Golden Tag Resources Ltd.
TSX VENTURE : GOG

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

ECU Silver Mining Inc.

February 22, 2011 08:50 ET

Golden Tag and ECU Silver Initiate Work Program on San Diego Property, Mexico

MONTREAL, QUEBEC--(Marketwire - Feb. 22, 2011) - Golden Tag Resources Ltd. (TSX VENTURE:GOG) ("GOG") and ECU Silver Mining Inc. (TSX:ECU) ("ECU") are pleased to announce that initial work on a Phase 5 program of exploration has been initiated by Chemrox Technologies, an experienced mining consulting group based out of Denver, Colorado. A Contract has been signed by the parties for the term of the drilling program which allows Chemrox to act as Operator on the 50/50 joint venture San Diego Property (the JV). Chemrox will report to, and act under the direction of the joint venture committee. 

The exploration team from Chemrox will be led by Sean Muller, P.Geo. a Qualified Person (QP). Mr. Muller has over 37 years of experience in a variety of geological settings and deposits across North, Central and South America, including experience with economic evaluations and advancing projects through exploration, development to production.

The Phase V exploration program on the San Diego Property in Durango State, Mexico is expected to commence in the first quarter of 2011. The program will include 10,000 to 15,000 meters of surface diamond drilling with a budget of up to US$3,000,000. Chemrox have mobilized to site and are developing drilling and service contracts, required logistical support and infrastructure and are familiarizing themselves with the geology and previous work. Their review will conclude with 3D modeling of mineralization and with proposals for exploration during Phase V. Exploration shall include:

  • Delineation Drilling on recognized Mantos- and Chimney-type massive sulphide replacement zones where significant, high grade, polymetallic intercepts have been returned in previous drilling. Previous drilling was conducted in 2007-2008 and results include:
    •  437 grams per tonne (g/t) silver (Ag) 10.3% Lead (Pb) and 11.8% Zinc (Zn) over core length of 5.9 meters (m) in hole SD-07- 21A, a silver equivalent grade of 1,080 g/t Ag over a true width of 5.0 m. [Press Release: Nov 4th, 2008]. Mineralization occurs in a chimney-type massive sulphide zone in an extension of hole -21 drilled to the south during Phase IV. The replacement zone occurs in undeformed, hornfelsed and altered, grey limestone on the eastern extension of the San José Vein.
    • 382 g/t Ag, 6.81 % Pb and 12.65% Zn over 6.55 m in hole SD 08-34, a silver equivalent grade of 958 g/t Ag over a true width of 2.6 m. [Press Release: Oct 17, 2008]. A Massive Sulphide replacement zone (Chimney?) 10 m below an intersection in the La Rata Zone of 157 g/t Ag, 2.19 % Pb and 9.89% Zn over 2.37 m, a silver equivalent grade of 524 g/t Ag, over 1.40 m True Width.
    • 102 g/t Ag, 2.69 % Pb and 2.89% Zn over 15.10 m in hole SD-08-33, a silver equivalent grade of 400 g/t Ag over a true width of 7.5 m. [Press Release: June 23, 2008].
  • Exploration Drilling to further expand Inferred Resources and to evaluate highly prospective targets that have seen limited exploration drilling to date, including:
    • The western contact of the Central Intrusion, where additional Mantos-like, replacement and Skarn-type mineralized zones may occur in a mirror image to those that are the foundation of the current Resources;
    • Areas south of, and along the southern side of, the property where exploratory drill holes in phase IV intersected up to 300- meter wide zones of mineralized Skarn at modest (400m) depths in association with a previously unknown Monzenite Sill. The sill appears to potentially replicate the metal depositional environment on the central and eastern part of the property where current resources are predominantly established. 
    • Areas in current exploration that may demonstrate increasing gold content at depth, including:
      • La Cruz Vein confirmed to a depth of 500m with 1,100 g/t Ag, 2.4 g/t Au over 0.65 m with 12.6% Pb, 6% Zn, 0.6% Cu in hole SD-07-24 [Press Release: June 23, 2008].
      • La Cruz Zone confirmed to a depth of 600 m with 2.42 g/t Au, 231 g/t Ag over 0.60m with 5.6% Pb and 12.7% Zn in hole SD-07-18 [Press Release: Feb. 20, 2008].
      • Associated with Montanez Zone 4.89 g/t Au, 188 g/t Ag over 1.83 m with 4.35 % Pb and 2.58 % Zn in hole SD-07-11 [Press Release: Feb. 20, 2008].
      • Centre Zone: 89 g/t Ag over 7.10 m with 1.34% Pb and 2.59% Zn, including: 10.39 g/t Au, 129 Ag g/t 2.02 % Pb and 7.70 % Zn over 0.30 m in hole SD-07-11 [Press Release: Feb. 20, 2008].
    • New Polymetallic Green Skarns as wide zones in limestone (exoskarns- true widths not determined) around the central Diorite Intrusion containing high Grade Ag Stringers north of Montanez Vein, [Press Release: March 3, 2008]. including follow up on:
      • 104 g/t Ag over 8.03 m with 3.36% Pb and 2.50% Zn in hole SD-07-22
      • 344 g/t Ag over 1.51 m with 1.30% Pb and 2.41% Zn in hole SD-07-20
      • 4,420 g/t Ag over 0.58 m with 5.26% Pb and 7.11% Zn in hole SD-07-20

