Golden Tag Resources Ltd. (TSX-V: GOG) (OTCQB: GTAGF) is pleased to announce complete results from diamond drillhole 21-60A, 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 21-60A include:

• 272 g/t Ag.Eq over 7.8 m, within a broader interval of 120 g/t Ag.Eq over 35.7 m, within the Montanez Zone
• 100 g/t Ag.Eq over 322.9 m, including a higher-grade interval of 142 g/t Ag.Eq over 91.6 m, within the Fernandez Zone which extends the Endoskarn portion of Fernandez 50 m to the southwest 

Greg McKenzie, President and CEO commented: “We are quite pleased with the results from hole 21-60A, which confirms and strengthens our understanding of the Fernandez Zone. The intersection of 322.9 metres of continuous mineralization demonstrates the quality and scale of the deposit. We are delighted to discover the higher-grade mineralization from within the Endoskarn Zone extends 50 m to the southwest, filling in a 100-metre-wide embayment within the resource model.

Just as notable, on the way to the target area we drilled through the Montanez Zone and obtained another high-grade intercept of 272 g/t Ag.Eq. over 7.8 m, exceeding grades contained in the resource model. Follow-up drilling is being performed on both zones.”

Hole 21-60A

Hole 21-60A was drilled to the southwest to test an embayment on the southern side of the higher-grade Endoskarn portion of the Fernandez Zone resource envelope, established in the 43-101 Technical Report Mineral Resource Estimate prepared by SGS Canada effective April 2013. The interpreted embayment is approximately 100 metres wide and located to the west of historical hole 11-44 (See Figure 1), however the intersection of 142 g/t Ag.Eq over 91.6 m within hole 21-60A indicates this area contains high-grade Endoskarn Zone mineralization.

The Fernandez Zone is steeply plunging cigar-shaped structure characterized by green and brown garnet exoskarn and red garnet endoskarn sulphide mineralization (pyrite-pyrrhotite-sphalerite-galena) contained within quartz-sulphide stockwork veins, breccias, and massive sulphide zones which are spatially associated with the contacts of diorite intrusive bodies. The Fernandez Zone was divided into 2 subunits in the resource estimate – Endoskarn and Fringe – which respectively correspond to a higher-grade core unit with stockwork mineralization within and proximal to the southern contact of the Central Diorite intrusive surrounded by an outer section of lower-grade skarn mineralization hosted for the most part in altered limestones.

The hole cut across a series of quartz-sulphide veins of the NE trending Csplay and E trending Canta Zones with notable intersections returning 815 g/t Ag.Eq over 0.95 m (166.75 to 167.70 m), 1982 g/t Ag.Eq over 0.56 m (280.47 to 281.03 m) and 185 g/t Ag.Eq over 2.4 m (282.76 to 285.20 m). Hole 21-60A intersected the Montanez Zone further downhole, at approximately 450 m vertical depth from surface, returning 272 g/t Ag.Eq over 7.8 m (491.50 to 499.28 m) within a broader interval of 120 g/t Ag.Eq over 35.7 m (475.76 to 511.50 m) (Figure 2). The Montanez Zone mineralization is characterized by quartz-sulphide veins hosted within and along the contact of a west-northwest trending highly altered monzodiorite dike which has been faulted and brecciated. It has been traced on the property for over 400 m along strike and down to a vertical depth of 750 m.

Hole 21-60A intersected the bulk tonnage Fernandez Zone at approximately 550 m vertical depth returning 100 g/t Ag.Eq over 322.9 m (598.30 to 921.20 m), including a higher-grade interval of 142 g/t Ag.Eq over 91.6 m (829.60 to 921.20 m)(See Figures 2, 3, 4). This higher-grade interval lies within the targeted embayment on the southern side of the Endoskarn portion of the Fernandez Zone resource envelope. The average grade and style of mineralization within this interval is characteristic of the Endoskarn Zone and will potentially extend the model envelope a further 50 m horizontally toward the southwest at this elevation.

The interval of 298 g/t Ag.Eq over 8.1 m (910.30 to 918.40 m), located within the bottom portion of the 322.9 m of continuous Fernandez Zone skarn mineralization, is crosscut by Trovador Zone veins. For the purpose of this release this subinterval has been incorporated into the broader Endoskarn Zone. It has been determined the Trovador and Fernandez Zones merge into one continuous zone of mineralization in hole 21-60A at this elevation, and at lower vertical elevations as observed in historical holes 08-35, 11-44, 12-47, 12-49 and 12-50W2.

The broad intercept contained within hole 21-60A of 100 g/t Ag.Eq over 322.9 m is in-line with other drill results within the Fernandez Zone, including historic hole 11-44 which intersected 105 g/t Ag.Eq over 342.8 m. See Table 2 below for select assay intervals of historic holes within the Fernandez Zone.

⁽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 skarn mineralization were chosen based on a 45 g/t Ag.Eq cutoff with no more than 8.5 m of 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 Fernandez Zone drill intercepts from historical holes 08-35, 11-44, 12-47, 12-48, 12-49, 12-50A, 12-50W2, and hole 21-58, which was released in 2021, 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 and Lima, Peru 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.