Golden Tag Resources Ltd.
TSX VENTURE : GOG

Golden Tag Resources Ltd.

April 16, 2007 09:06 ET

Golden Tag and Rubicon Intersect New Gold-Bearing Zone at McCuaig Project, Red Lake, Ontario

Intercepts include 15.65 g/t Gold over 1.55 metres (0.456 oz/t over 5.1 feet)

MONTREAL, QUEBEC--(CCNMatthews - April 16, 2007) - Golden Tag Resources Ltd. (TSX VENTURE:GOG) is pleased to announce that it has been advised by Rubicon Minerals Corporation, operator of the McCuaig Joint Venture (Golden Tag 40%; Rubicon 60%) of the discovery of a new gold zone on the McCuaig property in a first-pass drill test on the new target developed by Rubicon (see Company news release dated February 21, 2007). One drill hole plus a wedge hole were completed. Highlights include :

- A wedge off of the one hole drilled at the McCuaig project intersected 15.65 g/t gold over 1.55 metres (0.456 oz/t over 5.08 feet) in a new target which is hosted by mafic volcanics from within a thick (20 metre+) heavily quartz-ankerite veined and altered section which is anomalous in gold and contains varying amounts of sulphides, including fine grained arsenopyrite. There are no previous drill holes testing what appears to be a very robust structure and it is therefore wide open for follow up drilling. The McCuaig JV is formulating plans to follow up this new discovery with additional drilling as soon as practicable.

- The intercept is interpreted to be down dip of the No. 1 vein at the McKenzie Mine. This mine produced 651,000 ounces of gold between 1935 and 1966. However unlike the No. 1 vein, which was developed within granite, the McCuaig structure is within Balmer mafic volcanics which, elsewhere in the camp, are host to significant gold deposits.

- The McCuaig project is located on the extension of the prolific mine trend in Red Lake and these results confirm that it represents a prime area for follow up drilling in a setting analogous to the major mines of the district.

"These results confirm our exploration model and have identified a new setting for potential high-grade Red Lake type mineralization in this part of the Mine Trend" said David Adamson, CEO & President of Rubicon.

In further detail, the McCuaig JV recently completed a one-hole plus wedge, 1172-metre drill program on the McCuaig project. Rubicon's exploration model suggested that the No.1 vein structure on the adjacent, formerly producing McKenzie Mine could be present within more permissive Balmer-age mafic volcanics. A 935 metre initial mother hole intersected a 26-metre section (interpreted as greater than 90% true thickness) of intensely veined and altered basalts at 844 metres downhole. The zone contains variable amounts of sulphides including trace to 2% fine-grained arsenopyrite and anomalous gold. Visible gold occurs in a 4.5 -metre thick (interpreted as greater than 90% true thickness) shear containing arsenopyrite at the base of the altered zone. The geological setting is considered to be analogous to the Bruce Channel mineralization currently being explored at the adjacent Gold Eagle Mines discovery and also to the setting of the major gold deposits of the camp.

A secondary hole, (MC-07-01AW), was wedged off the mother hole from 822 metres to produce a second cut through the altered zone.

Assay results returned 4.24 g/t gold over 1.7 metres in the mother hole and 15.65 g/t gold over 1.55 metres, in the wedge hole. Both gold intercepts occur within an identifiable structure at the base of the vein zone. The two intercepts demonstrate good continuity within the shear structure which is open along strike and down dip. Assay results from the zone are reported in Table 1.

Photographs of the zone along with sections will be posted on the Company's website at www.goldentag.ca.



Table 1: McCuaig Project Assay Results
Core Length Au
Hole Number From (m) To (m) (m) (g/t)
MC-07-01 795.4 796.1 0.70 2.07
850.76 854.3 3.54 1.08
868.7 870.4 1.70 4.24
MC-07-01AW 852.2 853.8 1.60 1.04
866.3 868.3 2.00 1.20
868.3 869.85 1.55 15.65
878.45 879.45 1.00 2.04


To see Figure 1, Schematic Cross Section looking Northeast, please click the following link: http://www.ccnmatthews.com/docs/gt416.jpg

To see Figure 2, McCuaig Plan Map, please click the following link: http://www.ccnmatthews.com/docs/gt2416.jpg

True widths are estimated to be approximately 90% of reported lengths. All assays were conducted on sawn NQ2-sized half core sections. Current program assays by Accurassay Laboratories using the metallic screen fire assay procedure or fire assay gravimetric finish. Standards and blanks were included at regular intervals in each sample batch. Gold standards were prepared by CDN Resource Laboratories Ltd. Work programs are supervised by Terry Bursey, P.Geo. the project Qualified Persons under the definition of NI 43-101.

Golden Tag Resources Ltd. is a Canadian junior exploration company actively exploring for high-grade gold and silver deposits at the San Diego silver project in Durango State, Mexico; the Aquilon Main and Aquilon Extension gold projects in James Bay. Quebec; and the McCuaig gold project in Red Lake, Ontario.

For more information, please visit the Company's website at www.goldentag.ca where detailed presentations are available on each of the Company's exploration projects.

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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Golden Tag Resources Ltd.
    Marc Carrier
    President
    (514) 426-8542
    (514) 426-8543 (FAX)
    Email : pres@goldentag.ca