Golden Tag Resources Ltd (CVE:GOG) (OTCQB:GTAGF) has revealed encouraging exploration results from its San Diego silver project in Mexico, one of the largest undeveloped assets of its kind in the country.
The Toronto-based company said it had identified broad zones of mineralization near surface and successfully expanded the Fernandez zone by 40 metres (m) up-dip and 20m south.
Drill hole 21-53 on the zone intersected 50.17m grading 104.6 grams per ton (g/t) silver equivalent from 434.66m to 484.83m. The Fernandez Zone remains open above hole 21-53, Golden Tag added.
Other results from the Zone included 35.5m grading 52.5 g/t silver equivalent and 91.84m grading 49.5 g/t silver equivalent downhole, both of which are located 365m above the top of the current Fernandez Zone resource envelope.
A historical hole intersected 50.2m grading 49.6 g/t silver equivalent, which Golden Tag interpreted as the extension of the Fernandez skarn mineralization encountered in a more recent drill hole.
The company told investors that the “broad zones of near-surface mineralization” were further tested through another two drill holes, with the objective of potentially developing a new zone above the top of the current Fernandez Zone resource.
“The first phase of our exploration program has been successful in two meaningful ways,” Gold Tag CEO Greg McKenzie said in a statement.
“First, expanding the Fernandez Zone mineralized envelope 40m higher, and 20m to the south will likely have a positive impact on future resource calculations. The top of the Fernandez Zone remains open, and with the encouraging results from hole 20-51 we followed up with hole 21-58, which was drilled from a different setup.
“Secondly, the discovery of near-surface broad silver mineralization points to the potential for much shallower open-pit style mineralization that could be significant catalyst for the San Diego Project. Combined, these results exceeded our expectations and have reinvigorated our excitement in this already substantial silver resource,” he added.
The company is waiting on assay results from another five holes as part of the current drill program.
Golden Tag’s San Diego project is located within the prolific Velardeña Mining District in Durango state. Velardeña hosts several mines that have produced silver, zinc, lead and gold for over 100 years.
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Story by ProactiveInvestors
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