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Golden Queen Intercepts High Grade Gold and Silver and Discovers New Zone

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Golden Queen Intercepts High Grade Gold and Silver and Discovers New Zone

 

 

 

 

 

Golden Queen Mining Co. Ltd. (TSX:GQM) (OTCQX:GQMNF) is pleased to announce drill results for seven additional holes at its 50%-owned Soledad Mountain gold-silver mine located south of Mojave, California. 

 

 

The drill results are part of the Company’s 2018 Main Pit 2 Infill Drilling program. The completed holes GQ-829 through GQ-835 continue to be successful in intersecting and geologically verifying existing shallow mineralized zones in and around the currently mined East Pit, and also continue to be successful in exploring for and intersecting deeper mineralized zones. In some cases, some new mineralized zones have potentially been identified.

 

 

Each hole listed in the table below has intersected strong alteration envelopes and locally significant gold/silver mineralization associated with the Patience, Independence, Karma and Queen Esther zones, and has encountered the deeper Silver Queen target in every hole along with other mineralized zones.

 

 

Several key features have been observed in the drill cuttings from this group of seven holes:

 

  • Several unnamed or unknown mineralized zones continue to be intersected in most holes, usually situated between the Patience and Queen Esther zones and/or between the Queen Esther and Silver Queen zones. Previous interpretations suggest that these zones may be subparallel to the Queen Esther zone, may be relatively flat-lying, and locally carry significant gold and silver grades (see accompanying table below). Further work and interpretation must be completed to determine whether the gold/silver grades encountered so far in these structures show good continuity from section to section. It is worthy to note that the current drilling program was designed to explore new areas around the Queen Esther and Silver Queen veins for potential ore zones that will expand the current pit design;
  • Significantly higher grade gold and silver intercepts have been intersected from the Silver Queen deep target from this latest batch of assay results (see accompanying table). This target appears, at least initially, to be locally composed of two fault or vein splays. These two splays can locally merge (as in the case of the Silver Queen vein observed near surface), but underneath the East Pit area these two Silver Queen splays appear to have a more shallow dip than previously interpreted. The finalized assays from the Silver Queen target from this batch of drill results, while still somewhat erratic, have been much stronger than from the previously announced results from the April 3, 2018 press release. Holes GQ-831 and GQ-832, in particular, contain significant Silver Queen gold/silver mineralization under the East Pit;
  • GQ-830 was drilled to verify relatively near-surface Silver Queen vein inferred mineralization. This hole, unfortunately, encountered a large stope (open air); however, after getting through this stope, significant amounts of loose, mostly vein quartz material was collected by the drill. This material may represent historical developed and mined ore which was not taken to the mill and processed because of the US government’s shut down of gold mining in 1942. This material contained significant gold and silver values over 95 feet (see accompanying table). It must be cautioned that this mineralized material is not in-place, recovery of this material by the drill was poor to fair at best, and these results should not be considered as part of an in-situ resource. However, it may be possible that this material can be recovered and processed in the future; and
  • A potentially new style of mineralization at Soledad Mountain has been noted from several drill holes in this batch of assays, in particular holes GQ-829, GQ-832, GQ-834, and GQ-835. This mineralization appears to be associated with the contact between porphyritic rhyolite dikes and small plugs (rock unit Trp) with the pyroclastic volcanic country rock (rock unit Tmp). Quartz veinlet and stock work zones are hosted by the pyroclastic rocks with mineralization ranging from 5 to 20 feet outward from the rhyolite dike contact. Further interpretive work is required to determine if this “new” mineralization is volumetrically significant, or if it represents a local phenomenon.

 

 

In general, the true thickness of the various mineralized zones is estimated at 75-95% of the mineralized interval in the drill hole. The table below highlights the assay results and initial observations to date:

 

 

 

               
Hole # Hole depth

(feet)

