AUMN.TO · 2020-10-01 12:00:00

Golden Minerals Drills 30.3m Grading 3.1 g/t Au at the Rodeo Gold Project

Drill Results

‐‐‐

Page 1 of 4

GOLDEN MINERALS COMPANY

350 Indiana Street – Suite 650 – Golden, Colorado 80401 – Telephone (303) 839‐5060

Golden Minerals Drills 30.3m Grading 3.1 g/t Au at the Rodeo Gold Project

GOLDEN, CO ‐ /GLOBE NEWSWIRE/ ‐ October 1, 2020 – Golden Minerals Company (“Golden Minerals”, “Golden” or

the “Company”) (NYSE American and TSX: AUMN) today announced it has received final assays from its resource

definition drill program at the Rodeo gold‐silver project located in Durango State, Mexico.

Assay results from the final 14 holes of the 35 holes drilled i n the 1400‐meter drill program show continued wide

zones of high‐grade near‐surface gold mineralization. Drill hole depths averaged 40 meters. Orientations of drill

holes are shown in the table below. Mineralized material consis ts of highly silicified epithermal veins and breccias

hosted in felsic volcanic rocks. Significant results are summarized in the table below, with complete results available

on the Company website. [Rodeo project]

The drill program was designed to provide greater detail on the controls of gold mineralization at Rodeo and to

provide additional material for metallurgical and geotechnical t e s t w o r k . C o n f i r m a t i o n o f c o n t i n u i t y o f t h e g o l d

Hole_ID Inclination Azimuth

Hole

Length

(m)

From (m) To (m) Interval

(m)

Est. True

Thickness

(m)

Gold (g/t) Silver

(g/t)

RDO_20_021 ‐80 240 60 21.0 37.6 16.6 15.8 2.05 16.4

including 21.0 30.0 9.0 8.6 3.25 24.3

RDO_20_022 ‐50 240 40 14.0 31.0 17.0 15.3 1.09 4.3

RDO_20_023 ‐45 240 40 0.0 30.0 30.0 25.5 2.49 5.8

i ncl udi ng 7.1 14.9 7.8 6.6 5.95 7.5

RDO_20_024 ‐90 240 40 3.3 32.0 28.7 25.8 1.22 4.8

i ncl udi ng 9.9 16.9 7.0 6.3 2.99 3.5

RDO_20_025 ‐50 240 35 5.8 24.2 18.4 15.6 0.78 2.8

RDO_20_026 ‐55 240 45 2.5 20.1 17.6 15.0 0.74 3.4

RDO_20_027 ‐90 n/a 40 2.3 10.9 8.6 7.7 0.98 2.6

RDO_20_028 ‐55 240 40 0.0 40.0 40.0 34.0 1.63 6.4

including 10.2 30.1 19.9 16.9 2.93 10.0

including 18.0 28.2 10.2 8.7 4.12 15.4

RDO_20_029 ‐90 n/a 55 0.0 55.0 55.0 49.5 1.77 22.2

including 5.5 21.0 15.5 14.0 2.37 11.2

including 32.8 51.0 18.2 16.4 2.42 48.4

RDO_20_030 ‐55 240 40 4.5 15.8 11.3 9.6 0.97 2.0

RDO_20_031 ‐55 240 40 0.0 30.3 30.3 25.8 3.10 9.6

including 9.8 21.1 11.3 9.6 6.34 15.3

RDO_20_032 ‐55 60 35 0.0 35.0 35.0 24.5 1.32 4.6

including 1.5 18.5 17.0 11.9 1.83 4.7

RDO_20_033 ‐45 60 40 0.0 40.0 40.0 28.0 1.96 8.3

including 11.7 25.7 14.0 9.8 4.20 16.9

RDO_20_034 ‐55 60 35 10.0 35.0 25.0 17.5 1.36 5.2

including 12.4 21.0 8.6 6.0 2.03 6.3

including 27.9 35.0 7.1 5.0 1.57 5.9

‐‐‐

Page 2 of 4

GOLDEN MINERALS COMPANY

350 Indiana Street – Suite 650 – Golden, Colorado 80401 – Telephone (303) 839‐5060

grades in the core of the deposit is an important step towards the future development of the Rodeo project as

outlined in the recent Preliminary Economic Assessment published on May 28, 2020 (link).

Golden Minerals has submitted ei ght samples to Resource Develop ment Inc. in Wheat Ridge, Colorado, for

metallurgical test work to measur e the gold and silver recoveri es at a range of gold grades to fully understand the

gold recovery throughout the deposit.

Warren Rehn, President and Chief Executive Officer of Golden Minerals, commented, "We are pleased with the

continued positive results from the drilling at Rodeo. The dril l program has provided us wi th significant additional

information on the details of the high‐grade gold zone, expanding the extent of potentially minable material in many

areas of the planned open pit.”

