Ag
FROM TO INTERVAL (grams/
DRILL HOLE NO. (meters) (meters) (meters) tonne)
---------- ---------- ---------- ----------
Central Yaxtché Zone
(infill drilling)
QVD-092 No significant values--drilled over the zone
---------- ---------- ---------- ----------
QVD-093 No significant values--drilled over the zone
---------- ---------- ---------- ----------
QVD-094 18 20 2.0 910
---------- ---------- ---------- ----------
including 18 19 1.0 1718
---------- ---------- ---------- ----------
and 47 56 9.0 955
---------- ---------- ---------- ----------
including 49 50 1.0 6794
---------- ---------- ---------- ----------
QVD-095 72 75 3.0 150
---------- ---------- ---------- ----------
and 80 85 5.0 1916
---------- ---------- ---------- ----------
including 83 84 1.0 8650
---------- ---------- ---------- ----------
and 93 99 6.0 164
---------- ---------- ---------- ----------
QVD-096 73 74 1.0 214
---------- ---------- ---------- ----------
and 77 78 1.0 302
---------- ---------- ---------- ----------
and 100 104 4.0 149
---------- ---------- ---------- ----------
QVD-097 No significant values--drilled over the zone
---------- ---------- ---------- ----------
QVD-098 111 119 8.0 207
---------- ---------- ---------- ----------
including 117 118 1.0 631
---------- ---------- ---------- ----------
QVD-099 92 94 2.0 219
---------- ---------- ---------- ----------
QVD-100 31 35 4.0 153
---------- ---------- ---------- ----------
and 42 43 1.0 694
---------- ---------- ---------- ----------
QVD-101 34 36 2.0 287
---------- ---------- ---------- ----------
QVD-102 21 22 1.0 211
---------- ---------- ---------- ----------
and 38 39 1.0 233
---------- ---------- ---------- ----------
79 81 2.0 979
---------- ---------- ---------- ----------
including 80 81 1.0 1715
---------- ---------- ---------- ----------
QVD-103 12 meter section < 100 g/t
---------- ---------- ---------- ----------
QVD-104 40 42 2.0 2394
---------- ---------- ---------- ----------
including 41 42 1.0 4423
---------- ---------- ---------- ----------
and 53 55 2.0 470
---------- ---------- ---------- ----------
and 65 66 1.0 283
---------- ---------- ---------- ----------
QVD-105 106 108 2.0 134
---------- ---------- ---------- ----------
QVD-106 54 60 6.0 1734
---------- ---------- ---------- ----------
including 54 55 1.0 3679
---------- ---------- ---------- ----------
and 58 59 1.0 3483
---------- ---------- ---------- ----------
and 67 68 1.0 212
---------- ---------- ---------- ----------
QVD-107 47 49 2.0 174
---------- ---------- ---------- ----------
and 54 55 1.0 747
---------- ---------- ---------- ----------
and 58 59 1.0 199
---------- ---------- ---------- ----------
and 64 65 1.0 304
---------- ---------- ---------- ----------
and 67 68 1.0 444
---------- ---------- ---------- ----------
and 80 81 1.0 793
---------- ---------- ---------- ----------
QVD-108 Assays pending
---------- ---------- ---------- ----------
QVD-109 199 202 3.0 418
---------- ---------- ---------- ----------
and 218 223 5.0 435
---------- ---------- ---------- ----------
and 227 229 2.0 258
---------- ---------- ---------- ----------
QVD-110 73 76 3.0 383
---------- ---------- ---------- ----------
QVD-111 93.4 96 2.6 605
---------- ---------- ---------- ----------
and 101 104 3.0 492
---------- ---------- ---------- ----------
QVD-112 59 60 1.0 228
---------- ---------- ---------- ----------
QVD-113 178 180 2.0 228
---------- ---------- ---------- ----------
QVD-114 40 45 5.0 1195
---------- ---------- ---------- ----------
including 41 42 1.0 4774
---------- ---------- ---------- ----------
QVD-115 127 128 1.0 307
---------- ---------- ---------- ----------
and 139 140 1.0 243
---------- ---------- ---------- ----------
QVD-116 87 109 22 932
---------- ---------- ---------- ----------
including 91 96 5.0 2528
---------- ---------- ---------- ----------
and 101 103 2.0 1813
---------- ---------- ---------- ----------
QVD-117 Assays pending
---------- ---------- ---------- ----------
QVD-118 30.6 41.2 10.6 254
---------- ---------- ---------- ----------
and 58 62 4.0 245
---------- ---------- ---------- ----------
and 63 70 7.0 424
---------- ---------- ---------- ----------
QVD-119 23 30 7.0 1957
---------- ---------- ---------- ----------
including 27 28 1.0 5313
---------- ---------- ---------- ----------
and 28 29 1.0 5349
---------- ---------- ---------- ----------
and 29 30 1.0 1597
---------- ---------- ---------- ----------
and 65 67 2.0 289
---------- ---------- ---------- ----------
QVD-120 28.2 29.7 1.5 624
---------- ---------- ---------- ----------
