Golden Tag Drills 1,095 g/t Ag.Eq over 0.6 m and 541 g/t Ag.Eq over 1.7 m at San Diego

TORONTO, March 23, 2022 (GLOBE NEWSWIRE) -- Golden Tag Resources Ltd. (“Golden Tag” or the "Company") (TSX.V: GOG) (OTCQB: GTAGF) is pleased to announce complete results from diamond drillholes 21-62 and 22-63, part of the ongoing exploration program at the Company’s 100% owned San Diego Project, located in Durango Mexico.

Key highlights from holes 21-62 & 22-63 include:

• High-grade intersection of 1,095 g/t Ag.Eq over 0.6 metres (“m”) within the CSplay Zone, located ~ 75 m SW and 75 m vertically below similar results as published on February 15, 2022. The CSplay Zone has a minimum vertical strike length of 300 m and follow up drilling is being planned.
• 541 g/t Ag.Eq over 1.66 m, within a broader interval of 166 g/t Ag.Eq over 10.15 m, in the Canta Zone.
• Several other high-grade intersections, located close to surface, including 244 g/t Ag.Eq over 1.75 m, 182 g/t Ag.Eq over 2.00 m, 504 g/t Ag.Eq over 1.20 m, and 295 g/t Ag.Eq over 2.10 m.
  
  

Greg McKenzie, President and CEO commented: "The two holes reported today showcase how the San Diego Project can deliver exceptionally high-grade mineralization, relatively close to surface. During Q1/22 we have now reported a total of four high-grade intersections each in excess of 1,000 g/t Ag.Eq, from within the CSplay Zone which has a known vertical strike of length of 300 m. We are also pleased with the additional high-grade results within the Montanez and the 57 Target area.”

Hole 21-62 & 22-63

Holes 21-62 and 22-63 were drilled at a shallow dip (-45 degrees) to test an area north of the 57 Target, a series of epithermal breccias and quartz-carbonate vein mineralization which returned 72 g/t Ag.Eq over 273.7 m, including 861 g/t Ag.Eq over 10.0 m, as previously reported in news releases dated September 8 and May 27, 2021 discussing hole 21-57 (see Figure 1)⁽¹⁾. Mineralization within the 57 Target is a complex interplay of several vein trends proximal to the southern contact of the Central Diorite, notably late-stage northeast trending epithermal veins intersecting with the west-northwest trending San Jose Zone system of quartz-sulfide veins with associated albite alteration. The Company is currently following up with detail surface mapping to better understand the geometry of the 57 Target mineralization.

The San Jose Zone was intersected at the top of both holes with hole 21-62 returning 244 g/t Ag.Eq over 1.75 m (13.95 to 15.70 m) and hole 22-63 returning 178 g/t Ag.Eq over 0.75 m (15.00 to 15.75 m). Several northeast trending epithermal quartz-carbonate-sulfide veins were intersected within the Central Diorite in both holes. The most notable of these intersections was within Zone 57 NE B which returned 504 g/t Ag.Eq over 1.20 m (162.50 to 163.70 m) in hole 21-62 and 295 g/t Ag.Eq over 2.10 m (213.40 to 215.50 m) in hole 22-63. Zone 57 NE A returned 182 g/t Ag.Eq over 2.0 m (114.50 to 116.50 m) in hole 21-62 and 158 g/t Ag.Eq over 0.70 m (142.50 to 143.20 m) in hole 22-63. Zone 57 NE A can be traced over a minimum strike length of approximately 50 m and Zone 57 NE B can be traced over a minimum strike length of approximately 75 m and is expected to merge into the 57 Target.

Hole 22-63 was extended to cut across the Montanez, Canta and CSplay Zones. The Montanez Zone appears to split into several veins at its western extent within the Central Diorite, with the best intersection within the zone returning 491 g/t Ag.Eq over 0.5 m (295.00 to 295.50 m). Further downhole, several mineralized veins within the east-west trending Canta Zone coalesced into an intersection which returned 541 g/t Ag.Eq over 1.66 m (358.34 to 360.00 m) within a broader interval of 166 g/t Ag.Eq over 10.15 m (352.70 to 362.85 m) (see Figure 2). This intersection is located approximately 100 m west of the Canta intersections from holes 21-61A & 61W1, which included 388 g/t Ag.Eq over 2.1 m, as previously reported on February 15, 2022. The Canta Zone can be traced over a minimum strike length of 375 m on property.