Rodeo Drill Hole Locations

‐‐‐

Page 3 of 4

GOLDEN MINERALS COMPANY

350 Indiana Street – Suite 650 – Golden, Colorado 80401 – Telephone (303) 839‐5060

About Rodeo

Rodeo is an 1,866‐hectare gold project located in Durango State , Mexico approximately 80 kilometers west of the

Company's Velardeña Properties and processing mills. Golden acquired the Rodeo property subject to a royalty

interest due to La Cuesta International in the second quarter 2 015, prior to which exploration by other companies

identified a gold‐bearing system exposed at surface. Golden conducted a 2,080‐meter core drilling program in 2016

and outlined a potentially open pit minable, high‐grade resource as reported in a NI 43‐101 Technical Report dated

January 26, 2017:

Classification Cut‐off Tonnes (Mt) Au g/t Ag g/t Au (Koz) Ag (Koz)

Indicated 0.83 0.4 3.3 11 46 200

Notes:

(1) Cut‐off grade and Au equivalent calculated using metal pric es of $1,220 and $17 per troy ounce of Au and Ag,

recoveries of 77% and 90% Au and Ag;

(2) Mineral resources have been pit‐shell constrained using the Lerch Grossman algorithm with cost inputs per tonne

of $7.50 mining, $10 trucking and $20 processing. A breakeven c ut‐off including trucking and processing costs per

block was applied to a block model within the optimized shell;

(3) Metal prices do not exceed three‐year trailing average as of the end of December 2016, per SEC guidance; and

(4) Reported indicated mineral resources are equivalent to mineralized material under SEC Industry Guide 7.

Cautionary Note to United States Investors Regarding Estimates of Indicated Mineral

Resources

This press release uses the terms "mineral resources" and "indi cated mineral resources" which are defined in, and

required to be disclosed by, Canadian National Instrument NI 43 ‐101 (“NI 43‐101”). We advise U.S. investors that

these terms are not recognized under SEC Industry Guide 7. Accordingly, the disclosures regarding mineralization in

this news release may not be comparable to similar information disclosed by Golden Minerals in the reports it files

with the SEC. The estimation of measured resources and indicated resources involves greater uncertainty as to their

existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned

not to assume that any or all mineral resources are economically or legally mineable or that these mineral resources

will ever be converted into mineral reserves. In addition, the SEC normally only permits issuers to report

mineralization that does not constitute SEC Industry Guide 7 co mpliant “reserves” as in‐place tonnage and grade

without reference to unit amounts. U.S. investors are urged to consider closely the disclosure in our Form 10‐K for

the year ended December 31, 2019 and other SEC filings.

Review by Qualified Person and Quality Control

The technical contents of this press release have been reviewed b y M a t t h e w B o o t h , a Q u a l i f i e d P e r s o n f o r t h e

purposes of NI 43‐101. Mr. Booth has over 17 years of mineral e xploration experience and is a Qualified Person

member of the American Institute of Professional Geologists (CPG 12044).

‐‐‐

Page 4 of 4

GOLDEN MINERALS COMPANY

350 Indiana Street – Suite 650 – Golden, Colorado 80401 – Telephone (303) 839‐5060

To ensure reliable sample results, Golden Minerals uses a quali ty assurance/quality control program that monitors

the chain of custody of samples and includes the insertion of b lanks, duplicates and reference standards in each

batch of samples. Core is photographed and sawn in half with on e half retained in a secured facility for verification

purposes. Sample preparation (crushing and pulverizing) is perf ormed at an independent ISO 9001:2001 certified

laboratory in Chihuahua or Zacatecas, Mexico. Prepared samples are direct‐shipped to an ISO 9001:2001 certified

laboratory in Canada.

About Golden Minerals

Golden Minerals is a Delaware corporation based in Golden, Color a d o . T h e C o m p a n y i s p r i m a r i l y f o c u s e d o n

advancing its Rodeo and Velardeña properties in Mexico and, through partner‐funded exploration, its El Quevar

silver property in Argentina, as well as acquiring and advancing mining properties in Mexico, Argentina and Nevada.

Forward‐Looking Statements

This press release contains forwa rd‐looking statements within t he meaning of Section 27A of the Securities Act of

1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian

securities legislation, including statements regarding expectat ions surrounding the geologic potential of the Rodeo

project. These statements are subject to risks and uncertaintie s, including the reasonability of the economic

assumptions at the basis of the results of the Rodeo project Preliminary Economic Assessment and technical report;

changes in interpretations of ge ological, geostatistical, metal lurgical, mining or processing information; and

interpretations of the information resulting from exploration, analysis or mining and processing experience. Golden

Minerals assumes no obligation to update this information. Addit i o n a l r i s k s r e l a t i n g t o G o l d e n M i n e r a l s m a y b e

found in the periodic and current reports filed with the SEC by Golden Minerals, including the Company’s Annual

Report on Form 10‐K for the year ended December 31, 2019.

For additional information please visit http://www.goldenminerals.com/ or contact:

Golden Minerals Company

Karen Winkler, Director of Investor Relations

(303) 839‐5060

SOURCE: Golden Minerals Company

← Back to feed