and 41.2 42.1 0.9 529
---------- ---------- ---------- ----------
and 74.1 78.1 4.0 312
---------- ---------- ---------- ----------
QVD-121 Assays pending
---------- ---------- ---------- ----------
QVD-122 23 25 2.0 330
---------- ---------- ---------- ----------
QVD-123 Assays pending
---------- ---------- ---------- ----------
QVD-124 86 88 2.0 719
---------- ---------- ---------- ----------
QVD-125 Assays pending
---------- ---------- ---------- ----------
QVD-126 47 51 4.0 256
---------- ---------- ---------- ----------
and 63 64 1.0 476
---------- ---------- ---------- ----------
QVD-127 Assays pending
---------- ---------- ---------- ----------
QVD-128 No significant values-leached
---------- ---------- ---------- ----------
QVD-129 through 136 Assays pending
---------- ---------- ---------- ----------
Western Extension
QVD-082 172 174 2.0 204
---------- ---------- ---------- ----------
and 209 213 4.0 172
---------- ---------- ---------- ----------
QVD-086 218 226 8.0 748
---------- ---------- ---------- ----------
including 222 223 1.0 2,666
---------- ---------- ---------- ----------
and 224 225 1.0 1,241
---------- ---------- ---------- ----------
QVD-087 296 305 9.0 360
---------- ---------- ---------- ----------
Including 303 304 1.0 1466
---------- ---------- ---------- ----------
and 307 309 2.0 364
---------- ---------- ---------- ----------
and 321 323 2.0 373
---------- ---------- ---------- ----------
QVD-088 Broad zone of < 100 g/t
---------- ---------- ---------- ----------
QVD-089 163 168 5.0 231
---------- ---------- ---------- ----------
and 191 193 2.0 313
---------- ---------- ---------- ----------
QVD-090 167 170 3.0 352
---------- ---------- ---------- ----------
QVD-091 No significant values--drilled below
mineralized zone
---------- ---------- ---------- ----------
QVD-109 199 202 3.0 418
---------- ---------- ---------- ----------
including 200 201 1.0 917
---------- ---------- ---------- ----------
and 218 219 1.0 886
---------- ---------- ---------- ----------
and 221 223 2.0 622
---------- ---------- ---------- ----------
and 227 229 2.0 258
---------- ---------- ---------- ----------
QVD-113 154 157 3.0 338
---------- ---------- ---------- ----------
and 158 159 1.0 293
---------- ---------- ---------- ----------
and 178 180 2.0 228
---------- ---------- ---------- ----------
QVD-135 Assays pending
---------- ---------- ---------- ----------
QVD-141 Assays pending
---------- ---------- ---------- ----------
Eastern Extension
QVD-079 128 129 1.0 405
---------- ---------- ---------- ----------
and 133 136 3.0 250
---------- ---------- ---------- ----------
including 133 134 1.0 607
---------- ---------- ---------- ----------
and 153 154 1.0 244
---------- ---------- ---------- ----------
QVD-080 322 323 1.0 231
---------- ---------- ---------- ----------
QVD-131 Assays pending
---------- ---------- ---------- ----------
QVD-137 Assays pending
---------- ---------- ---------- ----------
QVD-138 Assays pending
---------- ---------- ---------- ----------
QVD-140 Assays pending
---------- ---------- ---------- ----------
Drill intercepts are based on a 100 gram per tonne silver cut-off with no
upper cut-off. Drill intercept lengths are down-hole lengths reflecting
apparent widths of mineralization with true widths ranging from 75% to 90%
of the reported down-hole lengths.
A drill hole location map and listing of all drill intercepts for the holes
at El Quevar for which we have received and verified results are available
at http://www.goldenminerals.com/.
Prior to the current drilling program, the east-west trending Yaxtché
mineralized zone had been defined along about 725 meters of strike length,
and to a depth of 150 to 250 meters down-dip, remaining open for expansion,
especially to the west and east. Drill holes QVD-086 and -087, reported on
in a prior press release, confirmed that the Yaxtché mineralization
continues at least 450 meters west of the previously defined central zone
and drill holes QVD-079 and -080, also reported previously, have confirmed
that the Yaxtché zone extends at least 350 meters further east. Most of the
earlier drilling had been placed on 50-meter spacing along strike in the
main zone, with intercepts generally spaced 50 meters to 100 meters
down-dip. The current infill program is designed to achieve a nominal 25 to
30 meter spacing for intercepts in the main zone and 50 to 100 meter
spacing on the east and west extensions. The drill holes are generally
angle holes oriented perpendicular to the interpreted trend of the
mineralized zone.