The northeast trending CSplay Zone was cut deeper downhole in hole 22-63 returning 1095 g/t Ag.Eq over 0.57 m (392.33 to 392.90 m). This CSplay intersection is located approximately 75 m southwest and 75 vertical m below the high-grade results within holes 21-61 & 61A including 1,064 g/t Ag.Eq over 0.5 m, 1,004 g/t Ag.Eq over 1.22 m and 1,110 g/t Ag.Eq over 0.65 m, as previously reported on February 15, 2022. The CSplay Zone can be traced over a strike length of 300 m on the property.

Table 1 – Select Assay Intervals from Hole 21-62 & 22-63

⁽¹⁾ All results in this release are rounded. Assays are uncut and undiluted. Widths are core-lengths, not true widths as a full interpretation of actual orientation of mineralization is not complete. Intervals of vein mineralization were chosen based on a 110 g/t Ag.Eq cutoff. Silver equivalent: Ag.Eq g/t was calculated using 3-year trailing average commodity prices of $20.60/oz Ag, $0.90/lb Pb, $1.20/lb Zn, $1650/oz Au, and $3.25/lb Cu. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value, the Company is planning to perform additional metallurgical studies later in 2022. The 57 Target drill intercepts from hole 21-57, which were released in 2021, were calculated using the current silver equivalent parameters outlined above.

Sample Analysis and QA/QC Program

Golden Tag Resources uses a quality assurance/quality control (QA/QC) program that monitors the chain of custody of samples and includes the insertion of blanks, duplicates, and reference standards in each batch of samples sent for analysis. Drill core is photographed, logged, and cut in half with one half retained in a secured location for verification purposes and one half shipped for analysis. Sample preparation (crushing and pulverizing) is performed at ALS Geochemistry, an independent ISO 9001:2001 certified laboratory, in Zacatecas, Mexico and pulps are sent to ALS Geochemistry in Vancouver, Canada for analyses. The entire sample is crushed to 70% passing -2 mm and a riffle split of 250 grams is taken and pulverized to better than 85% passing 75 microns. Samples are analyzed for gold using a standard fire assay with Atomic Absorption Spectrometry (AAS) (Au-AA23) from a 30-gram pulp. Gold assays greater than 10 g/t are re-analyzed on a 30-gram pulp by fire assay with a gravimetric finish (Au-GRA21). Samples are also analyzed using a 35 element inductively coupled plasma (ICP) method with atomic emission spectroscopy (AES) on a pulp digested by aqua regia (ME-ICP41). Overlimit sample values for silver (>100 g/t), lead (>1%), zinc (>1%), and copper (>1%) are re-assayed using a four-acid digestion overlimit method with ICP-AES (ME-OG62). For silver values greater than 1,500 g/t samples are re-assayed using a fire assay with gravimetric finish on a 30-gram pulp (Ag-GRA21). No QA/QC issues were noted with the results reported herein.

True widths of drill intercepts have not been determined. Assays are uncut except where indicated.

Review by Qualified Person and QA/QC

The scientific and technical information in this document has been reviewed and approved by Bruce Robbins, P.Geo., a Qualified Person as defined by National Instrument 43-101.

About Golden Tag Resources

Golden Tag Resources Ltd. is a Toronto based mineral resource exploration company. The Company holds a 100% interest, subject to a 2% NSR, in the San Diego Project, in Durango, Mexico. The San Diego property is among the largest undeveloped silver assets in Mexico and is located within the prolific Velardeña Mining District. Velardeña hosts several mines having produced silver, zinc, lead and gold for over 100 years. For more information regarding the San Diego property please visit our website at www.goldentag.ca.

For additional information, please contact:

Greg McKenzie, President & CEO
Ph: 416-504-2020
Email: info@goldentag.ca
www.goldentag.ca

Cautionary Statement:
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, statements regarding the effects of the Company’s exploration program, assay results from the ongoing drill program, the expansion or discovery of additional high-grade mineralization or zones, grade improvements at depth. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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Figure 1

Plan View of Holes 21-57, 21-62 & 22-63 Showing Key Results

Figure 2

Plan View of Holes 21-57, 22-63, 21-61 & 21-61A Showing Key Results