Golden Minerals drills 1.56 g/t gold over 16.3 metres at Sarita, Argentina

Golden Minerals Company [AUMN-TSX, NYSE American] released assay results from 31 holes of a diamond drilling (DD) program recently completed at its Sarita Este property in Salta province, Argentina.

The company has now received the remaining assay results for 12 DD holes completed in June and all assays from 19 DD holes drilled recently, totaling 1,825 metres. This third phase drill program followed up on the positive results obtained at the ‘Sico’ epithermal target drilled in 2021 and 2022 as part of an option agreement with Cascadero Copper Corp. [CCD-TSXV]. Drill results for 2021 were reported on January 19, 2022 and partial drill results for the second phase DD holes were reported August 3, 2022.

The recent DD campaign was completed in early October 2022. Highlights from the latest 31 DD holes drilled in the Sico epithermal targets include 16.3 metres at 1.56 g/t gold and 6.0 g/t silver from 12 metres, including 2.8 metres at 3.04 g/t gold and 8.5 g/t silver; 12.5m at 2.11 g/t Au and 2.5 g/t Ag from 23.5m, including 1.5m at 10.29 g/t Au and 2.7 g/t Ag; 15.8m at 2.76g/t Au and 0.8 g/t Ag from 32.5m, including 4.3m at 8.39 g/t Au and 2.3 g/t Ag; 9.5m at 2.39 g/t Au and 5.6 g/t Ag from 40.5m, including 3.5mat 4.84 g/t Au and 11.2 g/t Ag; 6.3m at 4.38 g/t Au and 7.5 g/t Ag from 0m, including 2.5mat 9.14 g/t Au and 11.7 g/t; 12.8m at 1.68 g/t Au and 6.2 g/t Ag from 7.0m as well as 2.5m at 3.98g/t Au and 4.3g/t Ag from 28.5m.

The recent results confirm the mineralization at Sico is concentrated on the eastern flank of the prospect, and the drilling to date has intercepted a mineralized footprint of approximately 300m x 120m with potential to expand in multiple directions. Current observations suggest the mineralization trend is heading northeast and west-southwest of the discovery section (SE21008 & SE22011).

The company has planned a follow up drilling campaign to test the trend of the mineralization, to follow up on the open trends, and to increase the size of the mineralized zone as well as to test targets to the north. Recent trenching to the north of the Sico prospect has uncovered quartz-hematite veins which appear mineralized and which have been sampled and sent for analysis.

Mineralization at Sico is hosted in near-surface iron-oxide bearing veins, veinlets and fractures within Tertiary volcanic rocks. Recently completed testing for cyanide extractability of gold shows excellent recoveries averaging 89%. The prospect lies approximately 3km southwest of the Taca Taca copper porphyry deposit (owned by First Quantum Minerals) and 55km directly north of the currently producing Lindero gold mine (owned by Fortuna Silver). The mineralization at the Sarita Este prospect extends south onto the Desierto I & II concessions (2,498 hectares) where Golden is a controlling shareholder with an agreement in place to form a JV with Cascadero Copper.

“The results for the latest drill campaign at Sico have continued to show encouraging results and evidence for the potential of an economic, near-surface oxide gold deposit. Initial metallurgical testing shows excellent results for cyanide extractability. The next phase of drilling will concentrate on expanding the known mineralization and continuing to test targets to the north, while the JV agreement for the Desierto I & II concessions is finalized,” said Warren Rehn, President and CEO.

Sarita Este is a gold-silver prospect located in the Puna region in Salta Province, north-west Argentina. The property is 100% owned by CCD through its subsidiary Salta Geothermal S.A. Golden Minerals is conducting exploration activities at Sarita Este as a part of a 2019 option agreement whereby it can acquire 51% of the 830-hectare property by spending $2.5M over four years and forming a JV with CCD. Golden has met the earn-in requirements and will proceed with forming the joint venture with CCD as specified in the option agreement.

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