The 2009 drill program is part of the Company's ongoing exploration program
on the El Quevar project, located in Salta Province in northwestern
Argentina, where the Company controls mineral and surface rights to
approximately 64,200 hectares. Golden Minerals' exploration activities and
the majority of drilling to date have been concentrated on the Yaxtché
structure, an east-west trending, northerly dipping zone of mineralization
hosted in volcanic and intrusive rocks of Tertiary age. The Yaxtché zone
is located on mining claims comprising about 2,700 hectares that are part
of a joint venture with Hochschild Mining. Golden Minerals has earned a
65% interest in the venture and can increase this interest to 80% by
completing a feasibility study by year-end 2010 and commencing production
by year-end 2012. The Company has a 100% interest in the remaining 61,500
hectare El Quevar project area.
Silver mineralization at El Quevar is hosted within a broad, generally
east-west-trending fault zone which occurs as a series of north-dipping
parallel-sheeted vein zones, breccias and mineralized faults situated
within an envelope of pervasively silicified brecciated volcanic rocks and
intrusive breccias. There are numerous additional target areas on the
project that have not yet been tested. An initial drilling program is
planned during 2009 for the Viejo Campo target, located to the north on
100% Company controlled ground. Results will be reported when received and
verified.
Review by Qualified Person, Quality Control and Reports
Results of the Company's drilling program have been reviewed, verified, and
compiled under the direction of the Company's Senior Vice President of
Exploration, Robert Blakestad, M.Sc., P.Geo, L.P.G.; a Qualified Person for
the purpose of National Instrument 43-101. Mr. Blakestad has over 35 years
of mineral exploration experience, is a Professional Geoscientist
registered in Nova Scotia and a Licensed Professional Geologist in the
state of Washington.
To ensure reliable sample results, Golden Minerals has a rigorous QA/QC
program in place that monitors the chain-of-custody of samples and includes
the insertion of blanks, duplicates, and certified reference standards in
each batch of samples. Core is photographed and sawn in half with one half
retained in a secured facility for verification purposes. Sample
preparation (crushing and pulverizing) is performed at an independent local
laboratory in Mendoza, an ISO 9001:2001 certified laboratory. Prepared
samples are direct-shipped to ACME Analytical Laboratories in Santiago,
Chile or Vancouver, B.C., ISO 9001:2001 certified laboratories, for
analysis. Pulp splits of mineralized intervals are re-assayed at certified
independent referee laboratories in Argentina and Canada.
An independent NI 43-101 technical report was prepared in February 2009 by
SRK Consulting and is available on the Company's website.
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado,
primarily engaged in the advancement of its exploration projects and in
providing mine management services. The Company has a robust portfolio of
exploration projects, primarily located in Argentina, Peru and Mexico. The
Company's experienced management team has proven in house ability to
explore, develop and operate mining projects. Golden Minerals operates the
San Cristobal mine in Bolivia for Sumitomo Corporation under a Management
Services Agreement. The Company also plans to actively pursue growth
through strategic opportunities, including acquisitions, joint ventures and
asset consolidations, and by utilizing its experienced management team to
provide mine services for fees and equity interests. The Company has no
debt and receives revenue from the San Cristobal Management Services
Agreement, royalties, and income from investments.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the Exchange Act,
including statements regarding the exploration results and programs at the
El Quevar Project, results of exploration activities, planned commencement
of a pre-feasibility study at El Quevar, the possibility of earning an
additional interest in El Quevar, the continued management of the San
Cristobal mine by Golden Minerals Company, and the components of the
Company's business strategy including its plan to pursue growth
opportunities. These statements are subject to risks and uncertainties,
including financial market conditions, whether operations will continue at
the San Cristobal mine and under the Management Services Agreement,
increases in costs of materials and supplies used in mining and exploration
activities, future results of exploration at El Quevar, variations in ore
grade and types, fluctuations in silver and zinc prices, technical and
permitting issues, and the ability and success of the Company in raising
adequate capital and implementing its plans to pursue growth opportunities.
Golden Minerals Company assumes no obligation to update this information.
Additional risks relating to Golden Minerals Company may be found in the
periodic and current reports filed with the Securities Exchange Commission
by Golden Minerals Company, including the Annual Report on Form 10-K of its
predecessor for reporting purposes, Apex Silver Mines Limited, for the year
ended December 31, 2008.
Contact Information: For additional information please visit http://www.goldenminerals.com/ or contact: Golden Minerals Company Jerry W. Danni (303) 839-5060 Sr. Vice President Corporate Affairs