First drill holes confirm historic results
A few days after acquiring the La Parrilla mining complex in Durango, Mexico, prospective silver producer Golden Tag Resources Ltd (TSX.V: GOG; OTCQB: GTAGF; FSE: GTD, soon to be Silver Storm Ltd) reports initial encouraging drill results immediately below the last mined adit.
Three underground holes (Q-23-001; Q-23-003 and Q-23-005) confirm and extend a mineralized near-term production zone previously defined by previous owner First Majestic. Mineralization was extended over a 100m strike length 110m below the last adit mined in this area. The additional ore volume, which confirms the historically measured grades of 260 g/t Ag.Eq, is expected to facilitate the planned recommissioning of the mine.
Greg McKenzie, President and CEO, commented, “Within a week of acquiring La Parrilla, our team successfully commenced underground drilling and we are proud to announce our first drill results from this world-class silver project. Within weeks we were able to utilize the existing mining fleet and personnel to restart operations and expand access to additional drill sites. We expect this to continue until the end of 2023. The results reported today are in close proximity to development, ventilation, power and other services that will support the resumption of operations in due course.”
Holes Q-23-001, Q-23-003 and Q-23-005 were drilled down-dip below and along strike to the north of the C460B zone, an area mined and sampled by First Majestic at a historic grade of approximately 260 g/t Ag.Eq.
Conclusion: The historic La Parrilla silver mine complex consists of five underground mines and one open pit mine that have produced a total of 34.3 million silver equivalent ounces between 2005 and 2019. The on-site mill has a capacity of 2,000 tonnes per day. Golden Tag acquired the project in contrarian fashion. Drilling now underway and further work on site is designed to best secure the planned resumption.
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