 254 0.05 0.04
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Average 28.35 30.95 2.60 0.25 53 Oxide zone
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100126 135.35 135.55 0.20 0.22 35 0.11 0.36
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100127 135.55 135.75 0.20 0.06 141 0.07 0.64
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Average 135.35 135.75 0.40 0.14 88 0.09 0.50 Montanez vein
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100148 172.45 173.05 0.60 1.14 3 0.00 0.01 Breccia zone
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less less
than than
100164 230.10 230.40 0.30 0.03 3 1.21 1.12 La Rata vein
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Hole SD-02-06 (see table 2 below) was drilled first at -65 degrees, with a
029 degrees azimuth for 379 meters and yielded the following:


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TABLE 2
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DRILL HOLE # SD-02-06
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Sample # From To (m) Core Au Ag Pb Zn Comment
(m) Length g/t g/t % %
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100297 34.65 34.90 0.25 0.243 280 0.12 0.26
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100298 34.90 35.20 0.30 0.110 92 0.07 0.15
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100299 35.20 35.70 0.50 0.156 143 0.05 0.13
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Average 34.65 35.70 1,05 m 0.164 161 0.09 0.17 Oxide zone
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100343 184.17 184.75 0.58 0.027 1,310 0.93 0.45
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100344 184.75 185.33 0.58 0.018 722 0.66 0.71
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Average 184.17 185.33 1,16 m 0.023 1,016 0.80 0.58 Montanez vein
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100371 232.96 232.20 0,24 m 451 2.46 0.70 Fault zone
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100383 240.62 240.87 0.25 586 0.42 0.82
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100384 240.87 241.30 0.43 286 0.46 1.29
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100385 241.30 241.55 0.25 681 1.85 5.10
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100386 241.55 242.55 1.00 30 0.08 0.09
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100387 242.55 243.25 0.70 56 0.13 0.14
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100388 243.25 243.45 0.20 189 0.58 1.57
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100389 243.45 243.65 0.20 136 0.22 0.61
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100390 243.65 243.85 0.20 361 0.61 1.71
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Average 240.62 243.85 3,23 m 200 0.38 0.93 Stringer zone
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100433 276.74 277.10 0.36 492 15.60 2.84
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100434 277.10 277.30 0.20 4 0.07 0.05
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100435 277.30 277.90 0.60 711 13.90 0.56
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100436 277.90 278.10 0.20 527 8.68 0.21
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100437 278.10 278.40 0.30 84 1.35 0.03
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100438 278.40 278.75 0.35 12 0.15 0.02
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100439 278.75 279.42 0.67 875 14.35 0.80
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Average 276.74 279.42 2.68 495 9.62 0.73 La Cruz vein
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100447 283.28 283.60 0.32 831 10.25 2.43 Vein
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100453 285.95 286.35 0.40 0.14 745 11.20 19.55
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100454 286.35 287.00 0.65 0.12 515 4.84 8.31
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Average 285.95 287.00 1.05 0.13 603 7.26 12.59 La Rata vein
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Average 276.74 287.35 10.61 237 3.65 1.67
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287.35 288.75 Missing core
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Highlight of Data of Table 1 and 2 above:

The veins appear continuous between the holes with a significant increase in grades at depth. For example:

1) the Montanez vein improved from 0.40 meter in core length grading 88 g/t silver to 1.16 meters in core length grading 1,016 g/t silver;

2) the La Rata vein improved from 0.30 meter in core length grading under 3 g/t silver, 1.21% lead and 1.12% zinc to to 1.05 meters in core length grading 603 g/t silver, 7.26% lead and 12.59% zinc.

The La Cruz Vein intercept graded 495 g/t Silver (Ag), 9.62 % lead and 0.73 % zinc over 2,68 m (8.79 feet) core length.

These are very encouraging results and further drilling will be conducted to test the lateral and depth continuity of the vein system in San Diego.