Drilled
interval
(feet)
Length of
drilled
interval
in hole
(feet)
Estimated
true
thickness of
drilled
interval
(feet)
Au (opt) Ag (opt) Structure
GQ-829 1100 20-40 20 18.0 0.024 0.23 Queen Esther
    55-65 10 9.0 0.035 0.12 Queen Esther
    185-190 5 4.4 0.017 0.05 Queen Esther
    200-205 5 4.3 0.012 0.05 Queen Esther
    230-235 5 4.3 0.017 0.13 Queen Esther
    255-270 15 12.7 0.009 0.02 Queen Esther footwall
    275-285 10 8.4 0.012 0.08 Queen Esther footwall
    295-315 20 16.7 0.013 0.30 Queen Esther footwall
    355-380 25 20.5 0.002 0.27 Unnamed
    410-415 5 4.8 0.033 0.42 Trp-Tmp contact
    520 – 525 5 3.9 0.011 0.11 Unnamed
    565 – 570 5 3.9 0.011 0.08 Unnamed
    655 – 670 15 11.4 0.001 0.32 Unnamed
    710 – 715 5 3.7 0.077 2.29 Silver Queen
GQ-830 700 390 – 405 15 13.9 0.040 1.76 Silver Queen
    485 – 490 5 4.5 0.012 1.17 Silver Queen
    515 – 560 45 NA NA NA Open Stope
    560 – 655 95 NA 0.116 1.26 Stoped Vein
    655 – 660 5 4.0 0.013 0.22 Silver Queen
    680 – 685 5 4.0 0.016 0.08 Silver Queen
GQ-831 1000 500 – 505 5 4.5 0.015 0.05 Unnamed
    650 – 655 5 4.4 0.010 0.04 Unnamed
    815 – 820 5 4.0 0.178 1.06 Silver Queen
GQ-832 980 125 – 130 5 4.8 0.015 0.36 Queen Esther
     245 – 250 5 4.8 0.015 0.11 Unnamed
    260 – 265 5 4.8 0.022 0.21 Unnamed
    495 – 500 5 4.3 0.021 0.10 Trp-Tmp contact
    520 – 525 5 4.3 0.012 0.06 Trp-Tmp contact
    570 – 590 20 17.2 0.017 0.13 Trp-Tmp contact
    785 – 790 5 4.7 0.012 0.50 Silver Queen
    870 – 880 10 9.4 0.017 2.57 Silver Queen
    915 – 925 10 9.4 0.088 3.34 Silver Queen
GQ-833 900 55 – 75 20 18.6 0.047 0.90 Queen Esther
    90 – 95 5 4.6 0.016 0.17 Queen Esther
    175 – 180 5 4.7 0.058 0.36 Queen Esther
    205 – 215 10 9.3 0.017 0.08 Queen Esther
    365 – 375 10 9.2 0.013 0.10 Unnamed
    565 – 570 5 4.5 0.027 0.53 Unnamed
    640 – 645 5 4.5 0.010 0.14 Unnamed
    880 – 895 15 13.0 0.031 1.04 Silver Queen 
GQ-834 1010  10 – 25 15 14.5 0.017 0.23 Queen Esther
    35 – 45 10 9.6 0.041 0.44 Queen Esther
    130 – 135 5 4.8 0.019 0.13 Queen Esther
    155 – 160 5 4.7 0.109 0.19 Queen Esther
    195 – 200 5 4.7 0.026 0.07 Queen Esther
    235 – 240 5 4.7 0.023 0.26 Queen Esther
    310 – 315 5 4.6 0.015 0.32 Unnamed
    355 – 360 5 4.5 0.018 0.07 Trp-Tmp contact
    375 – 390 15 13.7 0.042 0.20 Trp-Tmp contact
    440 – 445 5 4.6 0.109 0.87 Unnamed
    545 – 550 5 4.3 0.015 0.07 Unnamed
    745 – 750 5 4.1 0.011 1.04 Silver Queen
    825 – 830 5 4.1 0.014 0.64 Silver Queen
    995 – 1000 5 3.9 0.050 0.41 Silver Queen
GQ-835 865 20 – 25 5 3.6 0.011 0.09 Karma
    45 – 55 10 7.2 0.043 0.35 Karma
    205 – 225 20 18.3 0.012 0.26 Patience
    480 – 485 5 4.2 0.012 0.22 Trp-Tmp contact
    665 – 670 5 4.7 0.013 0.64 Silver Queen
    705 – 715 10 9.3 0.022 0.53 Silver Queen
    810 – 815 5 4.6 0.016 0.37 Silver Queen

 

 

 

Additional information on the geographic parameters of the drilling program is presented in the table and figure below:

 

 

 

       
Hole ID Collar
azimuth
Collar
inclination
TD
GQ-829 225 -65 1100
GQ-830 45 -80 700
GQ-831 0 -90 1000
GQ-832 225 -55 980
GQ-833 225 -62 900
GQ-834 225 -55 1010
GQ-835 225 -45 865

 

 

 

Additional interpretive work must be completed before these initial geologic observations are verified. Additional assays, when received, should assist with testing the grade continuity of all these structures from section to section.

 

 

The company is waiting for the assay results of nine (9) additional holes completing this already successful program

 

 

March Operational Results

 

 

During the fourth quarter of 2017, Golden Queen accelerated the East Pit development to access higher-grade ore tons to compensate for the shortfall in the ore supplied and the lower than expected gold ore grades from the North-West and Main (Phase 1) Pits. Since November 2017 up to the end of March 2018, eight benches have been mined out in the East Pit and the Company is pleased to report the following positive reconciliation between Ore Control (production) and Reserves: 

 

 

 

  Ore Control v. Reserves
  Ore tons Au oz/ton Au oz Ag oz/ton Ag oz
Bench 3680          
Reserves 297,599 0.018 5,226 0.293 87,306
Ore Control 313,339 0.022 6,990 0.318 99,489
           
Bench 3660          
Reserves 328,400 0.018 5,807 0.320 348,836
Ore Control 348,836 0.023 8,038 0.331 115,780
           
Cumulative to date (1)          
Reserves 1,505,103 0.016 24,612 0.285 428,766
Ore Control 1,825,872 0.020 36,706 0.315 575,464
Variance OC-Reserves

                   Reserves

 

21.3%

 

22.9%

 

49.1%

 

10.6%

 

34.2%

 

(1) The cumulative results include six additional benches previously disclosed on January 18, February 21, and March 27.

 

 

 

The tonnage produced in the East Pit continues to be better than expected due to the presence of ore blocks in the Patience vein structure area that had been classified as possible or simply un-modeled. In addition, the gold grade was 23% higher than estimated for a total of 1.5 times the expected gold ounces that had been predicted. The silver grade was 11% higher than estimated for a total of 1.3 times the predicted number of silver ounces.

 

 

Technical Information

 

 

The scientific and technical content of this news release relating to the drill results was reviewed, verified and approved by George F. Klemmick, BSc. Geology and CPG-10937, independent consulting geologist, and a qualified person as defined by National Instrument 43-101. 

 

 

The scientific and technical content of this news release relating to the operational results was reviewed, verified and approved by Tim Mazanek, SME, a qualified person as defined by National Instrument 43-101. 

 

 

About Golden Queen Mining Co. Ltd.:

 

 

Golden Queen is an emerging gold and silver producer holding a 50% interest in an open pit, heap leach mining operation on the Soledad Mountain property, located just outside the town of Mojave in Kern County in southern California.

 

Posted April 19, 2018

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