Golden Tag Drills 60 g/t Ag.Eq over 73.50 m, Above the Fernandez Zone; Open Pit Style Mineralization Now Extends 290 Vertical m, Commencing from Surface

TORONTO, April 06, 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 drillhole 22-64, part of an exploration program targeting bulk-tonnage mineralization on the Company’s 100% owned San Diego Project, located in Durango Mexico.

Key highlights from hole 22-64 include:

• 60 g/t Ag.Eq over 73.50 metres (“m”) commencing from surface, further highlighting the opportunity for open pit style mineralization located directly above the Fernandez Zone
• 317 g/t Ag.Eq over 0.6 m within the Montanez Zone
• 405 g/t Ag.Eq over 0.7 m within the Canta Zone
• Several high-grade intersections within the Rata Zone, including 422 g/t Ag.Eq over 0.63 m and 331 g/t Ag.Eq over 1.04 m

Greg McKenzie, President and CEO commented: "We are pleased to have expanded on our thesis that open pit style mineralization exists near surface, above the Fernandez Zone. The results from hole 22-64, when combined with five other historic holes within a 100 m proximity (06-09, 06-10, 07-24, 20-51 and 21-57), demonstrates mineralization occurs over several broad intervals within the first 300 metres from surface. This type of mineralization was previously neither identified nor understood. While additional drilling is required, we remain impressed by the opportunity to transform the project through the addition of potential open pit style resources above the Fernandez Zone.”

Hole 22-64

Hole 22-64 was drilled at a shallow dip (-45 degrees) from the same setup as hole 21-57 (-78 degrees) to further test the 57 Target Area, a series of epithermal breccias and quartz-carbonate-sulphide veins 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 Figures 1 & 2)⁽¹⁾. Mineralization within the 57 Target Area is a complex interplay of several vein trends proximal to the southern contact of the Central Diorite, notably late-stage northeast trending epithermal veins of the 57 NE A and 57 NE B trends intersecting with the west-northwest trending San Jose Zone system of quartz-sulfide veins with associated albite alteration. The San Jose Zone has been identified over a minimum strike length of 150 m and down to a minimum vertical depth of 290 m.

Hole 22-64 intersected the 57 Target Area from surface returning 60 g/t Ag.Eq over 73.50 m (7.90 to 81.40 m), which includes higher-grade intervals of 980 g/t Ag.Eq over 0.91 m (28.09 to 29.00 m) and 441 g/t Ag.Eq over 2.80 m (29.70 to 32.50 m). The bottom of the 57 Target mineralization at 81.40 m in hole 22-64 is located approximately 240 vertical m above the bottom of the 57 Target mineralization at 303.20 m in hole 21-57 (72 g/t Ag.Eq over 273.7 m), which extends the total vertical depth commencing from surface to approximately 290 m. This broad zone of potential open pit style mineralization has now been identified over an approximate 75 m x 50 m area.

Hole 22-64 was extended to cut across the Montanez, Canta and Rata Zones intersecting 317 g/t Ag.Eq over 0.60 m (185.45 to 186.05 m) (inclusive of 3.64 g/t Au), 405 g/t Ag.Eq over 0.70 m (238.20 to 238.90 m) and 422 g/t Ag.Eq over 0.63 m (284.37 to 285.00 m) and 331 g/t Ag.Eq over 1.04 m (286.12 to 287.16 m), respectively (see Table 1). La Rata is a series of east-west trending quartz-sulfide veins which can be traced for over 500 m strike length on the property.

Open Pit Style Mineralization Observed Within Historic Holes

The database contains four additional diamond drill holes within a radius of 100 m that were observed to contain open pit style mineralization along with holes 21-57 and 22-64:

• Hole 07-24 returned 55 g/t Ag.Eq over 40.27 m (29.68 to 69.95 m), located 10 m to the east of hole 21-57.
• Hole 06-10 returned 49 g/t Ag.Eq over 224.85 m (14.60 to 239.45 m), located approximately 50 m east of hole 21-57.
• Hole 20-51 returned 50 g/t Ag.Eq over 35.46 m (93.20 to 128.66 m) and 45 g/t Ag.Eq over 91.84 m (202.66 to 294.50 m) occurring at approximately the same depth as the mineralization at 273.65 m in hole 21-57 (see Table 2 and news release dated April 14, 2021), located downdip to the south of holes 07-24, 21-57, and 22-64.
• Commencing from surface, hole 06-09 returned 60 g/t Ag.Eq over 211.60 m (2.10 to 213.70 m), located approximately 125 m to the northeast of hole 21-57. The mineralization in hole 06-09 is proximal to the contact of the Central Diorite and may be related to the 57 Target.

The Company is planning to conduct follow-up drilling to better understand the orientation and continuity of the potential open pit style mineralization within proximity of the 57 Target Area.

Table 1 – Select Assay Intervals from Hole 22-64

Table 2 – Select Assay Intervals from Historic Holes 06-09, 06-10, 07-24. 20-51, & 21-57

⁽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 epithermal, skarn, massive sulfide or stockwork mineralization to a vertical depth of 300 m were chosen based on a 22 g/t Ag.Eq cutoff with no more than 14.5 m of dilution and vein mineralization below a vertical depth of 300 m were chosen based on a 110 g/t Ag.Eq cutoff with 0 m dilution. 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 drill intercepts from historical holes 06-09, 06-10, 07-24, 20-51, and 21-57 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 bulk tonnage mineralization or open pit style mineralization or zones. 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.

Infographics accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/687067a5-6bd3-498f-9ff3-2f42234f5c54

https://www.globenewswire.com/NewsRoom/AttachmentNg/6eeac522-dafb-4792-ae9f-fbb6a80efdaa