Comment on 10.61 meter core length intercept

In addition to the veins intersected and discussed above, the Company's are pleased to report that the whole section between the La Cruz and La Rata veins in hole SD-02-06 was found to be mineralized giving an average of 10.61 meters (34.8 feet) core length grading 237 g/t silver, 3.65% lead and 1.67% zinc without including a 1.4 meter section at the end from which core could not be recovered but which is probably part of the La Rata vein.

This type of geological occurrences (Stockwork zones) has already been observed at ECU's Santa Juana operation on level 15 and 17.5 (see Company press releases April 3rd and August 25th 2006). Readers are cautioned that although the results from the San Diego Property are encouraging, until much further drilling is conducted and pre-feasibility studies is concluded, there can be no assurances that these finding will ever be economically viable.

"These results are a solid start to the current drilling program on our San Diego property joint venture. Given that the mineralized veins and skarn environment of the San Diego property is similar to environment at ECU's Velardena Mining property, management feels that we have a very good road map on what to look for in the future", noted Michel Roy, Chairman and Chief Executive Officer of ECU Silver.

The San Diego property is underlain by a thick sequence of Cretaceous limestone that is intruded by a large Tertiary Dioritic Stock. Mineralization consists of at least seven known major vein systems hosting silver, lead, zinc, and locally gold and copper mineralization. Veins on the property outcrop in areas of positive relief and are continuous in outcrop over distances up to 650 meters. Veins on surface are relatively narrow but very continuous, planar, high-grade and cut all rock types. The main veins on the San Diego property are the La Cruz, La Rata, Del Jal, Trovador and Montanez veins. Historical work on the property has been focused on limited mining of the La Cruz and La Rata Veins through adits developed in the hillside above the ruined mill and plant buildings and through various shafts some a 150-meter deep. All other veins have been the focus of only cursory shallow exploration and development to date. Drilling is focused on extending Resources on the property. An NI 43-101 qualified resource statement completed by Roscoe Postle Assoc. Inc., in July 2005 (available through ECU on www.sedar.com) has identified more than 1.11 million oz. silver (and 3,400 oz. gold) as an Indicated Resource - with an additional 1.1 million oz. silver (plus 2,100 oz. gold) in the Inferred Resource category on the San Diego property and based on underground sampling performed up to industry standards.

The potential to expand resources on the San Diego Property is considered excellent since the property has received no modern exploration to evaluate the depth or strike potential of the numerous laterally extensive vein systems. Intersection of zinc-bearing stringers associated to the contact of the Tertiary intrusive is potentially significant. Readers are again cautioned that until much further drilling is conducted, there can be no assurances that these finding will ever be economically viable.

Golden Tag is earning a 50% interest in the property from ECU Silver Mining Inc. by incurring expenditures of US$1.5 million over the three years in increments of US$500,000 per year. After a slow start, drilling on the property is proceeding very well with the addition of a second drill rig now on site since November of this year.

Quality Control:

The San Diego drilling program is supervised by Ms. Kateri Marchand, P.Geol. and Qualified Person under National Instrument 43-101 guidelines. Assay samples are taken from NQ size drill core cut in half with one half sent to a commercial laboratory and other half retained for future reference. All the samples 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). Check samples are also routinely sent to SGS assay laboratory of Durango (Mexico).

Mr. Michel Roy, P. Geo., a "qualified person" within the meaning of NI 43-101, prepared the technical information disclosed in this news release.

ECU Silver Mining Inc is a mid-tier Gold, Silver, Zinc and Lead producer in the prolific mining district of Velardena, Mexico where historically over 500,000 ounces of gold and 250,000,000 ounces of silver have been mined. Full scale production began in May 2005 at the Company's Santa Juana mine.

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.

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

Contact Information

  • ECU Silver Mining Inc.
    Michel Roy
    Chairman & CEO
    (416) 644-8640
    (416) 644-8801 (FAX)
    or
    ECU Silver Mining Inc.
    Richard Buzbuzian
    Vice President
    (416) 644-8640
    (416) 644-8801 (FAX)
    Website: www.ecu.ca
    or
    Golden Tag Resources Ltd.
    Marc A. Carrier
    President
    (514) 426-8542
    (514) 426-8543 (FAX)
    Email: pres@goldentag.ca