The proposed program of drilling will be reviewed and authorized by the JV Management Committee with drilling is expected to commence in the first quarter.

San Diego Property, Durango State, Mexico

Four phases of surface exploration have been previously undertaken by the JV on the San Diego Property. Successful exploration has identified a major new polymetallic Silver –Lead – Zinc – (Gold) [Ag-Pb-Zn-(Au)] mineral discovery on an extension of the Velardeña Mine trend. NI 43-101 compliant reporting in January 2009 [News Release: Jan 19th 2009] identifies combined Joint Venture Mineral Resources on the San Diego property of: 

  • Indicated Resources: 0.371 Million tonnes (MT) grading 245 grams silver per tonne (Ag g/t), 1.80 percent Pb (% Pb), 1.33 percent Zn (% Zn) and 0.339 grams gold per tonne (Au g/t); representing
    • 4.25 Million Ounces of Silver-equivalent (oz.Ag.EQ); and,
  • Inferred Resources: 21.63 Million tonnes (MT) grading 110 Ag g/t, 1.84 % Pb, 2.21 % Zn and 0.134 Au g/t; representing an additional
    • 214.3 Million oz.Ag EQ.
  • Micon International Inc. also estimated that the property remains highly prospective with additional mineral potential, on strike and at depth, of an additional estimated
    • 173.5 to 389.5 Million oz.Ag EQ.

Mr. Sean Muller, P.Geo., an independent QP under the definition of NI 43-101, has reviewed the technical accuracy of this press release.

Golden Tag Resources Ltd.

Golden Tag is a junior exploration company exploring for high grade gold and silver deposits at the San Diego silver project in Durango State, Mexico; the Aquilon Gold project in James Bay, Quebec; and the McCuaig gold project in Red Lake, Ontario. Golden Tag has 45,950,958 issued and outstanding shares.

ECU Silver Mining Inc.

ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardeña District Properties in Durango, Mexico. The Company holds a NI 43-101 compliant mineral resource of 40 million silver equivalent (0.6 million gold equivalent) ounces in the measured and indicated category and 391 million silver equivalent (6.0 million gold equivalent) ounces in the inferred category. The Company also owns two mills with a combined capacity of 820 tonnes per day. ECU's mission is to become a pre-eminent silver and gold producer through the development of its existing and potential mineral resources at Velardeña.

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

Footnote: Silver Equivalency

Silver Equivalent ounces use conversion factors established in the 43-101 Resource Evaluation reported in January, 2009. Conversion factors are: 26.60 g/t Ag per 1% Pb, 31.21 g/t Ag per 1% Zn. These conversions apply metal Recovery factors of 76% for silver, 71% for gold above 1gAu/t, 75% for lead and 44% for Zn; with commodity prices of US$11.60/oz for silver, US$640 ounce for gold, US$0.60/lb for lead and US$1.20lb for zinc.

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